Mortgages for Self-Employed in Oakville

Getting a mortgage if you're self-employed owning a small or medium business. Patrick Romann can help you get the mortgage you deserve.

Self-Employed Mortgages

This is one situation where working with a mortgage broker in Oakville is one of the best things you can do. Going to the bank or a mortgage being self-employed can tie you up with all kinds of requirements. Patrick Romann will help pull everything together so you can get the mortgage you deserve.

Quick Approval For Self-Employed Individuals

I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage lending and financing they need.

We make Mortgage Lending & Financing Possible for our clients living in Oakville.

If you're self-employed and live in Oakville, I can help you find the best rates and get approval fast.

Get the best rates & lowest rates with a self-employed mortgage

One of the advantages to applying for a mortgage in Oakville as one who is self-employed is the taxes you can save. An individual can save tens of thousands or more in taxes as you still have access to low fixed and variable rates while maximizing your tax returns through your business.

There are lenders out there that are tailored mortgages to self-employed people. It may as simple as increasing the down payment.

Rules for Getting a
Self-Employed Mortgage

  • You need to be self-employed for at least two full Tax years
  • You need to provide your full tax returns
  • You need to provide your notices of assessment proving your income from your business

There are slight variations depending on the type of business you own. If you're a sole proprietor, you'll need to provide the additional documentation along with your T1 tax returns.

If you are incorporated or set up as a partnership, you need to provide some additional documentation showing the corporate structure of your company.

Custom Mortgage Plans for those Self-employed

I can build a personal and customized mortgage plan for my self-employed clients with all the features and options you ever wanted. Your mortgage plan can be personalized whether you are:

  • Purchasing your first or next home
  • Investing in a property
  • Buying a vacation home
  • Buying a second home
  • Mortgage refinancing to boost cash flow
  • Mortgage refinancing to drive down debt, or
  • Looking for mortgage renewal options

How You Get a Mortgage if you're Self-Employed

So, first of all, we are putting aside the idea that you'll pay a 20% down payment. Unless it is a property that is priced over a million dollars, we already don’t need to spend that much upfront.

This also means that you will get an insured mortgage, which is good for you and the lender. If something unfortunate happens to you, your family can still keep the mortgaged property, and the insurance company will cover the mortgage cost for you.

Patrick Romann can help you get a mortgage if you're self-employed

Some of the lenders we work with will allow us to dig deeper into your tax returns. For example, you are a sole proprietorship. You have got a vehicle payment that you use for business purposes, and you are bearing that personal expense. We call it an Add Back. So, if it’s a business expense, we can Add that Back to your income.

And similarly, we can go to the extent where your income gaps can be covered with such technical Add Backs. Some lenders will let us do a blanket X% gross-up. This means we will be directly grossing your income by X% and adding that to your line 150/150000 on the mortgage application.

Frequently Asked Questions

Is it possible to make an income projection for my self-employed mortgage?

You can make income projections only if you are a medical doctor, dentist, veterinarian, etc.

What is the minimum amount of time that I need to be self-employed to get a mortgage?

To get your self-employed mortgage, you must have been self-employed for at least two full tax years.

How can a freelancer get a mortgage?

Self-employed mortgages are also applicable to freelancers since they also work for themselves. The same conditions you expect for a self-employed mortgage also apply to freelancers when they want any mortgage.

Why do I have to show my tax returns for a self-employed mortgage?

Your tax returns are one of the most important income proofs that help you get your mortgage.

Can I still get a self-employed mortgage if I haven't maintained financial statements?

Yes, you can. In the cases where you have no profit-loss statements, then your income proof can come from your tax returns, banking activities, and other financial statements that you may have maintained.

Why Work with Patrick Romann

Access to Over 50 Lending Institutions

Get the Best Mortgage Rates Available

Objective Advice as I'm an Independent Mortgage Broker

Get in Touch

As a mortgage agent, I work with a lot of self-employed people in Oakville. Contact me to discover how I can help you with all your mortgage needs.