If you are Self-Employed, work on commission or are on contract, there are several things you need to be aware of that can affect your ability to qualify for a mortgage.
If you’re self employed you have likely faced challenges when attempting to obtain financing to start or expand your business.
New borrowing restrictions for self employed persons introduced in early 2010 make it even more challenging to obtain a mortgage.
Small businesses are catalysts for job creation; however, the financing needed to fund the growth of these companies and create the jobs to strengthen the Canadian economy is always challenging to obtain.
Despite the challenges, many Canadians have left the workforce behind and are using their expertise to create businesses of their own. This way of life is appealing to more and more people as it provides a means of taking control of your own income while having the residual effect of creating jobs for others as the new business grows.
Tax Advantages Can Become Disadvantages
As a business owner, you can deduct many of your expenses from your income to reduce the amount of income taxes that you pay.
This is good for your taxes; however, banks look at the income on your Notice of Assessment. This reduced income (at least on paper) then makes it difficult to demonstrate your ability to make the debt payments, including loans and/or mortgage payments.
If you have an established business and have regularly taken a substantial amount of income from your company then you can prove that the amount of taxable income is sufficient to pay your monthly obligations.
If however, you are recently self-employed or do not show a lot taxable income on your Notice of Assessment, then we can help.
The Mortgage Professionals at Mortgage Alliance – Main Street Mortgages are specialists in Self – Employed Mortgages, so whether you are:
- Purchasing a Home or Condo
- Refinancing a Home or Condo
- Purchasing or Refinancing a Rental/Investment Property
- Consolidating Debt
- Purchasing or Leasing Equipment or Inventory
We have the right Self-Employed Mortgage to suit your unique needs.
We’re Self Employed As Well
As Self-Employed Professionals ourselves, we understand the challenges that are unique to you and have helped many self-employed borrowers and business owners like yourself to overcome their mortgage financing hurdles.
We have arranged countless self-employed mortgages to suit any situation.
- Commissioned Employees
- Contract Workers
- Hospitality Workers
- Sole Proprietorships
- Partnerships
- Corporations
- Franchise Owners
We’ve helped many self-employed and commissioned workers obtain tremendous savings on their mortgage while helping them overcome the credit, income and downpayment obstacles that many self employed borrowers face.
Let the mortgage professionals here at Mortgage Alliance –Main Street Mortgages use our expertise to arrange the right Self-Employed mortgage for you.
For your FREE, NO OBLIGATIONS consultation, contact a Mortgage Professional with Mortgage Alliance – Main Street Mortgages, 1-877-226-4810
