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Are You Self-Employed?
(We can help you get approved!)
Small and medium-sized businesses are the engine of the Victoria economy.
When it comes to mortgages, it hasn’t always paid to be self-employed. Reducing your taxable income can be great to help you build your business, but can make it difficult to qualify for the mortgage you deserve. We understand business owners because we’re business owners, too.
We work with national, local and private lenders who offer flexible mortgage options for self-employed borrowers. These lenders understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. With many of these mortgage lenders, you can be flexible in proving your income and many times a reasonable estimate of your annual income will be acceptable. We’re here to help you get the best deal out there.
Your Victoria Self-Employed
Home Buyer Mortgage Pro:
Your Best Deal...
What You'll Get...
How It Works:
Step 1: Your Mortgage Needs
We take the time to understand your unique situation. Are you a local contractor or tradesperson? Or do you provide independent consulting services globally? There are many different types of income. It’s critical to determine what type of mortgage product you may qualify for early in the process.
Step 2: Your Application
One of the most important aspects of the self-employed application is the assessment of credit. Many times the business owner is using personal credit to finance business activity and those details must be clearly documented in order to maximize borrowing power and rate options.
Step 3: Application Completion
We will assist with all of the documents required and often will work directly with your accountant to get all of the necessary details in order to complete your application. Once that’s complete you will have lenders fighting for your business. We then work with you to look over the various options so you can make an informed decision.
Important Factors in a Mortgage Pre-Approval?
Income qualification is different for everyone. If you are self-employed we may require your full T1 General tax returns for the past 2 tax years and confirmation that your personal income taxes are paid up to date. And if you own a corporation we may need the corporate returns as well. In some cases it may be difficult for you to prove your income so we will have to find a suitable mortgage product that can accommodate your stated income situation.
Did you know that there are millions of errors on credit reports? And in some cases there is old data that is critically affecting your ability to borrow. We approach your credit report in logical way and do a thorough assessment so you can ensure the accuracy of the data. This is the number one reason we like to see people well in advance of their home purchase. Sometimes it can take months to repair a credit mistake. See us early and let’s make sure your credit is accurate. And what about the conventional wisdom that says your score goes down every time your credit report is accessed? It is quite possible that repeated credit access by potential creditors can affect your score. Since we only access your credit once and have access to dozens of lenders, we minimize this possibility.
Down Payment Verification
Are you planning to use savings for your down payment? You will need 90 days of account history. Are you planning to use a gifted down payment? You will need the proper gift form. What about using RRSP’s for your down payment? Yes you can do that as well. There are certain rules that allow you to access your RRSP funds without penalty, essentially loaning the money to yourself. The funds have to be paid back on a set schedule and you cannot have owned a home in 4 years. What if your co-applicant or spouse has not owned a home in 4 years, but you have? Well you can still use the $25,000 allowance from your co-applicant or spouse. Call us for details!
Closing Costs Verification
Most lenders will want to see about 1.5% of the purchase price available for closing costs. Closing costs are made up primarily of legal fees – budget around $1000 – and Property Transfer Tax. If you are a First Time Home Buyer and the property meets specific criteria this can save you thousands of dollars and the requirement for these funds to be available on closing can be waived. Call us at 250-483-5558 for more details.