About Self Employed
- Being self-employed definitely comes with some special considerations, which the more experienced lenders in Canada are aware of. These include the tax write-offs that significantly reduce the amount of declared income of these individuals, for example. This is why these mortgage lenders offer special programs for self-employed individuals, such as the stated income mortgage, which offers the following benefits:
- Buyers are not required to prove income to secure a mortgage
- A realistic estimate of the buyer’s annual income is good enough
- A down payment as low as 10% is acceptable Same mortgage interest rates as other buyers
- It is important to remember, however, that a Notice of Assessment could be required if there is any doubt over your income tax debts, although the stated income on this form will not influence whether you are approved for the mortgage or not. These estimated income mortgages may also come with somewhat higher insurance fees.