Mortgages for Self Employed in Brantford

Self – Employment and Access to Mortgages

Being self-employed is something that is admired by many people. It comes with a lot of benefits and conveniences. You do not have to stick to a certain dress code; you are your own boss; you get to have a flexible schedule. One of the greatest benefits is that you do not have a fixed salary. Your income is determined by how hard or smart you work.
Another advantage for self-employed people is they enjoy more certain benefits with respect to tax deductions, and flexibility as to when they file their tax returns. They can enjoy more tax write-offs than their employed counterparts, and, if incorporated, choose a specific month that they want to file their corporate returns. One shortcoming, however, is that getting mortgages for self-employed people can be tricky.

Mortgages for Self – employed in Brantford

Brantford in Ontario, Canada is a typical city where many people are self-employed or wish to be self-employed. For these people it can be harder to get approved for a conventional mortgage. Some tips and pointers to consider when trying to get a mortgage as someone who is self-employed in Brantford are outlined below.

  • Tax Returns and True Income
    Self-employed people have the advantage of enjoying certain tax write-offs for their businesses. It is not unusual, therefore, to find that the income that self-employed people file as their net income with the Canada Revenue Agency, CRA, is a lot different than the gross income that they earn in their business. The problem comes when they want to get approved for mortgages. The lender will invariably qualify them for a mortgage partly based on the tax records filed with the CRA, which often reflects a lower net income. This is why a lender will ask a person who is self-employed for their tax records in order to see what their gross AND net income is to make sure that the mortgage is affordable.
  • Standards for Lending to Self-Employed are High
    Most lenders will require self-employed borrowers to show tax returns dating back two years or more. While there is a great advantage to being self-employed, when it comes to getting a mortgage it can be tricky to get approved.
  • Some Lenders are Flexible
    Some lenders specifically provide mortgages for self-employed in Brantford as they understand specific needs kinds of borrowers. Their terms may allow for adjustments when qualifying a mortgage and can add back certain deductions as income that show on a self-employed client’s tax returns. (A good accountant should be able to advise you on the kinds of tax deductions which may be added back, or contact us today).
  • Planning in Advance
    It is advisable for people who are self-employed who need mortgages to plan well in advance in order to avoid any pitfalls and delays. Planning and keeping your finances organised at least 18 to 24 months in advance is very important and will avoid all kinds of headaches and challenges when you apply for your mortgage.

WHAT PEOPLE ARE SAYING…

  • “I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off or back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.”

    KKP, HAMILTON
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    M.D, Mississauga, ON
  • “The bank would not lend money on our farm unless we showed them financial statements. Since my husband passed away, my son and I were struggling to keep the farm afloat. We just needed more time. The third mortgage you got us was the miracle we needed. You believed in us and we are so grateful. Thank you.”

    S.E. Orono, ON
  • “My pig farm always made good profit but last year was brutal for the whole industry. I fell behind on my mortgage. I showed FCC that my loss was just a temporary blip and asked them to give me some leeway but they started a foreclosure anyway. Thanks for getting me that private loan to buy me some time until I’m profitable again.”

    K.O., Hawkesbury, ON
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    C.C., Oshawa, ON
  • “The bank refused to value my property based on all 211 acres. They said that their ‘rules’ limited it to 5 acres. Personally, I think that’s biased against farmers. I didn’t know that you had lenders who would value my property on all the acres. I finally got a large enough loan to tie all my debt into one payment. Thanks!”

    C.R., New Dundee, ON
  • “Every time I’d walk into a bank and say the word ‘farm’ the suit on the other side of the desk would look at me like I was from another planet! They had one agricultural ‘specialist’ for the area that was not much better. Then I went to 4 mortgage brokers before I stumbled on your company. Your rates were lower than the bank.”

    M.D., Bradford, ON
  • “Our credit was destroyed after we had a bad year. We needed to expand our facility. I explained to the bank that the expansion would make us profitable. I proved it on paper. They still declined us. I never heard of your ‘no questions asked’ private loans but you gave me $500,000 with no paperwork. That was a Godsend. My wife and I appreciate it from the bottom of our hearts and we won’t let you down.”

    R.Q., Woodville, ON
  • “Once again, a big thank you for arranging our new mortgage and being able to arrange for additional funds on closing. Matthew has worked hard for me over the last few years… I have a very high level of trust in Matthew and Expert Mortgage, and will surely recommend you to anyone I know who is in need. Thank You.”

    M.Z. Brantford, ON