Roughly 20% of Canadians are self-employed. While many Canadians like to avoid this option because of the responsibility and perceived financial burdens, if you do your due diligence the process does not have to be complicated. One of the most common issues self-employed people have to manage is that banks don’t always recognize that their documented income is the net of expenses used to reduce overall taxable income. This means self-employed people should schedule extra time with a mortgage professional when preparing to purchase a home so they can help you go through the documentation and applications thoroughly. By allotting extra time to prepare, your mortgage professional can help you to avoid the headache that many self-employed individuals often face.
To learn more about whether a self-employed mortgage is right for you, please give us a call.