Mortgage for Self employed

mortgage broker -lakhviner Gill- Surrey BC - self employed

Mortgage for Self employed

Self-employed workers typically obtain their mortgage through stated income applications, which require a signed income declaration and proof of self-employment. Stated income is how much you claim to earn. And for the lenders sake, you’ll need to back it up with the following documents:

Your income tax returns and notices of assessment for the previous two to three years. Try not to show a loss for the previous two years. You don’t have to show a big positive income but a loss tends to be a deal-killer;
Your Notices of Assessment from the Canada Revenue Agency to confirm you have no tax liability. Keeping up your tax payments shows your reliability;
Proof that your HST and/or GST is paid in full;
A copy of your business license or articles of incorporation showing you’re licensed;
Financial statements for your business. You have to ready to explain your business—your income, expenses, and when you’ll break even;
Proof that you are a principal owner in the business;
Client contracts showing expected revenue for the coming years; and
Have a down payment available of at least 15%.

Self employed professionals looking for Mortgages call Lakhvinder Gill – (604) 725-6734

For lowest Mortgage rates contact.

Connect with us on FaceBook