How to get self-employed mortgage. Self-employed mortgage. Mortgage tips for self-employed borrowers

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Are you having a hard time getting a self-employed mortgage? These tips will help you get a mortgage you want.

Almost 20% of all income earners in Canada are self-employed individuals. You might wonder why it is so difficult to obtain a self-employed mortgage.

The first issue is the fact that income is not easy to prove. Many business owners are motivated to expense as much as possible in order to minimize their income taxes payable.

Additionally, self-employed income fluctuates from year to year, making it less predictable and presenting a higher risk for lenders.

These tips will help you obtain a self-employed mortgage:

#1. With at least two years of self-employment history, you can show lenders that your income is stable and that you can afford to make mortgage payments.
#2. A higher credit score will make you a more attractive candidate to lenders when applying for a mortgage.
#3. Make sure your tax return shows an adequate amount of taxable income. Your net income (gross income less expenses) will be used by the lender to determine your mortgage eligibility.

At the end of the day, you will need to decide between two options:
You may choose to pay a higher mortgage interest rate and save on taxes, or you may claim fewer expenses to increase your net income and obtain a mortgage with a lower interest rate.

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My name is Elena, I am a Senior Mortgage Professional with a CPA (Chartered Professional Accountants) designation and deep knowledge of the Canadian mortgage industry. I have high standards of integrity, loyalty, and commitment to my clients.

Through my educational videos, I will provide you with useful information and mortgage advice that will assist you in making an informed decision when buying a home in Ontario or another Canadian province.

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