In recent years, many Canadians have ventured onto the path of self-employment because they see the risks being outweighed by the rewards. The downside, however, is that lending institutions seem to focus on the risks, appearing more reluctant to qualify you for a mortgage. Many banks do offer specialized programs for self-employed borrowers, taking into consideration such factors as your credit rating, the nature of your business, the status of your business (whether your business is a corporation, sole proprietorship, partnership, etc.), your assets, how much you can contribute as a down payment, your income history, and so on.
Mortgage Fit Brokers assist self-employed entrepreneurs to seek out the lenders that are eager to support your financial goals.
To get this process started, you will need to provide the following documents from the past TWO YEARS (minimum) upfront:
- CRA Notice of Assessment
- Accountant-prepared tax returns (T1 Generals)
- Proof of ownership of the business such as your business license and GST returns
- Accountant-prepared business financials (if your business is incorporated)