Business Equipment Financing Toronto

Self Employed Mortgage Toronto
Accessing a mortgage if you are self-employed is not easy. The business or company must have been running for at least 24 months, although CMHC offers flexibility for the recently self-employed who have been operating their business for not more than 24 months. Most renders require 2-year tax returns as proof of steady income flow. To access a mortgage, you must provide documentation to support income verification. This could be a T1 and/or T2 General alongside an NOA (Notice of Assessment) Proof of income statement (POI) or a Statement of Business or Professional Activities (T2125) alongside an NOA.
Self Employed Mortgage Toronto
We will demonstrate to potential lenders that you have more money at your disposal and you are, therefore, not risky. We will show them that an “add back” approach is necessary because of such eligible deductions as capital cost allowances, motor-vehicle expenses, and business-use-of-home or that income from self-employment should be grossed up by 15% because of expense deductions. Although the Canada Mortgage and Housing Corporation is trying to ease the process of obtaining mortgage loan insurance, the process is still tasking. The process of searching for, and engaging both mainstream and private lenders is also hectic. We understand the process and will assist you throughout the process, allowing you to concentrate on running your business.
Self Employed Mortgage Toronto
If you do not have a solid credit history or you do not meet the criteria (such as if your sole proprietorship is only a few months old), getting a mortgage from a bank, a trust, or the other institutional lenders will be difficult. However, all is not lost. We help such clients get mortgages from alternative lenders called private mortgage lenders.

Featured Rates

Fixed

Lender
Rate
Term

Toronto-Dominion
1.94%
5 years
Scotiabank
1.99%
5 years
CMLS
1.84%
5 years
RFA
1.64%
5 years
First National Bank
1.74%
3 years
DUCA
1.99%
5 year
B2B
2.64%
5 years
Meridian
1.6%
5 years
RMG Mortgage
1.84%
5 years
Manulife Bank
1.89%
5 years

Variable

Lender
Rate

Home Trust
4.49%
5 years
Mcap
1.95%
5 years

Other

Type
Rate

Secured line of credit
2.95%
Private mortgages
5.99%

Questions?

We Are Here to Help

call (416) 419-3939

A private mortgage lender is more flexible when it comes to qualification criteria, but you expect to pay a higher interest rate. There are hundreds of private mortgage lenders in Toronto today. We have a good relationship with them, which not only ensures you get a genuine lender but that you get the lowest possible interest rates. Potential lenders will ask more questions to a self-employed person compared to one with a white-collar job. You will be asked where you stand on debt, business expenses, and business growth, whether you are looking to restructure your business, how much income you plan to declare, and similar questions. A lender wants to know if there is a future in your business/company since this is difficult to determine from the documentation. We will prepare you on what you are likely to be asked to increase your chances of success. Having someone like us at your side during self-employed mortgage negotiations increases your confidence and increases your chances of getting a good deal. Contact us today to start the hunt for a good mortgage.

What our CLients Say

Customer Testimonials

Boyd Wehner ★★★★★
I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
Nicole B. ★★★★★
I have been dealing with Masoud for my first mortgage back in 2016 and my second mortgage in 2019. He has always been of great help and easy access. He is the first person I go to with regards to mortgage questions. Keep up the good work guys!!
kit cathe ★★★★★
Working with Masoud was a great experience. We learned about mortgage options that were new to us as we were first-time buyers. Knowledgeable and helpful with no pressure, we were able to make an informed decision that worked out very well for our needs.
David Smith ★★★★★
I can't recommend Masoud enough if you need a mortgage, a renewal, or even help getting to that point. He is extremely knowledgeable and resourceful and works incredibly hard for his clients! He’s done our first mortgage in 2014, refinance in 2028 and now our second mortgage this winter.

Self Employed Mortgage Toronto

Self Employed Mortgage Toronto

Self Employed Mortgage Toronto

Self Employed Mortgage Toronto