We applaud all entrepreneurs but recognize that there are some unique challenges that come with the territory. One such obstacle is applying for a mortgage. When you’re a self-employed business owner, it can be difficult to apply and receive approval for a substantial loan like a mortgage. Whether for your home or business, here’s how to streamline the process of securing a mortgage when you’re self-employed.
Keep a Financial History
Much of your eligibility for a mortgage application relied on you, as a business owner, being proactive. In order to avoid unnecessary difficulties, it’s essential to keep up-to-date with all of your financial records. A mortgage lender will likely want to see at least your past two years of tax returns. Keep in mind that banks place greater stipulations on self-employed business owners than alternative mortgage lenders.
Pay Your Taxes
If you’re self-employed, it’s probably a good idea to hire an accountant to help you keep up to date and on top of your tax returns. Be sure to file your taxes before the deadline in case you owe any additional taxes. Falling behind may affect your ability to qualify, but an alternative mortgage lender may be able to approve your application regardless.
Incorporate Your Business
If your business is a sole-proprietorship or an unincorporated business, incorporating may help your cause. By becoming an employee of your company with a steady salary, mortgage investment corporations may be more confident supplying you with a loan.
Rely on an Alternative Mortgage Lender
Alternative mortgage lenders and mortgage investment corporations specialize in securing loans for individuals that don’t qualify through the banks. If your business is in the beginning stages, or you need to relocate so that your company can really take off, mortgaging a house or a business property may be an essential part of your business growth and development. An alternative mortgage lender will take the time to understand your unique needs and challenges and provide you with a product that fits within your budget and satisfies your requirements. When it comes to mortgages for self-employed business owners, families that are new to Canada, or first-time home buyers, an alternative mortgage lender is the best choice.
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer several lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly — call (403) 254-9075 or email info@awcapital.ca.