Being self-employed can sometimes make securing a mortgage trickier, which is why you should contact Amy Wilson, yourmortgagegirl for your mortgage needs!

According to Industry Canada, self-employed workers represented 15.4 per cent of the workforce in 2012, about 2.67 million people. Some are likely looking at low mortgage interest rates and thinking about buying a home.
It can sometimes work against you in a mortgage application to be self-employed. In most cases, self employed borrowers keep their money in the business and have a very low personnel income, which makes verifying affordability by the bank difficult.
As a mortgage broker, I have access to programs that can help you still get a mortgage by verifying your financial statements and showing the strength of your company.
There are tow ways for the banks to verify income:
1. declared income - a two year average of your last two years notice of assessments line 150 and t-1 generals
2. stated income - This is reasonable income based on the type and size of your business.”
1. declared income - a two year average of your last two years notice of assessments line 150 and t-1 generals
2. stated income - This is reasonable income based on the type and size of your business.”
Being accountable and organized is key for any self-employed clients, you must have your taxes and financials up to date!
“Self-employed workers who are looking to get approved for a mortgage should always keep their personal tax returns up-to-date and filed on time,”
“Pay all income tax owing on time, and keep your credit repayment history clean,”
If you are self-employed and looking to qualify for financing, here are a few things to consider:
- Many banks and mono line are now offering mortgages specifically geared towards self employed borrowers - don't go out and hunt for them, contact Amy Wilson to do the search for you and make the process simplified.
- Also keep in mind, as a broker, I have access to alternate lending resources as well, that may be an excellent fit for you if you have just started your business and have 20% or more to put down on a home.
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