InTouch Mortgage Solutions

Help for those working outside the box

Self-Employed

Help for those working outside the box

Advances in technology have paved the way for an increasing number of people to work for themselves. According to Statistics Canada, there were 2.8 million self-employed workers across Canada in 2016. While there are many benefits to being self-employed, a major downside is the inability to provide traditional income verification, making it difficult to get a mortgage approved through the chartered banks. In addition, regulatory changes have made it harder than ever for self-employed workers to qualify for a home mortgage through a bank.

The good news is that self-employed individuals can still get a mortgage at excellent terms for their primary residence or income properties by leveraging our expertise and network of self-employed friendly lenders.

Approvals are based mainly on having at least a fair to good credit rating rather than income. Now you can buy or refinance up to 90% of the property’s appraised value through our self-employed friendly lenders.

Self-employed individuals can still get mortgages with excellent terms. Let our team of mortgage professionals help you get into the right mortgage with the best rates.

VERY BAD

300-500

POOR

600-649

FAIR

650-699

GOOD

700-749

VERY GOOD

750-799

EXCELLENT

800-850

WHAT YOU NEED TO QUALIFY

• Fair to good credit history – demonstrate that you manage credit and finances in a responsible manner;
• declaration of annual income;
• declaration of annual gross business income;
• length of business operation –proof that you have been self-employed for two years– articles of incorporation or master business license;
• two most recent years’ Notice of Assessment (NOA);
• two most recent years’ T1 General.

Haven’t filed your income tax return yet?

Contact us today and let us help you get back on track.