How To Get A Mortgage As An Entrepreneur

How To Get A Mortgage As An Entrepreneur

Buying a home is a process for anyone but it can be especially difficult if you’re an entrepreneur and don’t have a regular income. While it may seem daunting, there are a few tried and true things that you can do before you start house hunting and apply for that mortgage that will help you seal the deal.  Here's our advice for getting exactly what you're looking for - with the least amount of stress! 


Start planning ahead – at least one year in advance. The longer you plan, the better, because the more information you have to provide to your financial institution, the smoother the process will be (and by smoother, we mean quicker!)


Get on top of your accounting. Use a pro accountant or a software program to make sure everything is in order so that it is easy to read and organized. Freshbooks or Quickbooks are recommended as some of the best in the business. 


Because you have an irregular income source, you will need other sources of income verification. At least 2 past NOA (Notice of Assessments) income tax statements will do the trick. Stated income is a complementary proof of income because business write-offs lower your income. Bank statements and other verifiable records will be needed and this could be different depending on the financial institution. To make it as easy as possible for you, it is often beneficial to work with a broker because they will know what you will need depending on where you go for the mortgage. 


As with anything, the less debt the better. Try to clear down as much debt as possible, check your credit score and see if everything looks right - if it doesn’t, take care of it before you apply for the mortgage. 


Last, but definitely not least, try and have as much saved up for a downpayment as possible. The more you have saved, the less risky your mortgage will appear to a lender, and the more likely that you’ll get what you’re looking for! 


It make seem like it’s more difficult when you don’t have a cookie-cutter income as an entrepreneur, but that doesn’t meet that it’s impossible! While there’s no guaranteed way to make sure you get the mortgage you want, by following these steps you’ll definitely be well prepared to show any lender that you’re a serious buyer.


Questions about how you can get into your dream home but unsure of where to start or already found the "one" and ready to buy? Contact us today and we’ll help you get the process started!


Skyleigh McCallum Headshot
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Phone: 250-320-3108
Dated: November 7th 2017
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