A Self-Employed Mortgage is when an individual is self-employed, or owns their own business or corporation obtains a mortgage loan. This is because self-employed individuals have a different way of declaring their income compared to employed individuals. 

 

A lender who accepts stated income mortgages takes into account other sources of income and will accept methods of proving income that may not have been properly declared on an applicant’s tax returns. If you can show business contracts with customers, banking statements that show additional cash going into your personal or business bank account, financial plan, and other forms of income verification that most banks will not consider.

 

Even a bank account from other parts of the world may be considered by certain lenders. Self-employed workers typically obtain their mortgage through stated income applications, which require a signed income declaration and proof of self-employment. Stated income is how much you claim to earn.

 

WHAT DOCUMENTS DO YOU NEED TO PROVIDE US WITH?

• Notice of Assessment for past 2 years

• T1 General for the past 2 years

• Business Financial Statements

• Business Bank Statements

• Business License or Articles of Incorporation

• Contracts demonstrating future income

• Credit Report

STATED INCOME MORTGAGE

A stated income mortgage is where the lender does not verify the borrower’s income by looking at their pay stubs, income tax returns, or other income documentation. Instead, borrowers are essentially asked to state their income, and taken at their word. These loans are intended for self-employed borrowers or other borrowers who might have difficulty documenting their income using conventional means.

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