Self Employed

We are the self-employed specialists!

As self-employed individuals ourselves, our mortgage brokers understand fully the unique requirements of the self-employed. We know that as a an independent business owner, your reported income isn’t always the income available for qualifying a mortgage. If you enjoy good credit, you could qualify based on stated income and limited employment verification. However, your debt service ratios, credit and tax liabilities must be in good order. 

Commissioned Sales vs. Self-employed
Some lenders differentiate between commission salespeople and self-employment, applying different lending criteria to each respective class of wage-earners. Not all lenders define commission and self-employment the same way. For some lenders, realtors might be considered as commission sales, whereas other lenders would call them self-employed.

Income Verification
The higher the Loan to Value (ie mortgage amount vs. purchase price) the more important income verification becomes as the lender is placing less reliance on the value and equity in the property and more on the earning power of the borrower. The following is a summary of what lenders may require:

Commission Income 
 

• T4's and/or Personal Tax Returns.
• Job Letter - confirming employment.
• Notice of Assessment (NOA) - optional depending on Lender. 

• Financial Statements of Company. 
• NOA's (Personal Notice of Assessments). 
• Personal Tax Returns ( T1 Generals showing personal net income).

Contact us and start saving on your mortgage today!