Self-Employed Mortgages in Ajax
Rated 5.0 from 268+ Google reviews
Reviewed by Micky Khaneka, licensed mortgage broker
Self-employed buyers and owners in Ajax use the same documents as the rest of the GTA: notices of assessment, T1 Generals, financial statements, and business bank statements.
MKG Mortgages reads those papers from the North York office. The house can be in Northwest Ajax or near the Ajax GO station while the business is elsewhere in Durham Region or Toronto. Both addresses can sit on the file.
Does your tax return show less than your business really earns?
If your tax return shows less than your business really earns, we'd love to look at your file. Sagen and Canada Guaranty stated-income programs can consider reasonable income backed by your business revenue and bank statements, and we'll give you an honest read on what's possible.
CMHC works differently. Stated income there ended on May 30, 2014, so its self-employed program uses verified income from your notice of assessment and T1 General. It may gross up sole-proprietor or partnership income by 15% or add back eligible deductions. With verified income, the minimum down payment is 5% of the first $500,000 and 10% of the rest. Stated-income programs start at 10% down.
Illustrative example. A GTA owner has run her trucking company for six years. Line 15000 is about $48,000 after write-offs, and the business account shows steady deposits. She has strong credit and 10% saved for a home she'll live in, under $1.5 million. We would build a reasonable stated income from that history and take it to a lender that works with Sagen or Canada Guaranty.
What does a self-employed example use?
Illustrative example. Two notices of assessment and the business bank statements are on the table, with a year-to-date statement for the months since the last filing. One program averages the years. Another waits for a third document before it uses a jump.
Which neighbourhoods come up in Ajax?
Pickering Village, South Ajax, and Northwest Ajax show up as the home address. The business can be a shop, a site along Highway 401, or a home office near the waterfront. The income file is the assessments and the bank records, not the subdivision name.
- Pickering Village
- South Ajax
- Northwest Ajax
- Ajax waterfront
What did a client say about this kind of file?
A self-employed client wrote that the file was organized around the business documents they actually had, after a bank had passed.
Paraphrased from a Google review.
What do people ask about Self-Employed Mortgages in Ajax?
What should an Ajax business owner bring?
Two years of notices of assessment and T1 Generals when they exist, financial statements if you are incorporated, and business bank statements.
Does the Ajax address change the income test?
No. The house can be in South Ajax or Northwest Ajax.
Can a business under two years be considered?
Fewer lenders will look. Bring what has been filed and the year-to-date statements.
Do you give tax advice?
No. We work with what you have filed.
Which other services are available in Ajax?
Where is the Ajax hub?
Ajax area hubNot sure where you stand?
Let's talk it through. Book a free intro call and we'll give you an honest, realistic take on your options and the strategy we'd suggest. No obligation, no fee.
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