Did you know that nearly 20% of all Canadian income earners are self-employed? If you belong in this category of people, you know the ups and downs of being self-employed. One of the tough things about being in business for yourself is the difficulty of getting mortgages. Most chartered banks do not recognize your self-provided proof of income. To get around this issue, most banks want only to lend you the mortgage after you have provided 35% or more in downpayment…but how many people can afford this?
This is where private mortgages can be a solution. Our lenders will loan up to 75% LTV for purchases and refinances. Your interest rate is determined by your credit history, along with proof that you have been self-employed. Call us to get started with your application.
Our lenders will look at all applications on a case by case basis. We may need confirmation or proof of the following:
- 2 years work history in the same business industry
- 2 years of T1 Generals
- 2 years of Notice of Assessments
- Audited corporate financial statements (if applicable)
- Business license or registration (if applicable)
- Articles of Incorporation (if applicable)
