Client Comments
Thank you so very much for putting so much effort and time for helping us.

-DARIO & MORCIA S., OAKVILLE

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We were so happy that you were able to provide us with construction financing. The draw amounts work fine with our builder and we plan to refer anyone building a house. Thanks again.

-TOM & SHAUNA D., TORONTO

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Hi Joe

Just wanted to pass on our thanks again for all your help with securing our mortgage.

In hindsight, we would have to say that the entire process of buying for the first time went really well and we managed to avoid a lot of the headache and inconvenience that others seem to come across.

Certainly in regard to arranging our mortgage, things could not have been easier for us and we have you to thank for that.

Your patience and attention to detail was greatly appreciated.

All the best,

. Aghazzarian & L. Marino

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Truly Professional

Joe helped us out with our financing and all the questions we asked. The rates and service was excellent and he even came to our house to sign all the papers.

We have recommend him to our co-workers, friends and family.

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Mortgage Needed In a Hurry!

We needed to arrange something quickly and Joe Walsh was able to provide us with a commitment on the same day;

I would definitely recommend Joe.

A Satisfied Customer!

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We supplied Joe Walsh with all of the pertinent information and we were able to sit back and relax while Joe took care of everything.

He examined all of the possibilities and came up with one that best suited our needs.

Joe took all of the shopping and confusion out of the experience and made it simple for us.

We have used Joe several times in the past and will continue to do so in the future.

He is knowledgeable, professional, there to service quickly & promptly without the stress that normally comes along with this sort of decision

Self Employed Mortgage

“Let Me Show You How To Go About Securing The Best Self Employed Mortgage Options For Either An Existing or New Home”

For those of you that are self employed and don’t report the amount of net income required to qualify for many residential mortgage loan programs, fear not as there are self employed mortgage programs designed with you in mind.

When an individual applies for what we call a traditional mortgage application for either buying a home or refinancing an existing mortgage, the lender will immediately ask you for Income Verification.

 

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More Specifically, the lender will ask for your last two years notices of assessment from the Canada Revenue Agency to verify your personal income and then average the reported income for that two year time frame to see if you have sufficient earnings to cover the monthly cost of the requested mortgage.

Lenders will look at a percentage of this averaged income to be used for making mortgage payments and if you fall below the requirements, the mortgage application will be declined.

For self employed individuals, who have the ability to significantly reduce their reported income by expensing items related to their business operations, the goal is to reduce reported income as much as is allowed to reduce the amount of personal income tax paid.

But reducing income to save on taxes also reduces the reported income considered when you qualify for a mortgage.   And traditional mortgage programs are all based on third party income verification, primarily from CRA.

To address individuals that fall into this category, several lending programs have been designed with the self employed person in mind.

They basically fall into two categories:  1) verified income, and 2) stated income.

Income verification is similar to the employment mortgage process whereby income reported to the government for both business and personal are used to assess your ability to repay the mortgage.

For stated income, you will need to complete a statutory declaration to declare your income on the application as well as the length of time you’ve been self employed or at least working in the same field of expertise for a minimum of 2 years.

This declaration must be signed in front of a lawyer in order for a lender to use the information when processing your mortgage request.

These programs can still offer financing up to 95% of the real estate value on a purchase and 80% of the property value when a mortgage refinancing takes place.

To qualify, the properties need to be owner occupied and there cannot be more than 2 living units contained in the building structure.

These self employed mortgage lender programs will even consider situations where you’ve been self employed for less than 2 years provided that you have been working in the same related field for an extended period of time demonstrating your ability to earn an income from your acquired knowledge and experience.

The best first step in locating and securing the best self employed mortgage is to give me a call and I will quickly provide you with a free assessment of your options and will work with you to get everything in place.


Click Here To Speak With Self Employed Mortgage Specialist Joe Walsh

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