Providing 2 – 3 years of revenue canada personal notice of assessments confirming sufficient income to approve the mortgage you require, is the best scenario for a lender to approve your mortgage financing.
If your Notice of Assessments do not show sufficient income to qualify you for the mortgage you require, you may have an option to be approved with a higher down payment (10%) assuming you have a high credit score
You will be asked to provide:
Depending on the type of business, the following may be required:
Some lenders may allow you to add back some tax deductions to your income, like car expenses, advertising, capital cost allowances and housing expenses. Other lenders will simply allow a 15% add-back to allow for these expenses.
Some lenders will offer a “stated income” program specifically designed for self-employed borrowers. There are some higher costs and other requirements that you should be aware of. Stated income applications require:
Interest rates offered for self-employed borrowers are the same as a regular borrower
Our team is devoted to helping you achieve your long term goals. Enjoy options and possibilities that you may not have considered when sticking with traditional banking products. If your goals include paying down your mortgage faster or looking for a rental income to make some headway on your amortization we are happy to discuss all of your options. Your Kelowna Mortgage Broker is able to help you with your first mortgage or renegotiating the terms on an existing property. Call John Antle Mortgages in Kelowna today and let’s get started!