As a self-employed individual in Ontario, you may face unique challenges when it comes to securing a mortgage. At DLC Homestead Financial, we understand these challenges and are dedicated to providing personalized solutions to help you get the financing you need.
Why Use a Mortgage Broker for Your Self-Employed Mortgage?
Whether you’re purchasing or refinancing, navigating the complex process of obtaining a self-employed mortgage can be overwhelming, which is why it is beneficial to use the services of a mortgage broker. A mortgage broker has access to multiple lenders and a broad knowledge of the mortgage market.
We know which lenders specialize in self-employed mortgages, and have more favourable guidelines for the self-employed so we can get you approved for the highest mortgage amount with the best deal possible. This is our specialty.
We will find you the lender that is best suited to your situation. As your broker, we will help you understand the requirements and provide the necessary support and guidance throughout the mortgage process.
Find the Right Mortgage That Fits Your Business Income
One of the main issues self-employed individuals face is the difficulty in proving their income. Many business owners are motivated to expense as much as possible in order to minimize their taxes payable, which is not always recognized by lenders. This can make it difficult to provide the necessary proof of income required to obtain a mortgage.
As a self-employed individual, you may find it difficult to provide the standard proof of income required by most lenders. However, this does not mean you are unable to obtain a mortgage. At DLC Homestead Financial, we can help you find a mortgage solution that fits your business income and allows you to finance your dream home.
Documents Required for Self-Employed Mortgage
In order to qualify for a self-employed mortgage, you will typically be required to provide certain supporting documents along with your mortgage application. These may include personal tax returns and Notices of Assessment from the past 2-3 years, 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 bank statements, and proof that you are a principal owner in the business.
Once we understand your goals and have your information we will let you know exactly what could be possible and what documents will be required.
Unable to Provide Standard Proof of Income?
If you are unable to provide the standard proof of income required by most lenders, you may still be eligible for a self-employed mortgage. At DLC Homestead Financial, we are experienced with stated income mortgages, which allow you to qualify for a mortgage based on the income stated on your application, without the need for traditional proof of income.
Stated Income Mortgages Canada
At DLC Homestead Financial, we understand that self-employed individuals may face unique challenges when it comes to providing proof of income documents. As stated income mortgage experts, we can help you get a mortgage without the need for traditional proof of income.
Minimum Down Payment When Purchasing in Canada for The Self Employed
The minimum down payment required for a self-employed individual to obtain a mortgage in Canada is typically 5% if you are able to provide proof of income documents and 10% if you are unable to provide proof of income documents. However, this may vary depending on the lender and the specific mortgage product you are applying for. It is important to speak with a mortgage broker to understand the requirements and find a mortgage solution that fits your unique situation.
Refinancing When You’re Self Employed in Canada
If you’re self employed and your goal is to refinance your existing mortgage we can help. As experts in mortgages for the self-employed, we can assist you in getting the best deal, and with and approval for the highest mortgage amount.