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  1. #1

    Mortage for self employed

    Hey all, I am daycare owner/ parent. I have one doubt. Does anyone know more details about mortgage for self employed. I heard that down payment rates varies according to the returns you have filed. I read this blog about a new change in downpayment rule https://www.butlermortgage.ca/mortga...ut-not-so-bad/ According to the information provided here the down payment varies according to the total value. So does that means that there will be changes for entrepreneurs too. I heard that the downpayment is 15% if you have just started your business. With the new rule will there be any change in this?

  2. #2
    Euphoric !
    Join Date
    Jan 2015
    482 Times in 365 Posts
    Mortgage loan like other loan base on income. More you earn, more you can borrow, more chance you able repay.

    When self-employ, your income is your profit not your business income. Lot provider's think when they charge $38.00 fee that is their income but it not. The income is the fee less business cost = profit. Because we able claim lot of expenses, we able get taxable income low but this is what lender will base loan on.

    For lot self-employ people actual income is too low for mortgage unless their partner earn good income. It not surprise me if there new rules about new self-employ people because many new business fail in first 2 year.

  3. #3
    Euphoric !
    Join Date
    Sep 2013
    1,085 Times in 810 Posts
    I've been told you need (should?) have your business for 3 Yeats before they'll even consider you a reliable client to give a loan too. I'm sure it will differ though with various lenders

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