[vc_row][vc_column][vc_column_text]Over the years it’s been quite difficult for self employed home owners or self employed home buyers to get approved for a mortgage. The days of the “stated income program”, where a business owner can simply sign a stated income declaration form and write that he or she earns a certain amount of income annually, without proving it, are behind us. Even when the banks were approving stated income mortgages for self employed borrowers, you were required to put 35% down payment for a purchase to avoid CMHC or Genworth default insurance. For any down payment amount less than 35%, the borrower’s default insurance premium was almost double the amount of the standard default insurance, for verifiable income borrowers.
Unfortunately, for self employed borrowers, the Canadian Government and major banks, have made it nearly impossible for business owners to get approved for a mortgage, as they are not declaring their true income on their tax filing, due to business expenses claimed and write-offs, which brings their income to a very low amount.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_custom_heading text=”How To Get Approved For A Mortgage If You Are Self Employed” font_container=”tag:h1|text_align:left” use_theme_fonts=”yes”][vc_empty_space][vc_column_text]
There are still options with institution lenders for self employed home owners or self employed home buyers to get a mortgage approval, with a competitive interest rate, while not declaring a high amount of income on their T1 Generals & Notice of Assessments.
The Bank Statement Mortgage Program enables self employed applicants to purchase their dream home, refinance their mortgage, consolidate their debts into a mortgage and access their home equity, by using their bank statements for approval, instead of their tax returns.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_custom_heading text=”How The Self Employed Bank Statement Mortgage Program Works” font_container=”tag:h1|text_align:left” use_theme_fonts=”yes”][vc_empty_space][vc_column_text]Simply provide us with your 3 or 6 months business bank statement history, to show your deposits. We will get you qualified by annualizing your bank statement cash flow, and deposits to qualify you for a mortgage.
Example: If your total deposits sum to $10,000 each month, for the last 3 months ($30,000 in 3 months), we will multiple $30,000 by 4 (total 12 months), and your effective income to qualify you for a mortgage will be $120,000.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_row_inner][vc_column_inner][vc_custom_heading text=”Self Employed Mortgage Program Requirements” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes”][/vc_column_inner][/vc_row_inner][vc_empty_space][vc_row_inner][vc_column_inner][list_icon list_text=”3 to 6 Months Business Bank Statements,Business Licence or Articles Of Incorporation,20% Home Equity or Down Payment” icon=”metrize” icon_metrize=”check”][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column][vc_cta_button theme=” grey_action” call_text=”Get Approved For A Self Employed Mortgage” title=”FREE QUOTE” size=” large” call_second_text=”See How Much You Can Get Approved For” href=”https://mortgageratesontario.ca/self-employed-mortgage/” color=”#dd0000″ font_color=”#ffffff”][/vc_column][/vc_row]
