There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
Borrowers who qualify based on provable income:
Once you are self-employed the mortgage broker or lender will ask to see your last two years Notice of Assessment Income Tax Return. The income on these documents is averaged out over a two year span. This income is then used to qualify for your mortgage. If the income is enough to support the mortgage you need, then you as a borrower, can put down as little as 5% for a purchase, refinance up to 80% of your property value, purchase rental properties, and even access secured lines of credit. You are treated just like a borrower on salary or hourly income.
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Secured Line Of Credit

Using the equity in your property can help grow your wealth and save thousands of dollars in interest over the life of your mortgage.  At the end of the day, we all want to pay off our mortgages faster and if all goes to plan, maybe leave our home or properties to our kids without a mortgage balance owing (lucky for them).  What if there was a mortgage strategy in place that can help you build a real estate portfolio, pay off debts and still pay off your mortgage at a faster pace? By doing this you can potentially leave the property/properties to your child/ren free and clear?
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What is Private Mortgage Financing?

Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes.   Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
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When looking for homes in the city, one will notice that to get a decent sized home in the City of Toronto, you will have to start digging deep into your pockets. It is no secret that this city is one of the most expensive to purchase real estate in and furthermore bidding wars are very common when it comes to the single residential homes. When thinking about affordability, if an individual on their own cannot support the payments on their own, what is a typical solution? Get a partner.
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Secured Line Of Credit

Using the equity in your property can help grow your wealth and save thousands of dollars in interest over the life of your mortgage.  At the end of the day, we all want to pay off our mortgages faster and if all goes to plan, maybe leave our home or properties to our kids without a mortgage balance owing (lucky for them).  What if there was a mortgage strategy in place that can help you build a real estate portfolio, pay off debts and still pay off your mortgage at a faster pace? By doing this you can potentially leave the property/properties to your child/ren free and clear?
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What is a Reverse mortgage?

What if you had the money to travel, pay off debts, renovate your home, and help your children buy a home or just have more income to do more of the things you wanted to do?  CHIP Canada Home Income Plan / Reverse Mortgage Canada could be just what you need. It’s the simplest and sensible way to use and unlock your home’s equity and turn it into a steady flow of income or a lump sum cash payment to help you enjoy life on your terms.
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According to new reports, Canadians are turning to renovations more and more, with their current homes and new purchases as well known as ‘fixer-uppers’. This is what people are referring to as the ‘HGTV effect’. It is no secret that right now, the home renovation shows are all the rage on television right now. From shoes like Disaster DIY, Property Brothers, love it or list it, we cannot deny that these shows are all the rage right now. Spending for this hit a record of $63.4 billion last year and is on the rise to surpass that figure for 2014. Based on figures, more money is being driven into home renovations than new constructions in Canada.
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What is Private Mortgage Financing?
Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes. Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
Private Mortgage Financing is mainly based on the property/real estate and how much equity is in the property. A private mortgage lender is not overly concerned with credit or income as much as the traditional lenders, but will review both to get an overall feel for the applicant. You do have to prove you can support the loan payments through some means through income received. Their main driving force behind the loan is the property. The more equity in the property, the more secure the loan is and as a result, the better interest rate for the client. Private lenders will also look to use other properties as collateral for security.
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There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
Read More