It doesn't have to be difficult
Getting A Mortgage When You're Self-Employed
Being self-employed has so many amazing benefits! But unfortunately, it sometimes feels difficult to get approved for loans or mortgages. With Mortgage Tech, you’ve got options!
It’s important to remember that when applying for a mortgage at a bank, they only have access to 1 lender (themselves) and their own programs. But when you decide to work with a Mortgage Broker, we have access to hundreds of lenders, programs & interest rates. We even have access to mortgage programs specifically designed for self-employed borrowers!
Let's get started
What are my options?
Luckly, you've got a few! Contact us today and we'll offer a free financial review to help you determine your max mortgage amount.
- Less Than 2 Years In Business Programs
- Qualified Income Program
- Stated Income Program
- 6 Months Business Bank Statement Programs
- Alternative Lender Programs
- High Net Worth Programs
- Lender Exception Programs
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How long do I have to be in business?
Typically, you are required to be in business for two full tax years. That said, we can get exceptions on this if you were in a similar field of work prior to starting your business (ex. carpenter starts their own construction company).
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What do I do if I write my income down very low?
That's ok! The Stated Income Program is perfect for this type of scenario. We can review some of your expenses that you wrote off to see what can be "added back" as income to help increase your mortgage approval.
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What kind of documents do you need?
This depends on the type of business you own, but here is a good example. Sole-Proprietors: - 2 most recent years T1 Generals, including T2125's - 2 most recent years Notice of Assessments - CRA Statement of Account proving no personal taxes owed - Any work contracts (if applicable) If you're incorporated, you'll need the same information as above but also include: - 2 most recent years business financials - Certificate of Incorporations - Articles of Incorporation The lender may also request additional documentation, such as 1 years worth of business bank statements.
