Your tax return shows what is left after write-offs. Some lenders look further. I compare 30+ Canadian lenders, including programs designed for business owners, contractors and commission earners.
Your details are with me. I will review your case and contact you within 48 hours. To speed things up, call me on (647) 761-1646.
Banks usually qualify you on the net income on your tax return. If you write off expenses to lower your tax, that same figure can lower the mortgage a bank will offer.
Vehicle, home office and equipment deductions lower your tax, and your qualifying income at a bank.
If you are incorporated and keep earnings in the business, your personal income can look lower than it is.
Contract, seasonal and commission income rarely fits a standard two-year average.
Through the broker channel I can place your file with banks, credit unions and alternative lenders that have programs for business-for-self income.
You state a reasonable income for your trade and time in business, supported by proof that the business is active.
Some lenders use 6 to 12 months of business or personal bank statements to confirm what you really earn.
Some lenders add certain business deductions back to your income, which can raise the amount you qualify for.
These are typical lender guidelines, not promises. Every file is reviewed on its own details, and lender criteria change. If you are close to these numbers, send your details and I will tell you where you stand.
It takes about 30 seconds and does not affect your credit.
I call you, confirm the details and tell you which lender programs fit.
You see rates, fees and terms side by side. You choose. My service is free for most clients, as the lender pays me.
I can’t thank Alex Tsoy enough for the quality and courteous provided from onset to closing of refinancing my mortgage. I had difficulty with other banks but the moment l came across Alex he professionally dealt with my mortgage problems. I will highly recommend Alex Tsoy to anyone seeking mortgage renewal, refinancing or first time buyers as you won’t regret it. Thank you Alex.Adeleke Oyewumi · Google review
It was a pleasure working with Alex Tsoy for a mortgage on my Downtown Toronto condo! Alex was professional, transparent, and very responsive! We really felt Alex was a partner throughout the process. Would definitely recommend using Alex as your mortgage advisor for any property in the GTA.Jonathan Chan · Google review
Many business-for-self programs start at about 600. A score of 650 or higher opens more lenders and lower rates. Below 600, some lenders may still consider your file if you have more equity, usually at a higher rate.
Most programs ask for two years in business. Some lenders consider less if you worked in the same field before going out on your own. Send your details and I will tell you what is realistic.
Usually two pieces of ID, proof that your business is active (business licence, articles of incorporation or GST/HST registration), your last two Notices of Assessment, and 6 to 12 months of bank statements. I give you an exact list after the review.
It depends on the program. If you qualify with a bank or an insured program, rates are in the same range. Alternative lender rates are typically higher and may come with a lender fee. I show you each option and its full cost.
For most mortgages the lender pays my compensation, so there is no fee to you. If a file ever involves a brokerage fee, it is disclosed in writing before you commit.
Free case review within 48 hours. No obligation, and no credit check to enquire.