Self-employed mortgage

Several people in Canada are choosing to be self-employed by having their own small business rather than doing the traditional 9 to 5 job and working under someone. The main reasons behind these include flexibility in working hours, infinite potential to grow, and of course the tax benefits. One of the biggest disadvantages for self-employed people is that it is extremely difficult to get a traditional mortgage. This is because large lenders like banks and other financial institutions prefer a stable source of income which is possible for people employed in organizations.

In Canada, entrepreneurs and business owners generally prefer not to declare their wealth formally like salaried individuals. This means that they cannot fulfill the conditions and regulations of the mortgage lenders. In Canada, mortgage lenders have a stringent policy when it comes to self-employed mortgages. The rules are quite strict for self-employed people that involves a huge number of documents required by banks. This is the reason why you need to hire a specialist self-employed Mortgage Agent. RAMANJIT SINGH is a licensed mortgage agent that makes the process of getting a mortgage easy for self-employed individuals who don't have a long enough track record of their income or don't qualify for a mortgage according to the rules of large banks and lenders.

Why choose Ramanjit Singh for self-employed mortgages?

We handle the entire process of documentation required by banks, from start to end.
Being a certified Mortgage Agent, we assess your presence and financial situation and come up with a mortgage solution for you.
Even if you are not in a position to prove that you have consistent income after being self-employed, we can help you in getting a mortgage.
Usually self-employed individuals have to pay a higher interest rate and a higher amount when it comes to down payment. At Ramanjit Singh, we strive hard and negotiate with the lender so that you get the best possible interest rate as someone who does a 9 to 5 job in Canada would get.
Ramanjit Singh provides a dedicated and experienced mortgage manager who is a specialist in self-employed mortgages.
We make those approvals from large lenders like banks happen quickly for you. We have done it for thousands of people till now and can do it for you as well.

Which documents are required by a bank for a self-employed mortgage loan?

In order to approve a self-employed mortgage loan, banks ask for a lot of documents as the entire process is quite a complex one. Banks will require access to the financial statements of the company, tax assessments (previous years), latest assessment notice, proof of business ownership, GST/HST payment proof, tax licence number copy, credit score, etc.

Is it difficult to get a mortgage for the self-employed in Ontario and other cities in Canada?

Compared to a salaried employee or someone who works full-time or part-time in an organization, getting a mortgage is strenuous, stressful, and time consuming for someone who is self-employed and runs his/her own business. However, Mortgage Agents and experts can make the process a seamless one for self-employed individuals.

Is mortgage offered at a higher interest rate to the self-employed people in Ontario?

When giving a mortgage loan, many banks and lenders prefer to take less risks. Lenders perceive self-employed individuals to be at higher risk compared to salaried individuals. Hence, most lenders offer mortgages at a higher interest rate to the self-employed

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Renew Your Mortgage

Self-Employed Mortgage

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Second Mortgage

Small Businesses Loans

Home Equity Line of Credit

Renew Your Mortgage

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