Most lenders require personal tax Notices of Assessment with a self-employed mortgage application, and some even require third-party income validation. However, some lenders actually cater to the self-employed and will look at your credit history over your income generation. Those who are able to provide sufficient third-party income validation generally have access to the same mortgage products and rates as traditional borrowers, while those without must at least have a good credit history and provide a minimum down payment of 10%.
Why use a Toronto Mortgage as your mortgage broker?
Because it is difficult to navigate which lenders specialize in self-employed mortgages or have more favourable terms for the self-employed, this is one case where using a mortgage broker has obvious advantages. We have access to multiple lenders and have a knowledge of the mortgage market.
Here are the situations that we deal with:
• Cash Income
• Self Employed, Employed less than 2 yrs
• New Immigrants
• No Money Down
• Good, Bad, No Credit
• Bankruptcy/Consumer Proposal
• No Documents/ Defaults/ Collections
• LTV upto 95%
• PRIVATE MORTGAGES starting @ 6% available upto $60k same day approvals
Don’t wait! Contact our Mortgage Expert Today!
Note: As of May 30, 2014, CMHC will no longer insure a self-employed mortgage if you cannot validate your income. To validate your income, you will have to provide copies of your Notice of Assessment, audited financial statements or unaudited financial statements prepared by an independent third party, for the previous two years.