Self Employed Borrowers

Mortgages for Self-Employed

Statistics show that nearly 20% of all income earners in Canada are now self-employed (business-for-self). This is a large and growing demographic, which brings up the question, “Why is it so difficult to get a mortgage through a chartered bank if you’re self-employed?” That’s because many business-for-self owners minus expenses in lieu of extra income, something most banks will not recognize.

At Vantage Mortgages we understand your needs. Our lenders look at your credit history rather than business financials and personal tax notice of assessments. This is something most mortgage lenders won’t do.

With the Vantage Mortgage Group and our preferred lenders, you will find a product that is right for you.

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 90 % for purchases and up to 80% for refinances of its appraised value. No true income is required for this mortgage; 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 located in or near a major centre. (Please call for details.)

Some restrictions apply. Please fill out our easy-to-use mortgage application or contact one of our representatives today to qualify!

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 when shopping for a mortgage:

1. A self-employed person with a clean credit history in most cases will receive the lowest rates available.
2. Unlike consumers that are salaried employees, a self employed individual are not eligible for pre-qualifications. That means that you will have to make an offer before any financial institution can get involved. We can however pre-qualify you internally.
3. There are options for self employed borrowers with poor credit however the down payment required will be at least 20% down.
4. Self employed borrowers that qualify on declared income are treated as a standard purchaser.
5. Each lender has different rules and a decline at one bank does not automatically mean a decline at another.

For more information or to make an appointment to discuss your situation contact us today at 514-667-5015 or selfemployed@vantagemortgages.ca