Self-Employed Mortgages
If you’re self-employed, you probably already know that getting approved for a mortgage can feel a little different.
You may have a successful business, strong cash flow, and a very stable income, but the way that income appears on your tax returns does not always show the full picture.
That is where I can help.
I work with self-employed borrowers to look beyond just the numbers on a tax return and understand the complete financial picture.
Depending on your situation, I may be able to use different income qualification options, review your business income, look at how your company is structured, and find a lender that is comfortable with the way you earn your income.
Many business owners use legitimate tax deductions to reduce their taxable income. That may be good for your business, but it can sometimes make qualifying with a traditional bank more difficult.
It does not necessarily mean you cannot get a mortgage.
There are lenders and mortgage programs specifically designed for self-employed Canadians, including business owners, contractors, consultants, commission-based professionals, and incorporated individuals.
My job is to review your situation, understand how your income works, and find the mortgage solution that makes the most sense for you.
I can look at things such as your business history, personal and business income, credit, down payment, debts, bank statements, and overall financial strength.
Sometimes a traditional mortgage works perfectly. In other cases, an alternative income qualification method may provide a better solution.
The important thing is not to assume you will not qualify just because you are self-employed.
Before changing the way you pay yourself, increasing your taxable income, or putting your plans on hold, talk to me first.
I’ll review your situation, explain the options in plain language, and help you find a mortgage solution that works with your business and your lifestyle.
Self-employed does not have to mean complicated. Let’s look at your options and find the right solution for you.
As always, feel free to reach out to Vlad Khazov at 403-594-1255 or Vlad@VladKhazov.com with any questions about this or any mortgage related topics.