There are a few extra steps to mortgage approval when you’re self-employed. Don’t worry, we’re here to help!
Don’t feel like watching? You can read the video transcript below.
“Being self-employed it can be more challenging to get approved for a mortgage. When you’re self-employed you need to prove your income. If you have two years average of your income you would be treated the same as an employed person. Many self-employed borrowers have lower income on paper to reduce their tax liabilities but that becomes more challenging when you’re trying to get a mortgage.
We either need to have a two year average of your income tax and your notice of assessment or you need to go through a stated income program. A stated income program is a program designed for self-employed borrowers for them to be able to get approved for a mortgage when they don’t have the income on paper required for the mortgage. It’s a myth that self employed borrowers cannot be approved for mortgages. We’re here to navigate that path to mortgage approval. Feel free to stop by the office or give us a call today.”
Have more questions? Feel free to contact us!