Mortgages for Self-Employed
At Ontario Lending Solutions we understand the complexities of Being Self Employed in Search of Financing
Stats Canada has recently announced a huge increase in small business in this country. Starting your own company can be an exciting and rewarding endeavour. Like most of us paying less tax is something we all think about, we work hard and want to hold on to the money we make. Most small business owners pay most of their personal tax through their companies. This is a great way to pay LESS TAX!
If you are self employed, you may already have experienced the frustration of obtaining mortgage financing. Most lending institutions require that self employed individuals use their tax assessments to qualify for a mortgage. Well if your accountant has done their job your net income is probably much lower than your gross income making it next to impossible to qualify.
At Ontario Lending Solutions, we have lending institutions that understand your situation. For example, we have lenders that will allow for 5% down payment on a purchase even if you show a low taxable income. In addition, we also have Lenders who are willing to provide a refinance to 90% of its value with little or no income verification required.
Here are just some of the great products available:
- The Low Documentation (Low Doc) Mortgage
Purchase a new property or refinance your existing home up to 85% of its appraised value. No true income is required for this mortgage; rather, the lender will base their approval on your credit rating rather than actual net income!
You will need:
- A clean credit history. (No bankruptcies or foreclosures. Any late payments on credit cards or loans may lower your chances of qualifying.)
Proof that you have been self-employed for two (2) years. (Incorporation papers or GST number.)
- The property to be in or near a major centre.
- Some restrictions apply. Please fill out our easy-to-use mortgage application today to qualify!
- No Income Mortgage
- With the No Income Mortgage, you can purchase a new property or re-finance your existing home up to 80% of its appraised value. Income and credit do not have to be perfect. With 20% down or at least 20% equity Ontario Lending Solution can obtain a mortgage for almost any income or credit situation.
- The better the credit history the better the rate!
Please remember each application is unique and these are just some examples of the current products available to business-for-self persons. Here are a few things to remember, therefore, when shopping for a mortgage:
- A self-employed person with a clean credit history in most cases will receive the lowest rates available.
- Although an established credit history does improve your interest rate, it is not a requirement for obtaining a mortgage.
- Please keep in mind that the property must be in or near a major center.
- At Ontario Lending Solutions we work closely with a number of lenders to find the best fit for your mortgage needs.
If you are self employed and are looking for expert help in getting or renewing a mortgage, call us today at 1-866-841-2551.
Ontario Lending Solutions, we simply cannot thank you enough for all your assistance in buying our new house. You worked with us for over two years to make this happen. You were both patient and informative as our mortgage was anything but straight forward. You were also flexible with all the changes and last minute alterations that had to be made. We can't thank you enough for working with us, at all hours, day or night, to make this house purchase go as smoothly and efficiently as possible. We would not hesitate to recommend you!
Christa White & Ben Shaw