Patrick Galesloot's Home Trends

PATRICK GALESLOOT

GETTING A MORTGAGE WHILE SELF-EMPLOYED Nearly 13% of Canadians, according to the latest Labour Force Survey , are self-employed which means following the traditional route of obtaining a mortgage is not always an option. However, working with the right team, including a mortgage professional specializing in mortgages for the self-employed, can help entrepreneurs successfully get approved for their mortgage at a reasonable rate. Others on this ideal team would be an accountant, a lawyer and of course a REALTOR® who have experience working with self employed clients. The main hurdle for many self-employed Canadians is showing income stability. Not only does it take a bit of work to get the necessary documents together but it can be difficult to show (on paper) an income that lenders can trust and bank on being reliable. That’s why having an accountant and mortgage professional connect before starting the whole mortgage process is ideal. They can strategize the best way to structure income and taxes to show that stability, maximize tax benefits and help prepare the down payment. They can also present the documented income in the best light to the potential lender.

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