Self Employed Mortgage
It is estimated that around 20% of Canadians are considered to be self-employed. Many like to avoid this option because of the responsibility and perceived financial burdens, but if you do your due diligence the process doesn’t have to be complicated. The most common issue that self employed people run into is that banks sometimes don’t recognize the fact that their documented income is the net of expenses used to reduce the overall taxable income. All this means is that the self employed should take extra time with a mortgage professional when gearing up to purchase a home so that they can help you go through the documentation and applications line by line. By taking extra time to prepare, your mortgage professional can help avoid the headache that many self employed often face.