Shant Nalbandian: A Self-Employed Mortgage Broker in Toronto  

Concerned about obtaining a self-employed mortgage in Toronto? If you're self-employed, do you have trouble meeting all bank requirements? Please don't despair. SN Mortgage brokers team will help you with the entire process of getting a mortgage for self-employed borrowers at competitive rates.

Self Employed Mortgage Toronto: Uncover the Basics

Self-employed mortgages are designed for business owners and self-employed individuals who don't earn a fixed income. When you apply for a private mortgage, the lender examines your tax return for your net income. As a business person, you have unlimited tax benefits and flexible working hours. Despite tax benefits and endless opportunities, many Canadian residents are leaving their 9-to-5 jobs to start their own businesses. Even though self-employment offers countless benefits, it is restricted by the availability of mortgage facilities. Changes in Toronto's mortgage laws made it more challenging for those with own businesses to get a mortgage. Nowadays, it is nearly impossible to secure a traditional mortgage without a stable job. That's why self-employed mortgages are so popular. To qualify for a self-employed mortgage in Toronto, you must work with a trustworthy mortgage broker since they can only furnish such mortgages. Top brokerage firms like SN Mortgages can help you find the lowest rates on mortgage for self-employed.

Opportunity for Business Owners

Business owners who work for themselves enjoy countless benefits, including the ability to get a self-employed mortgage in Toronto. Self-employed borrowers have a hard time getting a mortgage, even those with steady incomes face issues and strict rules when trying to apply. A bank or lender wants to feel secure when they deal with a business owner or self-employed person. Banks in Toronto will need a lot of documents, including business statements, financial planning, and your credit report. Business owners often ignore the fact that their taxes do not fully count toward their income. Due to this, you may be unable to qualify for a mortgage at all or one with a lower interest rate. In today's economy, self-employed people have more opportunities and greater flexibility to qualify for a mortgage in Toronto with a certified mortgage broker. Get access reliable mortgage lenders at SN Mortgage and obtain a quick approval for self-employed mortgage. Apply Now and you'll be approved in no time!

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Qualifying for a Self-Employed Mortgage in Toronto: What to Do

Have you ever wondered how difficult it is to obtain a self-employed mortgage in Toronto? The city has a high number of self-employed individuals, so getting a mortgage is very competitive, when compared to salary-based people. Self-employed borrowers must prove they have a steady income so that banks and other lenders feel confident about issuing them a mortgage.

The borrower is required to submit comprehensive documentation demonstrating their income is stable. A self-mortgage application usually involves personal tax notices of assessment from the last 2-3 years, as well as a self-mortgage application. If the individuals are successful in providing the evidence of their stable income, they will have access to the same mortgage rates as traditional borrowers. Those who can't show proof of income will have to demonstrate solid credit history and pay a down payment of 10%.

The documents listed below will strengthen a self-employed individual's case when applying for a mortgage.

  • Business Financial Statements
  • Evidence of fully paid HST and GST
  • Personal and Business Credit Scores
  • Business License
  • Historical Financial Statements
  • Contracts demonstrating future earnings
  • Proof of Business ownership
  • Business License
  • Income tax returns for the past 1 to 2 years
  • Notices of Assessment
  • A receipt proving that your down payment was not gifted

Getting a mortgage for a self-employed person isn't as difficult as it seems. With SN Mortgage, you can easily gather and submit all the required documentation for a self-employed mortgage application in Toronto. With our self-employed program, qualifying becomes much easier for you.

Call us: (416) 894-3976

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Need a Reliable Self-Employed Mortgage Broker in Toronto?

When it comes to self-employment, things change differently as Toronto is a great city with a lot of high-end expenses and living costs. When you are self-employed, it can be difficult to get approved for a home loan, but with self-employed mortgage financing, it doesn't have to be a stressful process. Here at SN Mortgage, we are happy to work with self-employed borrowers. Since we specialize in providing self-employed mortgage services for people living in Toronto and the surrounding areas. We are always available to help you get your dream home as quickly as possible. It is our goal to reduce your monthly payments and save you money. Fill out a Mortgage Request Form or call us today!

SN Mortgage – Best Alternatives for Self-Employed Mortgage in Toronto

Most banks have strict requirements that are not ideal for self-employed individuals. Individuals can have their mortgage applications rejected if they do not fit within the bank requirements. If you have substantial savings and good credit, but low income on paper, banks are less likely to approve your application for self-employment.

Don't be discouraged, there are many ways to get a self-employed mortgage in Toronto. With SN Mortgage, almost everything is possible. It is the art of self-employment that monetizes your skills without having to carry a routine job that you might not enjoy. Being a leading self-employed mortgage brokerage firm in Toronto, we provide the most customized services to help turn the case of mortgage in your favor. It is our mission to assist self-employed individuals to secure mortgages for investments or to purchase their first homes in Toronto. We create outstanding offers you cannot refuse, whether you are looking for a rental property or want to expand your business.

Call us: (416) 894-3976

Questions? We’re here to help!

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Shant Mortgage Brokerage Involves the Following Services  

First Mortgage
Second Mortgage
Home Equity Loan
Debt Consolidation

Frequently Asked Questions

  • How many years must you be self-employed before you can apply for a mortgage in Toronto?
    Majority of the lenders prefer an account of 3 years or more at your name for being able to lend a mortgage. This time period allows them to gain perspective and insight to the details of your financial income and expense records.
  • Is it possible to obtain a mortgage with one year of self-employment?
    If your work is verified (for 24 months approx.) and you have an experience of being self-employment for even less than an year then you can get a mortgage provided your business has been active all this time. Hence it is possible to get a mortgage with one year of self-employment.
  • How much can a self-employed person borrow for a mortgage?
    The fact that you are self-employed may not be problematic for you getting a mortgage as you think. As long as you have an experienced broker by your side, there is very less to worry about. You might as well get lower interest rates and better monthly payment schedule.
  • For self-employed people, do mortgage lenders consider gross or net income?
    The popular method is to have a look at your gross incomes and not the net income. You might have a lender compute your gross monthly income over the course of two years and then divide it by the number of months in the year.
  • Are self-employed mortgage rates higher than conventional loan rates in Toronto?
    In contrast to the previously known conventions, time is changing and so are the regulations. Getting a mortgage at the same interest rate as the conventional ones are now within the reach of all the self-employed people. No discrimination is faced by those who are self-employed and work hard to make the ends meet.
  • When you are self-employed, what are your options for buying a house?
    The options available for you to buy a house while being self-employed are not thin. You can choose from getting a joint mortgage, a signer for your loan or get a bank statement loan. The options are available and it is the matter of only getting proper guidance to be able to get a house.

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