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Mortgages for Self Employed in Brantford

Self – Employment and Access to Mortgages

Being self-employed is something that is admired by many people. It comes with a lot of benefits and conveniences. You do not have to stick to a certain dress code; you are your own boss; you get to have a flexible schedule. One of the greatest benefits is that you do not have a fixed salary. Your income is determined by how hard or smart you work.
Another advantage for self-employed people is they enjoy more certain benefits with respect to tax deductions, and flexibility as to when they file their tax returns. They can enjoy more tax write-offs than their employed counterparts, and, if incorporated, choose a specific month that they want to file their corporate returns. One shortcoming, however, is that getting mortgages for self-employed people can be tricky.

Mortgages for Self – employed in Brantford

Brantford in Ontario, Canada is a typical city where many people are self-employed or wish to be self-employed. For these people it can be harder to get approved for a conventional mortgage. Some tips and pointers to consider when trying to get a mortgage as someone who is self-employed in Brantford are outlined below.

  • Tax Returns and True Income
    Self-employed people have the advantage of enjoying certain tax write-offs for their businesses. It is not unusual, therefore, to find that the income that self-employed people file as their net income with the Canada Revenue Agency, CRA, is a lot different than the gross income that they earn in their business. The problem comes when they want to get approved for mortgages. The lender will invariably qualify them for a mortgage partly based on the tax records filed with the CRA, which often reflects a lower net income. This is why a lender will ask a person who is self-employed for their tax records in order to see what their gross AND net income is to make sure that the mortgage is affordable.
  • Standards for Lending to Self-Employed are High
    Most lenders will require self-employed borrowers to show tax returns dating back two years or more. While there is a great advantage to being self-employed, when it comes to getting a mortgage it can be tricky to get approved.
  • Some Lenders are Flexible
    Some lenders specifically provide mortgages for self-employed in Brantford as they understand specific needs kinds of borrowers. Their terms may allow for adjustments when qualifying a mortgage and can add back certain deductions as income that show on a self-employed client’s tax returns. (A good accountant should be able to advise you on the kinds of tax deductions which may be added back, or contact us today).
  • Planning in Advance
    It is advisable for people who are self-employed who need mortgages to plan well in advance in order to avoid any pitfalls and delays. Planning and keeping your finances organised at least 18 to 24 months in advance is very important and will avoid all kinds of headaches and challenges when you apply for your mortgage.

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
  • “Seamless from beginning to end!”
    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
  • “Got creditors off our back”
    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
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