Small and medium-sized businesses are the engine of the Canadian economy.

You may not fit in the neat boxes at the bank. I don’t have boxes, I have solutions!

I work with self-employed Canadians every day and understand the issues that keep you up at night. Your dreams for home ownership should not be one of them!

You already know it makes sense to go to a specialist to get the job done, to consult other expert advisors such as lawyers, accountants or financial planners. The more complex your mortgage situation, the more sense it makes to find an experienced mortgage professional who can customize a mortgage to meet your short-term needs and your long-term financial plan. I am a professional and I work for YOU, not an institution. Your home is a very important asset; Let me help you make the most of it.

While there is now broad recognition that self-employed Canadians are an excellent and reliable customer group, lenders still make it difficult for self-employed Canadians to arrange easy fianancing with great rates. I will advise you how you can improve your options and get the best possible rate through documentation to prove income and/or employment, your credit history or a significant downpayment.

Self-Employed Documentation

Accessing Your Tax Information and NOA’s

Most of all, I can help you stay focused on your business, alleviating the burden of many time-consuming and frustrating tasks associated with securing a mortgage. I'll also work around your hectic work schedule.

Small and medium-sized businesses are the engine of the Canadian economy.

When it comes to mortgages, it hasn't always paid to be self-employed because reducing your taxable income can make it difficult to qualify for the mortgage you may need. I understand business owners because I'm self-employed myself. Statistics show that nearly 20% of all income earners in Canada are now self-employed (business-for-self). This is a large and growing demographic, which brings up the question, “Why is it so difficult to get a mortgage through a chartered bank if you’re self-employed?”. That is because many business-for-self owners minus expenses inorder to lower income, something most banks will not recognize.

Being self-employed has many benefits:

  • One of the largest being the ability to write off a large portion of your income against expenses incurred while doing business over the year and therefore reducing the amount of income tax that you have to pay.
  • And having the ability to save thousands in taxes annually means that a lot of self-employed clients claim as many expenses as possible leaving themselves with a very small amount of net income at the end of the year to pay tax on.

 While this is good for the pocket book, it does not always help when trying to obtain credit or a new mortgage.

That being said, lenders and insurers realize that there is a large demand in the market for self-employed borrowers that have strong credit and assets. There are now several options available for self-employed individuals to obtain a new mortgage. When qualifying an applicant the lenders look at credit, down payment and income.

Take one of the 3 out of the equation and the client usually ends up paying less favorable terms, if they can be qualified at all.

With the self-employed programs being offered by some lenders today, you have some flexibility on income, provided you have sufficient down payment and have a credit score (beacon score) that is above 700 and owe no monies to Revenue Canada.

What’s better, I have a long list of institutional and private lenders that offer excellent mortgage options for self-employed Canadians. These lenders in Canada understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. With these mortgage lenders, you will not be required to prove your income - a reasonable estimate of your annual income will be acceptable.

I'm here to help you beat the banks. I help self –employed people move into their new homes every day! Call Me -  Laurie Anne Faulkner 250-588-2288

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