Trusted Realtors in Okotoks, AB

5 MORTGAGE TIPS FOR THE SELF-EMPLOYED 👇 It is 100% possible to get a mortgage when you're self-employed. But, it does come with a bit more work so here are the top 5 things our business for self clients need to get the process started. 1️⃣ Updated Documents: Lenders require at minimum two years of tax returns or financial statements to verify your self-employment income. Most lenders will want to see your income either consistent or growing over two-three years 2️⃣ Credit Matters: Your credit score plays a significant role in mortgage approval. Maintain and improve your credit to secure better rates, especially if you're a Sole Proprietor (a Corporation is a bit different). 3️⃣ Stated Income vs. Taxable Income: Most lenders are going to look at your taxable income versus your stated income when qualifying you for a mortgage. Taxable income is what is actually reported to the CRA for income tax purposes. This is going to be lower than stated income, which will reduce how much you can qualify for. 4️⃣ Have Taxes Paid: You have to make sure your taxes, business and personal, from previous years are filed and paid if you're applying for a mortgage. 5️⃣ Work With a Pro: When you work with a mortgage broker, we have access to certain lender products designed for self-employed borrowers. These could be a great option if you have been denied by your bank.