If you're self employed and you want a mortgage the most important thing you need is your taxes filed and up to date. Every lender has a "self employed" program and they all have their own nuances. Mortgage brokers understand the nuances and can help you pick the best product for your situation. It can be confusing so I suggest you arm yourself with a bit of knowledge and terminology.
When you apply for a mortgage take your "jacket" of your last two years tax returns and supporting schedules that detail your income. The jacket is typically the first four pages of your return. It clearly shows your "line 150" which is your taxable income. Supporting schedules are your "statement of business activity" or "statement of rental income" and your details of home office and vehicle expense. You should also bring to your appointment your "NOA's" or "Notice of Assessment" This is the statement your received from the Government confirming your taxes were filed and the amounts are agreed upon. If you don't have your NOA's you will need to call CRA and get copies.
If you're incorporated you should bring your last two years tax returns from your business with supporting documents indicating the expenses. There are some expenses that lenders will allow you to add back to your income but they vary from lender to lender. Details matter.
If you are in business less than two years you need to bring your last two years tax returns regardless and in all cases you need to bring some indication when you started your business. Typically you should have a copy of your business license and or your articles of incorporation. From all this information you can determine which lender is best for you. While more documentation maybe needed this is a very good start. Remember, the mortgage broker's job is to help you organize your information before you go to the lender and take as much risk out of your request as possible. The lower the risk the lower the rate. It's just that simple.
If you don't qualify for the lowest possible rate for whatever reason then consider a shorter term mortgage and work towards a goal of a no risk loan for lenders. You want to be in the drivers seat so you can choose any lender your want. The most important thing is not to let your mortgage situation hold you back from achievement. There are tons of mortgage solutions out there.
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