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 Centum Home Lenders Ltd., 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 Centum Home Lenders Ltd. 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% 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. Contact one of our experts today.