Self Employed
There may be some unique solutions for you.
Whether you are self-employed or hired out of a union hall, you have likely already heard or experienced that getting a mortgage can be more challenging. Lending policy states you need to have at least 2 years self-employment history to qualify.
That isn’t true in all cases. We have obtained mortgage approvals with as little as 2 months self-employment, although that was a very unique case. Let us use our expertise to help you find a path forward when others say ‘no’ – if that path is available on reasonable terms.
Book a 15 minute Discovery Call with us at chatwithjim.ca. Share your dreams and let’s work together to see if we can make them real.
Self-Employment Strategies
If you are new to this type of work, the short answer is yes. If, however, you have experience in your trade or chosen profession, then things we can talk about. There can be options with much less time in self employment. Everyone’s situation is especially unique here, so we really need to chat to determine whether there is a way to proceed. It doesn’t always work, but when it does, we feel awesome having made it work!
As a permanent employee, a job letter and paystub is often enough. With self-employment, the list is a little longer. You should expect to provide your two most recent years full T1 General Personal Tax Returns, Notices of Assessment for those two years, the Articles of Incorporation if your business is incorporated, together with the most recent Annual Financial Statement and a copy of the contract your company has entered into.
If not on file, your accountant can provide a digital copy of all documents. You’ll be able to upload directly to our secure, encrypted portal called Hurricane
If Incorporated, it can’t be an operating company. It must exist to offer your services only.
It is extremely difficult to get a mortgage approval if the company is buying the home, so we can only work with you if you are buying the property personally.
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