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.
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
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:
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
You can make income projections only if you are a medical doctor, dentist, veterinarian, etc.
To get your self-employed mortgage, you must have been self-employed for at least two full tax years.
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.
Your tax returns are one of the most important income proofs that help you get your mortgage.
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
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.