Self-Employed, Kelowna, BC

HomeFinancial Solutions, Kelowna, BCSelf-Employed, Kelowna, BC

If you’re self-employed, we can help you navigate the mortgage application process and get the best deal for your situation.

When evaluating mortgage applications, lenders want to be sure that potential borrowers will be able to pay their loans back. To do this, they will generally assess you based on three factors: income, net worth, and credit score. For those with traditional jobs, it’s simple enough to prove their ongoing financial stability by providing a T4 slip, a letter from their employer documenting how much they earned, and a few recent pay stubs. For those who are self-employed (and therefore don’t have a T4 slip or a boss to issue one), however, the process is more complicated. If you are one of the growing number of self-employed workers in Canada, you’ll have to provide more documents to a lender in order to verify your income– however, you don’t have to be intimidated by these extra steps. Instead, we encourage you to call us at Centum Mortgage Store, Ltd. for the expert assistance you need.

Self-Employed in Kelowna, British Columbia

Our goal is to help all of our clients find the right mortgage for their financial situation. While some estimates put the number of self-employed Canadians as high as 2.9 million, lenders have not found a way to streamline the mortgage application process for them. Fortunately, you don’t have to navigate this process on your own, but can instead consult with us at Centum Mortgage Store, Ltd. We have helped many self-employed clients obtain the right mortgage for their needs, and we have the right experience and thorough market knowledge to help you do the same. We’ll help you get all your documents in order, then shop the market for the best mortgage for your situation.

In lieu of applying with T4 slips and pay stubs, most self-employed workers obtain mortgages via stated income applications, which require a signed income declaration as well as proof of self-employment. When evaluating stated income applications, most lenders ask that you back up your claimed earnings with a number of additional documents, including but not limited to:

  • Your tax returns for the past 2-3 years
  • Your notices of assessment from the Canada Revenue Agency to confirm that you don’t have any tax liability
  • A copy of your business license or articles of incorporation
  • Your business’ financial statements, including a breakdown of your expenses and when you’ll break even.

As you can see, getting all of these documents together takes work even before you start shopping around for different lenders, which is why we encourage you to work with an independent broker if you’re applying for a mortgage as a self-employed individual. As independent brokers, we work with lenders on your behalf to find the best fit, saving you time and effort.

At Centum Mortgage Store, Ltd., we are proud to serve the Kelowna, British Columbia community, and we want to help its self-employed workers like you get the mortgages they deserve. If you are seeking a mortgage as a self-employed person, we encourage you to give us a call.

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