Even if you

Are in your first few months of business, you can still apply and qualify.

Lenders will want proof of self-employment such as business registration or Articles of Incorporation. You’ll also need to provide some business bank account history and several invoices as proof of income.

I have access to over 90 lenders, and whether you have a high credit score or a low one, I can find you a self-employed mortgage solution. You can use the mortgage to fulfill your dreams of homeownership or invest it into a rental property for some extra income.

The interest rate you’ll be offered and how much a lender is willing to let your borrow will largely be determined by the quality of your credit. Lenders also take into consideration the quality of the property, the location, and the potential to re-sell it.

I understand that every situation is unique, and there is no one-size-fits-all mortgage solution. Let me work with you to find the right self employed mortgage for you.

In Ontario, alternative mortgage lenders do not need to rely on traditional documentation for income, such as your tax return. Instead, they consider other factors such as your business registration, bank statements to verify your deposits and income, invoices, and more. For example, suppose you need $100,000 to qualify for a mortgage. In that case, your lender may ask you to provide 6-12 months of bank statements that show deposits as well as customer invoices and an accountants’ letter to support your application.

Interest rates for self-employed mortgages are a little higher, and there are additional fees you may need to pay, such as

• Lender fees of 1% of the mortgage amount
• At least 20% down payment for the home and at least 5% of that must be your own savings

Alternative lenders may approve a mortgage up to 80% of the purchase price, but it all depends on your situation. A strong application and marketable property are essential to getting approval.

It is important to note that banks pay mortgage brokers for our services. They look to us to help provide good credit and good income mortgages for clients. However, with alternative mortgage lenders, it is our clients who are charged a fee for our service. But don’t let this detour you. If you have low credit or are self-employed, I can help you get a mortgage. You too can be a homeowner.

Contact me today, and let’s get you in your dream home!