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Mortgages for Self-Employed

Statistics show that nearly 20% of all income earners in Canada are now self-employed (business-for-self). This is a large and growing demographic, which brings up the question:

  • Why is it so difficult to get a mortgage through a chartered bank if you're self-employed?

  • That's because many business-for-self owners minus expenses in lieu of extra income, something most banks will not recognize

At Basic Mortgage we understand your needs. Our lenders look at your credit history rather than business financials and personal tax notice of assessments. This is something most mortgage lenders won't do.

With Basic Mortgage and our preferred lenders, you will find a product that is right for you. Here are just some of the great products available:

The Low Documentation (Low Doc)

Mortgage Purchase a new property or refinance your existing home up to 90% of its appraised value. No true income is required for this mortgage; the lender will base their approval on your credit rating rather than actual net income!! You will need:

  • A clean credit history. (No bankruptcies or foreclosures. Any late payments on credit cards or loans may lower your chances of qualifying.)

  • Proof that you have been self-employed for three (3) years. (Incorporation papers or GST number.)

  • The property to be located in or near a major centre. (Please call for details.)

No Income Mortgage

With the No Income Mortgage, you can purchase a new property or re-finance your existing home up to 75% of its appraised value. Income and credit do not have to be perfect. With 25% down or at least 25% equity Basic Mortgage can obtain a mortgage for almost any income or credit situation. The better the credit history the better the rate!

Please remember each application is unique and these are just some examples of the current products available to business-for-self persons.

Here are a few things to remember when shopping for a mortgage:

  • A self-employed person with a clean credit history in most cases will receive the lowest rates available

  • Although an established credit history does improve your interest rate, it is not a requirement for obtaining a mortgage

  • Please keep in mind that the property must be in or near a major center

Basic Mortgage works hard to bring products like these into the Canadian mortgage market. Contact your Basic Mortgage broker for further developments.

Currently we offer the following no income verification products if you are self-employed:

  • 1st mortgage loans up to 95% of your home value

  • 2nd mortgage loans up to 80% of your home value

  • Home equity Visa card up to 85% of your home value