TYPES OF LOANS
SELF-EMPLOYED
Platform
OBTAINING A MORTGAGE CAN BE COMPLICATED
When you’re self-employed, obtaining a mortgage is a little more complicated than if you earn a regular salary through an employer.
There are essentially two types of self-employed or business-for-self (BFS) borrowers – those who can prove their income and those who can’t. It’s important to work with someone who will take the time to review your business financials and determine if your application could fit with a prime institution before turning to alternative financing options.
Self-employed professionals are busy (we get that!). The most successful applications come from individuals that have been able to gather their documentation.
Self-employed applications are unique in their own way. It’s important to work with a professional who will take the time to truly understand your business and cash flow to ensure you’re getting the best possible financing options.
THERE ARE TWO MAJOR TYPES:
Sole Proprietors:
Last 2 years T1 generals with statement of business activities
Last 2 years notice of assessments
Business license
6 months business bank statements
Incorporated Business Owners
Last 2 years T1 generals with statement of business activities
Last 2 years notice of assessments
Last 2 years business financials Statements
Articles of Incorporation
6 months business bank statements
Articles of incorporation