{"id":1803,"date":"2022-03-24T23:16:04","date_gmt":"2022-03-24T23:16:04","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1803"},"modified":"2024-02-08T05:45:53","modified_gmt":"2024-02-08T05:45:53","slug":"self-employed-mortgage","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/self-employed-mortgage\/","title":{"rendered":"Mortgagepro for self employed mortgages."},"content":{"rendered":"\n

Getting a mortgage as a self-employed individual.<\/strong><\/h4>\n\n\n\n

 Are you aware of this? In the mortgage and financing industry, approximately 15%+ of Canadians are self-employed, which makes this a significant market. However, getting a mortgage as a self-employed person differs from a traditional borrower’s.<\/p>\n\n\n\n

To qualify for best rate financing, self-employed individuals with established businesses must have two years of history. Applicants include sole proprietors, incorporated corporations, and self-employed partnerships.<\/p>\n\n\n\n

Starting from the beginning.<\/strong><\/h4>\n\n\n\n

When you are self-employed and applying for a mortgage, you generally need to provide the previous two years’ Revenue Canada personal tax assessment notices and respective T1 generals.<\/strong><\/a> In general, borrowers with these documents – and acceptable income levels – should not have a problem obtaining mortgage products at rates comparable to those available to traditional borrowers.<\/p>\n\n\n\n

Self-employment has its benefits.<\/strong><\/h4>\n\n\n\n

One of the primary benefits of working for yourself is the ability to write off your income. Expenses can be written off, which reduces your tax bill but decreases your borrowing power. Understanding this is crucial since you either have less tax to pay or more borrowing power.<\/p>\n\n\n\n

You will fall into one of three categories, depending on how you define self-employment:<\/strong><\/h4>\n\n\n\n