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Self Employed?
Mortgages are
Easier than ever
More Canadians than ever before — almost 20% of workers according to Statistics Canada — now fall into the category of self-employed. Until recently, it could be difficult to obtain a mortgage if you weren’t on a company payroll. But lenders and mortgage insurers are responding to the unique needs of the self-employed, resulting in more options than ever before.
Easy does it
You may be surprised to learn how easy it can be to obtain a mortgage for a primary residence, as a self-employed person. You will also discover that you have the choice of most options in the marketplace, with terms of up to 40 years, fixed- and variable-rate mortgages, and even high-ratio, insured mortgages.
What’s changed: income statements
Most notably in recent years, many lenders have loosened their documentation requirements for stating self-employed income. While qualifications vary, most mortgage products currently on the market have a few minimum requirements:
- You must have been self-employed in the same line of work for at least two years. Proof required: Business licence or articles of incorporation; income tax returns; statement of business activities; or financial statements.
- You must have a good personal credit history. Proof required: A standard credit check.
- You must have no tax arrears outstanding. Proof required: A recent Canada Revenue Agency Notice of Assessment.
As well, some lenders require that the property meet certain conditions, and most will need a property appraisal to confirm value. As your mortgage professional, I have access to the widest range of lenders that offer financing solutions for the self-employed. Let’s discuss your needs to find exactly the right product for you contact:
Arnold Basco
Mortgage Advisor
604-657-5395
arnold.basco@spectrum-canada.com
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