business for self clients
Low rates and excellent options for self-employed clients…
More and more Canadians are leaving their regular 9 to 5 careers, breaking free from corporate handcuffs and starting their own businesses. There are endless rewards and benefits to being self-employed, but obtaining mortgage financing from a bank is not one of them.
Because self-employed Canadians have a different way of proving their earnings, their declared net income is not always sufficient enough to qualify for a traditional mortgage through our banks. This is one of the leading complaints from self-employed Canadians. Nikki has built relationships with numerous Lenders who take a non-traditional, common sense based approach when working with self-employed clients.
With access to over 50 national and local lenders across Canada, you don’t need to travel far to get the mortgage you deserve.
What should you know?
Nikki is the helping hand you need…
How do self-employed mortgages work?
Stated Income Program
Working with a lender who accepts stated income programs is a necessity for a self-employed client. Income verification documents are significantly different than what a bank or traditional mortgage lender will accept.
There are many ways of proving your earnings when using a stated income program:
Personal & business bank statements can be used to review deposits
Internal financial & accounting statements to review how your business is performing
Client & business contracts to review the type of work you do and the future payments to be received
Bank accounts for other countries can also be accepted by some Lenders
& much more!
Stated Income Programs can be used for a home purchase, a refinance of a 1st mortgage or even to obtain a second or third mortgage.
What about documents?
Have these documents on hand…
Listed below are some of the documents that could be required for consideration:
Income tax returns for past 1-2 years
Business financial statements
Notice of Assessment to prove personal taxes are up to date
Business license/ articles of incorporation
Bank statements to review deposits
Business contracts for future income