Self-Employed Mortgages

Jill is a registered therapist and her business has grown in the last three years. She started as a sole proprietor and recently her accountant recommended that she open a corporation to allow her to limit her personal tax exposure. When she went to her bank to see if she could get pre-approved for a mortgage, her bank wanted at least two years of corporate tax returns.

Despite her excellent savings and credit they rejected her because of how her taxes had been completed. She was beyond frustrated! That’s when she came to The Mortgage Centre’s Skip the Bank. We were able to work with a lender and access the equity in her home to do some upgrades.

Rashid works for a tech company in the US and invoices the company for tax purposes. He would normally invoice $6000 per month and collect this amount for at least 18 months. He wanted to purchase another property but his bank has turned him down for the next mortgage. The main reason is that on Rashid’s personal tax returns, the accountant helps him with tax planning and shows little net income.

Although Rashid has a great credit history, savings and his partner currently works, his frustration on building a real estate investment portfolio looked like it wasn’t going to be a reality. That’s when a friend recommended that he speak to The Mortgage Centre’s Skip the Bank. Rashid now owns three rental properties! The tenants that he has pay rent on time, and the student tenants know that he’s a good landlord.