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Bank Rates Term Our Rates
3.29% 1 2.99%
3.14% 2 2.64%
3.44% 3 2.49%
3.94% 4 2.84%
4.79% 5 2.85%
5.49% 7 4.09%
6.04% 10 4.39%
Posted: 7/29/2014, OAC

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Mortgages for Self Employed Individuals

Mortgages for Self-Employed People

Being self employed can have its rewards and there is truly no greater reward than the independence and being paid for what you are worth. As a small business owner you have certain controls and are able to deduct certain expenses that the average person simply cannot. Further, if you own a corporation you may be better off leaving as much money in the company and only taking out what you need to live on. This way the corporation pays a lower tax and you have access to the capital to help run your business. After all it is your company and whether you leave it in your company or take it out as earnings, it is your decision.

Unfortunately the lending Institutions simply do not understand this and/ or are unwilling to wrap their minds around this idea. As a result self employed people are penalized and may not qualify for financing with many lenders.

At Discount Mortgage Canada we understand what it is like to be self employed and have made arrangements with several lenders that can offer alternative financing to the traditional banks.

Self Employed - no proof of income required!

Purchase a new home or refinance your current home up to 95% of the value of the home. No proof of income is required for this mortgage and the decision to lend will be based on your credit history, not your income that you declare!!!

How To Qualify

To qualify for up to 95% financing you need:

Proof that you are self employed for three years - we do have a lender that would consider your application with two years self employed but their rates are a little higher.(Proof can be in the form of Incorporation papers, business licence, or GST registration)

You need to have a clean credit history. (This is the key to our self employed programs, discharged bankrupts, people with collections and judgments will not be considered for this program)

People with less than perfect credit may still qualify but the loan amount may be reduced.


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