We can get you a mortgage in most situations regardless of your circumstances. Where traditional financial institutions have given the answer ’No’, we say ‘Yes’ and get you a product that suits your needs at an extremely competitive rate.
Below is a list of the most common non-traditional situations, however, please note, that not all situations are listed and each is looked at on a case-by-case basis to fit with the appropriate lender ? each situation is unique and looked at accordingly. This is where our expertise and knowledge is essential in taking care of you and your family.
| Employment – Self-employed | - Recent job start/change - Work experience outside Canada |
- Lack of work history - Part-time |
| Income | - Income – Non-verifiable - Salary + commission - Seasonal |
- Commission - Salary + OT and/or bonus |
| Credit | - Spotty/bad credit - No credit |
- Good, but a lot of credit - Previously bankrupt |
| Property | - Rental - Construction - Cottages/vacation homes - Multiplex – Investment |
- Rural/acreage - Mobile homes |
| Status | - Non-resident | - New immigrant |
| Financial | - Zero-down | - Purchase plus improvement |
If you fall into one of the categories above, or if you have a different situation, we know where to go and how to structure the deal.
For self-employed workers you will have to provide 2-3 years of Revenue Canada Notice of Assessment.
Stats Canada has recently announced a huge increase in small business in this country. Starting your own company can be an exciting and rewarding endeavor. Like most of us paying less tax is something we all think about, we work hard and want to hold on to the money we make. Most small business owners pay most of their personal tax through their companies. This is a great way to pay LESS TAX!
If you are self employed you may already have experienced the frustration of obtaining mortgage financing. Most lending institutions require that self employed individuals use their tax assessments to qualify for a mortgage. Well if your accountant has done his job your net income is probably much lower than your gross income making it next to impossible to qualify.
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 The Wilson Team 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 The Wilson Team and our preferred lenders, you will find a product that is right for you.
Laurie Wilson
