Self Employed Mortgages Ontario

You love being your own boss but you never expected being self-employed becomes a pain when it comes to securing a mortgage. We understand Entrepreneurship because we are entreprenuers like yourself.  We can offer a mortgage solution to you even if you’re a New Business or Established business.

Two options for securing a mortgage when you’re self-employed

  • A Lender – Requires full documentation on self-employment and strong history.
  • B Lender – Requires some documentation and generally more flexible guidelines.

Read below all the requirements and how they are different.

self employed mortgages ontario

A Lender – Self Employed Mortgages Ontario

Overview – Ideally for Established Business owners with full documentation and good credit. Mortgage Insurance might apply.

Requirements

  • Self-employed for min 2 Years
  • Most recent NOA to confirm no outstanding tax arrears
  • Proof of Business Ownership (Incorporation or T1 Generals or Business License or HST Returns)
  • Min Credit Score of 620

Other Required Information

  • Industry Type/profession
  • Business Type (sole proprietor, partnership or incorporated)
  • Stated annual business revenue (we will ask for financials to verify)

Interest Rate & Other Cost

  • Mortgage Interest rates are usually tad bit higher than the best rate (for eg: if bank’s rate is 2.34%, it will be 2.39% for self-employed)
  • Mortgage Insurance applies and added to mortgage based on Loan to Value.

B Lender – Self Employed Mortgages Ontario

Overview – Ideally for New Business or Owners with poor/bad Credit history. Slightly higher Interest rates but no Mortgage Insurance.

Requirements

  • Self-employed for 6 months.
  • Proof of Business Ownership (Incorporation or T1 Generals or Business License or HST Returns)
  • Min Credit Score 500

Other Required Information

  • Industry Type/profession
  • Business Type (sole proprietor, partnership or incorporated)
  • Stated annual business revenue
  • 3+ Months Bank Statements to prove income
  • Downpayment min 10% to 20%

Interest Rate & Other Cost

  • Mortgage Interest rates based on credit history of the borrower, therefore 3.49% to 4.99%
  • Lender might a charge a fee again based on credit of the client

Apply for a Self Employed Mortgage

It takes only a few minutes. No hassle, no obligations

Next Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Send this to friend