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Self Employed Mortgage in Ottawa

Secure Low rate Mortgage that is 100% tailored to a self Employed borrower.

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Benefits of Mortgage Loan Ontario’s Self Employed Mortgage in Ottawa:

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  • Quick Approval

    Quick access to funds because of quick approvals

  • Low Interest Rates

    Low interest rates if you have a good credit score.

  • High Loan to Value (LTV)

    Avail the maximum of 90% lifetime value with little to no evidence of your income

Mortgage Loan Ontario can help self employed workers and Entrepreneurs get fast approval for Self Employed Mortgage!

Being self-employed can be one of the best decisions that you can take if you are not the one who’s okay with a 9 to 5 working job. You are more independent with your working decisions as well as financially. There are some great pros to being self-employed, but when it comes to getting a mortgage, that’s where the hiccup comes in.

If you are self-employed and are looking for a Self Employed mortgage from a traditional financial institution, then you may find it very challenging. Not to worry, Mortgage Loan Ontario is here to help. Contact our office in Ottawa to discuss your financial needs today.

The best option for self-employed workers and entrepreneurs

Self-employed mortgages from a private firm such as Mortgage Loan Ontario is one the best options for entrepreneurs, small-business owners and in general, self-employed individuals. As a self-employed individual, if you are going to a bank to secure a self-mortgage loan, you would have to jump several hurdles of their criteria for getting approval for your loan application. Even after that, it would take weeks for the actual funds to be transferred to the account. With Mortgage Loan Ontario, you can be assured:

  • Your application will be approved quickly

  • You will have quick access to your funds

  • You will not have to difficult requirements to be eligible for a self-employed mortgage

Self-Employed Mortgage
How does a Self-Employed Mortgage Work?

How does a Self-Employed Mortgage Work?

Self-employed mortgages are curated for borrowers who earn income from their self-employment or business than from an employer that pays a salary. The base difference between both is that self-employed individuals have an inconsistent stream of income while employed individuals get bi-weekly or monthly paychecks at regular intervals.

Consider this mortgage as a non-traditional mortgage and can be accessed by people who run full-time or part-time businesses comprising partnerships, incorporations, and sole proprietorships. Self-employed individuals usually have a lower figure net income from the previous year’s tax return as a result of claimed expenses and tax deductions. A self-employed mortgage in Canada considers this factor and usually allows the prospective borrower some flexibility when reporting their income.

Schedule an appointment with Mortgage Loan Ontario for more details on self-employed mortgages.

What are some of the Pros and Cons of applying for a Mortgage if you are Self-Employed?

Let’s talk about the pros first:

  • If you approach a lender like Mortgage Loan Ontario, you can secure the larger loan that you were looking for

  • You will not have to worry about a low credit score

  • The turnaround time for your application to be approved can be as low as 24 hours

Now, let’s have a look at the cons

  • You may have to pay a higher interest rate

  • The down payment might be larger than what you pay for a standard mortgage

Self-employed mortgage Ottawa
How can you qualify for a Self- Employed Mortgage?

How can you qualify for a Self- Employed Mortgage?

If you are working for yourself, you’re probably already used to having to be more organized and keeping track of your income. This can help you when you are planning to apply for a self-employed mortgage.

When you are applying for a self-employed mortgage with us, we would ask you to submit the proof for the following

  • Income stability

  • Financial strength of your business

  • Location and nature of your self-employment

  • Business’s ability to generate sufficient income in the future

To start the home-buying process, you’ll need a history of uninterrupted self-employment income, usually for at least two years. Some additional proofs that you may have to present are:

Proof for employment verification, that you’re self-employed. It can include emails or letters from the following:

  • Income documentation

  • Your existing clients

  • Licensed certified personal accountant (CPA)

  • Attestation of your membership from a professional organization

  • State or business license that you hold

  • Evidence of insurance for your business

  • A Doing Business As (DBA)

Ottawa Self-employed mortgage
Pros and Cons of Self-employed mortgage

Keep proof of steady, reliable income and you will be one step closer to getting approved for a mortgage. You should keep in mind that even if you have consistent money now, your past income will influence your ability to get a loan. Your lender will ask for the following:

  • Personal tax returns (including W-2s if you’re paid through your corporation)

  • Profit and loss form statements, which could include a Schedule C, Form 1120S or K-1, depending on your business structure

  • Bank statements- monthly or quarterly documents that might help us to verify that you have sufficient funds to cover a down payment

Get fast and easy approval for a Self-employed Mortgage with Mortgage Loan Ontario!

With Mortgage Loan Ontario, you will have a team of experts who can advise you on what type of self-employed loan contract would be ideal for you. We will note down your financial requirements and draft a tailored contract that meets them all. Not to mention, We will see to it that your loan application is approved as quickly as possible. To find out more, Get in touch with our expert Mortgage Brokers.

fast and easy approval for a Self-employed Mortgage with

Renew your mortgage in three easy steps

Save thousands of dollars in your mortgage interest payments

1

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Pre-approvals for any type of mortgage requirement.

2

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Lowest rates guaranteed.

3

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Cash gets credited within a couple of days.

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Frequently Asked Questions

How much mortgage can I borrow if I am self-employed?

If you are self-employed and are meeting all the criteria for Mortgage Loan Ontario, then you can borrow a mortgage of up to 4.5 times your annual income.

Are self-employed mortgages more expensive?

If you depend on the lender’s criteria. If you are not able to prove that you have a steady stream of income, or you do not have the funds for a large down payment you may have to pay high interest. This can make self-employed mortgages a bit expensive.

How do I prove my income for a self-employed mortgage?

For self-employed individuals, income records could include Two years of personal tax returns. Two years of business tax returns including schedules K-1, 1120 and 1120S.

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Our goal at Mortgage Loan Ontario is to provide access to all types mortgage solutions across ontario.

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  238 Britannia Rd E Mississauga, L4Z 1S6, Canada

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