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  1. Mortgage Services
  3. Self-Employed Mortgages

Self-Employed Mortgages

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Tired of hearing the “inconsistent income” words?
We get you.

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We understand how difficult it is to get home mortgages as a self-employed individual, and we get the frustration that comes with it. After all, you may have a better income than employed people, and your small business may be thriving. But you still get those words when you try to apply for a loan and those two little words hold you down and make it very hard for you to improve your lifestyle and get what you want.

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But, nevertheless, it is possible to get self-employed mortgages, and we are here to make sure of it. You will need to provide proof of income to secure a mortgage as a self-employed individual, including a two-year average of Line 150 on your tax return. You will need to have an excellent credit history, ideally without any payment delays and significant debts. There is also other paperwork involved regarding your business, and you will need to be able to provide a down payment of at least 10%.

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Contact Rampone-Marsh Mortgages for further guidance and find out how you can get a convenient self-employed mortgage loan.

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Applying for a mortgage shouldn’t be hard or confusing,
let’s break this down and make it simple for you!

If I choose a mortgage with a lender that is not my bank, do I have to change my bank account?

No, lenders simply require a void cheque to take the payments from your existing bank account.

Can I make my down payment with gifted money?

In most cases, the answer is yes. However, the funding must be from a family member. There are certain circumstances in which you cannot use gifted funds. For example, your mortgage product may have a limit on the percentage of the down payment that can be gifted. Rampone-Marsh Mortgages can find out if your gifted funds can be applied to your down payment.

Why should I get a pre-approved mortgage?

There are several benefits to getting a Pre-Approval before you start searching for your next home.

  • Your mortgage rate will be secured for 120 days. Even if rates go up, yours won’t.
  • You’ll know what you can afford, helping to narrow down the search process.
  • Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
  • A mortgage pre-approval will make the final closing faster since you already have most of the work completed.
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Whether you’re self employed, or buying a home for a new family, we have the perfect mortgage option for you.

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