Are you a self-employed individual in Toronto or the GTA region looking to secure a mortgage but facing challenges at major banks? I specialize in helping self-employed clients like you open doors and achieve their homeownership goals.

Contact Me Today to Explore Your Self-Employed Mortgage Options

Unlock Your Dream Home with a Self-Employed Mortgage

The Challenges of Obtaining a Mortgage as a Self-Employed Individual

Self-employed individuals often face hurdles when seeking a mortgage. Lenders typically prioritize stable and consistent income, which can be difficult to demonstrate for the self-employed. Tax planning strategies, such as minimizing reported income, can further complicate the income verification process.

Additionally, some lenders may require a minimum of two years of self-employment history, making it more challenging for those who are recently self-employed to qualify.

Documentation Required

As a self-employed borrower, you will need to provide specific documents to support your mortgage application, such as:

  • Articles of incorporation or master business license (if applicable)

  • Business Number or GST/HST account number

  • Notice of Assessment and T1 Generals for the previous two years

  • Financial statements and corporation income tax return

  • Up to 12 months of bank statements and corresponding invoices

  • Signed contracts for future work

Types of Mortgages Available for Self-Employed Individuals

There are various mortgage options available for self-employed individuals based on their specific circumstances:

  1. Lenders - Traditional Qualifying: If you can prove your income through Notice of Assessments (NOAs), you can access the best mortgage products and rates from banks, credit unions, and national lenders. Lenders consider a two-year average income and may gross up income by 15% to account for deductions.

  2. Stated-Income Mortgages: Stated-income mortgages are a common solution for self-employed borrowers. Instead of traditional income verification, lenders review your business bank statements to assess the reasonability of your declared income. There are both insured and uninsured options available.

  • Insured Stated Income: With mortgage insurance from Sagen or Canada Guaranty, you can access A rates, but premiums are higher, and certain criteria must be met.

  • Uninsured Stated Income through B Lenders: These mortgages are suitable when traditional lenders are not an option due to difficulty proving income, poor credit, non-owner-occupied properties, or loan amount restrictions. Higher down payments, rates, and fees apply.

  1. Private Lenders: When A and B lenders are unable to provide financing, private lenders offer alternative solutions. While rates and fees may be higher, this can be a short-term option for your mortgage needs.

Why Choose Me for Your Self-Employed Mortgage?

As a self-employed person myself, I empathize with the unique obstacles you face, and it's my commitment to work diligently on your behalf. Your mortgage financing shouldn't be another headache on your entrepreneurial journey. Let me simplify the process and guide you towards success.

  1. Expertise in Self-Employed Mortgages: I possess in-depth knowledge and experience in securing mortgages for self-employed individuals. I understand the complexities of proving income and can navigate the requirements to enhance your eligibility.

  2. Extensive Lender Network: I have built strong relationships with lenders who specialize in self-employed mortgages. This allows me to connect you with the right lender who understands your unique situation and offers competitive rates.

  3. Tailored Solutions: Every self-employed borrower has different needs. I will work closely with you to understand your financial situation and provide personalized solutions that align with your goals. Together, we'll find the best mortgage option for you.

Choosing the right mortgage for your next home is essential, and I am here to make the process seamless and stress-free.

Contact me today, and together, let's find the perfect mortgage for your next home.

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