In the past, a self-employed person could get a mortgage pretty easily if they had a credit score over 680. Today, things are a little more complicated for the entrepreneur as lending rules have tightened and banks are not keen on financing non-traditional borrowers. If you are self-employed, Mortgage Genie can help you with this.
Income is based on a reasonable amount for your business and sector. The availability of allowances can make the difference between approval and rejection of your application. Incorporation may also be an option for you to think about.
When looking to receive a mortgage from us, make sure to have your paperwork ready! Mortgage Genie may require two years of financial statements, your latest notice of assessment from Canada Revenue Agency, proof that your GST and HST are paid, your credit score and proof that you are the owner of the business.
Contact one of our mortgage professionals today at Mortgage Genie to walk you through the papers that you will need.
We believe that being self-employed does not need to be a deterrent to buying a property.