Getting a Mortgage When Self-Employed
If you are self-employed, it can be a little harder for you to get a mortgage than someone who is an employee of a company that receives a regular paycheck and a Notice of Assessment at the end of the year.
If you are self-employed, most lenders will require that you’ve been self-employed for at least two years. Most lenders will also require that you provide the following information:
- Your personal tax returns for the past two years
- If you operate as a Corporation you’ll need to provide the income tax return for your Corporation for two years
- If you’re part of a limited liability company, you’ll need to provide Article of Incorporation showing your share of the company.
- Your lender may also require additional documentation.
To make yourself most attractive to lenders, it is also helpful to have available cash in a savings account to demonstrate your ability to make mortgage payments even if your income fluctuates.
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