Self-employed

Not with all lenders. Some will consider self-employed as eligible to the same rates that employees get and some will see this income as presenting a higher risk, therefore will be priced higher. With access to so many lenders and 600+ landing programs, you’ll get the best offer to accommodate your needs.
The most common approach is to average the last 2 years of your T4 income, the one shows on line 150 in your tax return documents. We do have lenders that will look at your gross income to support the higher number and take your net income up by 15-20%. On top of it we have lenders that will look at recent invoices to support more income for your mortgage.
Actually no. You are considered self-employed even if you are a salaried employee of your own company. It means that contrary to an employee that needs to show only a job letter at full-time permanent positions and 2 recent pay stubs, you’ll need to show 2 full taxable years in the same line of business. Let’s face it, there is no one who can write you a job letter but yourself:)
Banks and lenders will look at the last 2 years of your tax documents, like T1 general, NOA’s, T2’s and financial statements. If the most recent year shows higher figures they will use the average of the two years. If the most recent year is lower, they use the lowest most recent year. When the difference between the year is bigger than 20% they will do a special consideration. Unique global event call for special consideration as well.
No, It’s a different process and terms. Because when you buy in the name of a company, you, the individual, become a guarantor to your company’s loan, most of our clients prefer to keep purchasing in their personal name. We always compare the scenarios, so if in your specific circumstances there is a value in purchasing in the company's name, we’ll present it to you and will make sure to get you the best deal.