Meet Marie Copeland
Here to work for you not the big banks. Getting you bank or alternative financing for home purchase or refinancing a home mortgage is more than a job. It's a passion to help families and small business owners realize their real estate financing dreams.
- Welcome to Axcess Mortgage
- Alternative mortgage financing
- Home equity mortgage
- Home loans for self employed
Home loans for self employed -- How to get one ?
home loans for self employed
Home loans for self employed are available up to 80% of home value. These are no proof of income loans alternative financing for home purchase, refinance home equity mortgage or debt consolidation loans Ontario for small business owners.
how to get a mortgage as a small business owner
getting No income loans mortgage as a small business owner
- Loans to buy a home with 20% down
- To 80% refinance with poor credit possible
- Debt help in Hamilton and Ontario wide
No proof of income needed through tax returns
Today, mortgages for self employed are widely used in Ontario.
Sometimes our clients simply prefer the flexibility the mortgages for small business owners no proof of income loans offer. Why?
While self-employed mortgage for business owners is at higher interest rates than bank, often small business owners find it a better option than paying high CRA taxes. This is why business owners prefer to expense their business related expenses reducing the amount of CRA taxes they have to pay, in favour of, no proof of income loans self-employed.
But, now that you have reduced the amount of CRA reported income, how do you qualify for a mortgage for self employed in Ontario?
Fortunately, we have home loans for self employed.
self-employed mortgage no proof of income basics
- home equity mortgage loan are available up to 80% - you'll need self employed down payment Ontario of 20-35% depending on the application and property (plus closing costs)
- no proof of income is needed through your tax returns
- you can get up to 30 year amortization
- small business loans for self employed with bad credit options are available
How much money and at what interest rate you will get with home loans for self employed depends on your credit score ranking, quality of your property, how much money your business brings into your bank account vs expenses and location, location, read more below.
- 2.5% - 3% for closing costs including lender and other fees relating to closing of the self
employed mortgage Ontario
- no proof of income through tax returns - stated income based on the cash flow of the business
- recent CRA Notice of Assessment to confirm no tax arrears owing - if this is home mortgage loan refinance any tax arrears must be paid from advance of funds
- several months of business bank statements activity -- income vs expenses will be evaluated by lender to come up with income needed to qualify for mortgage
- proof of business through business registration or articles of incorporation
- several business owner mortgage work orders or invoices to support the larger bank deposits
- other mortgage for small business owners common sense conditions as requested by lender
The Bottom Line For getting a business owner Mortgages Approval
The no proof of income loans self-employed lenders focus on 3 priorities when giving you self-employed loans no proof income.
- The value and quality of the property plays a big part when lenders evaluate a business owner mortgage loan.
- Location and property marketability is huge.
- A big consideration is your ability to make mortgage payments on time.
home loans for self employed Lenders are a bit fussy about lending areas
Business owner mortgage loan lenders focus on the area where the property is located. Some areas are viewed as not very marketable. These include some downtown areas and homes close to commercial and industrial locations where nearby buildings have shown signs of deterioration. Others are small towns with less than 35,000 population.
In rural areas, especially without municipal services where properties rely on septic systems and well water, alternative mortgage lenders will likely cap the amount of money they give you to 65% of property value.
Here is the summary of features a home loan for self employed offers;
- 20% down alternative financing for home purchase (plus closing costs).
- 65% to 80% for refinancing a home mortgage (depending on location and credit). As a example, if the no proof of income loans for self-employed are needed for a rural property with well and septic, the most you will get is 65% of property value. On top of this, the lenders will only consider a value on a home and up to 3 acres.
- 20%-35% down on purchase mortgages for rental properties or home loan mortgage refinance.
- NO proof of income on tax returns required but recent Notice of Assessment is needed to show no outstanding personal CRA taxes.
- Proof of self employment needed.
- Business banking information is used to determine income to qualify for mortgage.
Many of our clients prefer the easier no proof of income loans process and don’t mind paying a bit higher interest rates for this privilege vs high CRA taxes.
Almost everyone qualifies with some lender provided you have enough down payment with your alternative financing for home purchase or, enough home equity when you refinance a home mortgage.
The no income verification mortgages lenders offer self employed home loans including rental property financing.
Not sure where you fit in? Why not give me a call for a free mortgage assessment of your options and immediate assistance.
Marie Copeland, FSU, Mortgage Broker Hamilton, Burlington and throughout Ontario
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*Lenders change their products and interest rates regularly and without notice. Always check for lender updates.
Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage broker fees are payable by clients.