Click for the BBB Business Review of this Mortgage Brokers in Stratford ON



Mortgage for Self-Employed, Business for Self or Commissioned?
Mortgages are tough to qualify for when you are self-employed or commissioned. Even with a good credit history, getting a mortgage from a major bank is sometimes frustrating.

Over 20% of Canadian income earners are self employed, business for self or are 100% commissioned. With this large of a segment of the population working for themselves you would think the mortgage banks in Canada would be a little more accommodating. Well they have! Finally.

 

Most people in business write off expenses before declaring their income. That's the advantage of being in business for yourself. You pay income tax on a lesser amount but when you need to prove income for a mortgage approval, your tax returns make it look like your income is low and you can't afford the mortgage you deserve. Qualifying for a Low Documentation Mortgage is easier than you think.

 

You can purchase a new property or re-finance your existing home up to 90% of its appraised value. The lender bases their mortgage approval on your good credit history instead of your net income.

Requirements for a low document mortgage:

  1. A clean credit history with no slow payments, collections, judgments or bankruptcies
  2. Proof of self employed status for the last 2 to 3 years through Incorporation papers, GST returns or business registration papers
  3. Property must be located near a major urban centre
  4. The last 3 years Notice of Assessment (NOA) from Canada Revenue Agency to prove no tax owing
  5. If your credit score is low you may be required to provide the last 12 months of bank statements to show regular deposits to prove your 'stated income'

We regularly deal with equity mortgage lenders and sub-prime mortgage lenders. We work with unique situations everyday, give us a call first!

 

Apply NOW



Refinance Mortgage Apply Online Private mortgages Home Mortgage Payment Calculator Home Mortgage Loan FACEBOOK 2nd Mortgage Ask a Question About Us Mortgage Arrears LinkedIN Home Equity Loan Bad Credit Mortgages EMAIL ME First time home buyers Self employed Site Map Contact Us Interest Rates My Blog About Us Twitter Rent to own Privacy Policy

Canadian Mortgage Lenders

Ajax - Barrie - Belleville - Brampton - Brantford - Burlington - Cambridge - Chatham - Guelph - Hamilton - Ingersoll - Kingston - Kitchener - Listowel - London - Markham - Mississauga - Newmarket - Niagara Falls- Oakville - Orillia - Oshawa - Owen Sound - Ottawa - Peterborough - Pickering - Richmond Hill - Sarnia - Sault Ste. Marie - Scarborough - South Western Ontario - St. Catherines - St. Thomas - Stratford Mortgage Broker- Strathroy - Sudbury - Tillsonburg - Toronto - Waterloo - Windsor - Woodstock - Ontario Private Lender - Ontario Private Money

 

About Us | Site Map | Privacy Policy | Contact Us Copyright © Mortgagesourcecanada.com 2013 All rights reserved

 

Toll Free: (866) 592-0516 Fax: (866) 407-5702 EMAIL 356 Ontario Street, Suite 220 Stratford ON, N5A 7X6

Mortgage Source Canada and The Mortgage Wellness Group Lic#11970