Self Employed
Self-Employed Mortgage in BC: Expert Solutions by Asim Ali
For over 10 years, we have successfully helped hundreds of self-employed people become homeowners. We know how frustrating it is when a bank rejects your application because they don’t understand your business. This is why we specialize in securing a self-employed mortgage in BC.
We know how to make your income make sense to lenders. Contact us to put our decade of experience to work for you.
What You Need to Get Approved
Here is what you typically need for self-employed home loan eligibility:
- Business Registration: This shows that your business is active and officially registered.
- Tax Documents: You will usually need your last two years of T1 Generals and the matching Notices of Assessment (NOA) from the CRA.
- Financial Statements: If your business is incorporated, some lenders may want to see your financial statements.
- Proof of Down Payment: You will need to show you have the funds for a down payment, which is often a minimum of 5-10%. First-time buyers can use our FTHBI calculator to explore helpful government programs.
Our Self-Employed Mortgage Solutions
We don’t believe in a one-size-fits-all approach. We offer several different programs for self-employed home financing that are designed for entrepreneurs.
Why Choose Asim Ali as Your Self-Employed Mortgage Broker?
We look beyond Line 15000 on your tax return. We know how to show lenders the true financial health of your business, whether you need a mortgage on a $150k salary or more.
Our main advantage is our direct access to dozens of lenders who actually want to work with entrepreneurs. This gives you more options and better products, from standard loans to uninsured mortgage solutions.
We want to be your long-term self-employed mortgage advisor. As your business grows and succeeds, we can help you with your next steps, including commercial mortgage services.
Frequently Asked Questions (FAQ)
Here are a few common questions we get from business owners.
If you have good credit, you can get a self-employed mortgage with as little as 5-10% down. The popular stated income programs usually require 10% or more.
It can be a challenge, but it’s not impossible. Some of our lenders will consider it, especially if you have a strong history in your industry before starting your business and a good down payment.
This is a personal choice based on your comfort with risk. We can discuss the pros and cons of each and help you decide if you should lock in a variable rate mortgage based on your financial goals.