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Self Employment is on the Rise

According to statistics Canada 15.5% of the population was self-employed in 2017. Emergent Research estimates that this will rise to 45% by 2020.

Clearly, citizens of Canada are able to make a viable living by working from home. The problem often lies in buying that home since it can be very difficult to qualify for a mortgage to purchase that dream house in Mississauga when you don’t have a verifiable income flow.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Proof of Annual Income

To qualify for a mortgage, self-employed individuals must supply the banking institution with their last two tax assessments. The problem is that the tax assessments of the self employed do not accurately reflect income. There are many allowable tax deductions which will significantly reduce the declared income. Telephones, rental and interest spring to mind. Any good accountant will make sure that the income statement reflects the lowest possible income to save on personal income tax.

Self-employed people often have variable income flows, so it is important that you don’t commit to repayments that you are not able to keep up throughout the year. It is therefore essential that you figure out exactly how much you can afford to pay even in the low-income months.

Planning Ahead for that dream house in Mississauga

If you are able to prove your income and you qualify for the amount that you have requested, your mortgage will be treated like any other income earner’s. If you do not qualify you have two alternatives, obtain a loan from a private mortgage lender or plan ahead to ensure that you qualify in the future.

Listed below some suggestions for improving your chances of obtaining the mortgage that you require:

  • For the next two years reduce the number of expenses that you claim, increasing your annual income. Although you will pay higher personal tax you will also qualify for a larger mortgage.
  • Employ a certified accountant to do your books. Discuss your future plans with him and he will give you professional advice on how to ensure that you achieve your goals.
  • Where possible pay outstanding debts and reduce your debt to income ratio.
  • Make sure that your credit score is exemplary. A good credit score is important for everyone seeking a loan, but for the self-employed it is essential.
  • This is not a good time to take a long holiday as you want to maximise your income.
  • Find out if there is a “stated” income option available.
  • Find a professional mortgage broker who will have a list of private and institutional bankers that could help you. He will ensure that you are matched up with the organisation that best suits your needs and will tailor a personalised package just for you. He will also ensure that you go prepared with all the required documentation.

Don’t give up on your dream house in Mississauga just because you enjoy the freedom of self-employment. Get in touch with a Certified Mortgage Broker in Mississauga and start planning for the future.

OUR CUSTOMERS LOVE US

I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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