Self-Employed Mortgage Services

Mortgage Specialist in Richmond Hill & Aurora, ON

With nearly 20% of all income earners in Canada being self-employed, bearing in mind that this is a steadily growing ratio, yet it is so difficult for this growing demographic to obtain a mortgage. The first issue is the fact that income is not always easy to prove. Also, many business owners are motivated to expense as much as possible in order to minimize their taxes payable, which unfortunately, is something most lending institutions simply do not always understand, recognize and/or are unwilling to wrap their minds around this concept. As a result, self-employed homebuyers are penalized and may not qualify for financing with many lenders.

At Eagle Leaf Lending, we understand what it is like to be self-employed and have made arrangements with several lenders that can offer alternative financing to the traditional banks. In order to obtain a self-employed mortgage, most lenders require that personal tax Notices of Assessment from the past 2-3 years be included with the mortgage application, a decent credit history and provide a minimum down payment of 10-20%.

In addition to your Notices of Assessment, some of the other supporting documentation a lender may require for a self-employed mortgage application include:

  • Financial statements for your business.
  • Proof that your HST and/or GST is paid in full.
  • Contracts showing expected revenue for the coming years.
  • Your personal and business credit scores.
  • Proof that you are a principal owner in the business.
  • A copy of your borrower’s business or GST licence or Article of Incorporation showing you are licensed.
  • Proof that your down payment has not been gifted.

Reach out to Udia for a free assessment of your Self-Employed Mortgage situation.

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