This is a guide for the types of documents required to complete your mortgage application if you are Self Employed. I can make getting a mortgage easier for self employed borrowers and those with non-traditional income sources. My simplified mortgage financing and refinancing process is designed to meet your unique needs. I will work with you to collect the documentation and answer any of your questions along the way.
Common Documents Required For Self Employed Borrowers:
- Income Tax Notice of Assessments (NOA) & T1 Generals
This is the form the government provides you when you file your income taxes. Lenders may require a 2 year average of line 150 of your NOA. Lenders are also increasing asking for T1 Generals with statement of business activities for 2 years (this must be prepared by an arm’s length third-party).
- Proof of Down Payment
Three months worth of statements confirming any assets. Please ensure these statements contain your name, account information, and current balances.
- Business for Self Confirmation
Confirmation of any one of the following written third party documents:
GST/HST Return Summary.
Audited Financial Statement for the last 2 years, must be prepared and signed by a Certified Accountant.
- Void Cheque
Pre Printed Void Cheque for the Account you would like your mortgage payments to be withdrawn from.
- Solicitor Information
Firm name, Solicitor name, and full contact Information. If you currently do not have a solicitor, one can be recommended to you.
Keep in mind when I’m requesting additional documentation it is to either strengthen your application, receive a better interest rate or meet a specific condition required by the lender.Download our HomeBuyers Guide