Self Employed Mortgage in Ontario
Do you need a self employed mortgage in Ontario?
Standard mortgages might pose an issue for someone who is self-employed while purchasing a home. When you apply for a typical mortgage, the lender will check your most recent tax return to see how much money you made.
Due to tax deductions and reported expenditures, this sum might be substantially smaller for self-employed people. A self-employed mortgage accounts for these variances and gives you reasonable options when it comes to reporting your income.
With a self employed mortgage in Ontario borrowers can:
- Access competitive rates
- Qualify for higher loan amounts
- Face an easy and efficient approval process
- Save money on taxes
- Have easier requirements
- Obtain different loan options
If you can relate to these scenarios, you've come to the right place! With Freedom Capital, our borrowers receive custom-tailored commercial financing solutions and quick approvals.
Client Testimonials
Get your custom self employed mortgage in Ontario with Freedom Capital
When it comes to self employed mortgages, borrowers have limited options. This makes it hard to find a mortgage solution that fits your criteria. Tired of insufficient approvals and declined applications? Freedom Capital can help!
With:
- Easy application processes
- Short approval time, as little as 24 hours*
- A vast range of lenders
- Unique mortgage solutions
- Expert mortgage professionals with over 35 years of experience
Freedom Capital provides every client with the custom-tailored solutions and easy-to-meet mortgages they need.
FAQ
A self-employed person is someone who works for oneself rather than for a third-party employer and does not get a set salary. This includes owners of independent proprietors, partnerships, and companies.
When it comes to incorporated self-employed people, they are deemed self-employed if they make money from a business they own. Shareholders who do not work for the company but get a dividend are not considered self-employed.
You will have to offer income verification one way or another, regardless of the mortgage you apply for. There are three forms of income verification that are commonly used for mortgages:
- Traditional income verification: Your net worth and income are verified with credit reports, tax returns and other income-based legal documentation.
- Nontraditional income verification: Your business’s bank statements and financial documentation are used to verify your income.
- Stated income: A unique mortgage option where borrowers do not have to verify their income. However, lenders may sometimes ask you to provide personal bank statements or similar documentation.
Yes, depending on the lender you approach it is possible to qualify for a self employed mortgage in Ontario with income verification documents of only one year.
