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YES you can get a mortgage for self employed even if you've just started your business - minimum 6 months business history will be required.
You're new in business, at least over six months, and things are going well so you want to buy a home or refinance your existing home mortgage.
You go to your bank and get a flat NO. Sound familiar?
It's true -- getting a mortgage when you're just starting out in business is difficult - you now have to rely on stated income mortgage Ontario lenders for mortgage help.
We have broker channel lenders who will consider your application with some reasonable common sense conditions.
You're a fit for self employed loans stated income mortgage Ontario alternative mortgage lenders, if you've been in business for more than six months and your credit is reasonable.
To start with, you will need proof of self employment.
Clients ask me which is better, Incorporation or Business Registration? I recommend Incorporation as this structure gives you better tax benefits and liability protection.
However, if you've been in business over three years and declare all your income on your tax returns, if you are incorporated, you are not considered to be a self employed proprietor. Here you will not fit any "A" self employed insured products that allow for verified income mark up for proprietors and contractors for self. In this case, actual line 150 employment income on CRA tax returns will be used to qualify, without any potential for a mark up of income.
Now that you're a bona fide small business owner don't wait -- buy your dream home now or refinance your existing house.
Ask us if you fit under the no proof of income alternative mortgage financing program.
With the stated income mortgage Ontario self employed loans, you won't have to show proof of income on your tax returns. Instead, the lenders may consider reviewing several months of your business bank account history along with supporting invoices to determine your annual income.
This mortgage for self employed lets you buy a home with 20-25% down -- here are your down payment options:
What if you already own a home and need to refinance ?
Under the self employed loans no proof of income with alternative lenders, you can refinance home equity mortgage up to 75-80% of appraised value o.a.c., depending on the strength of your application, credit, property location and marketability.
If you don't fit into this program - no worries, we will quickly re-direct your application to our other products designed to meet the needs of self employed individuals.
Return to Marie Copeland home page for an overview of this site.
NO proof of income through tax documentation.
Lenders will ask for your latest Notice of Assessment but only to show that you don't owe personal taxes to CRA.
Don't wait, you can have your home now.
No need for you to waste your valuable time going from bank to bank searching for a mortgage - we will do all the work. Your time is best spent doing what's important, building your new business.
Call 905.537-8815 for a self employed mortgage
*Lenders change their products and interest rates without notice.
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