Meet Marie Copeland
Here to work for you not the big banks. Getting you bank or alternative financing for home purchase or refinancing a home mortgage is more than a job. It's a passion to help families and small business owners realize their real estate financing dreams.
The banks have no appetite for mortgage for self employed unless you have good credit and can prove income on line 150 of your CRA tax returns. Banks want a recent 2-year average on your tax returns and Notice of Assessment with no CRA taxes owing.
How to get a mortgage as a business owner? These days Self-employed loans no proof income in Ontario are a norm. The self employed loans including small business loans for self employed with bad credit are funded by alternative mortgage lenders NOT the banks.
How to qualify for a mortgage when self employed?
To start with, you will need proof of self employment. Clients ask which is better, Incorporation or Business Registration? I recommend Incorporation as this structure gives you better tax benefits and liability protection.
However, with loans for small business owners, if you are incorporated and declare income on your tax returns, you are not a self employed proprietor - you are an employee of your corporation and your options are different.
Here you may be a fit for "bank-type" proven income business owner mortgage loan. In this case, actual line 150 employment income on your CRA tax returns will ONLY be used to qualify, without any potential for a mark up of income.
If you are a proprietor or contractor but are a little short on declared income, we may be able to increase your income by adding back some items you may have expensed for CRA purposes.
If you still don't fit income verified options then a no income verification loan with a minimum of remaining 20% of equity can be your best option.
Mortgage broker Canada alternative mortgage lenders are experts in loans for small business owners, with some reasonable common sense conditions.
How to prove income for mortgage? Mortgage with self employed income often referred to stated income mortgage is for you if your business has a cash component or you write off lots of business expenses to reduce your taxable income. Fortunately there are custom fit alternative mortgage financing business owner mortgage loan options for these unique situations. Self employed mortgage Canada lenders are more practical, they work with your business bank deposits and expenses to establish your income. This includes:
Depending on the quality of your application and property, credit, area and size of municipality, mortgages for self employed are ideal loans to buy a home with 20% down or refinance a home mortgage at 65% - 80% of appraised value. 65% down for rural properties on well and septic systems.
The alternative mortgage lenders understand your situation and offer mortgages for business owners such as:
The quality of your credit will determine your interest rate and how much money mortgage lenders for self employed will give you.
Each situation is unique but the lenders for mortgages for business owners focus on the quality of your property, location and marketability.
Marie Copeland FSU, mortgage broker in Hamilton or best self employed mortgage Niagara Falls to Toronto, Waterloo or anywhere in Ontario.
No need for you to waste your valuable time going from bank to bank searching for a mortgage just to be turned down. Your time is best spent doing what's important, building your business.
Share mortgage for self employed with family and friends who can benefit from this excellent mortgage.
*Lenders change their products and interest rates regularly and without notice. Check with us for updates.
1 (905) 537-8815
Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage lending broker fees are payable by clients.