A self-employed mortgage is a residential mortgage on a home that is being purchased by a self-employed individual or someone who owns their own business. Self-employed home-buyers need much more proof when declaring their earnings for a mortgage loan than salaried employees who only need T4’s to prove their income.
To qualify for a Self Employed Mortgage, banks will ask you to provide financial documents which can prove you have both a steady income from your business and a strong credit rating to be eligible for a mortgage. These include:
Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due. So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.
Because the burden to prove eligibility is greater on self-employed individuals, it pays to be well prepared before applying for a loan. The following should be considered before going into apply for a Self-Employed Mortgage:
1st mortgages 2nd mortgages, Home Equity Lines of Credit, Purchases & Rescue Financing — We Will Help!