There are many mortgage options designed specifically for the self-employed. Some lenders cater specifically to the self-employed to help them get the financing they need. There are many products that lender have which help the self-employed qualify for the mortgage they need, including: Gross up net income Add back of non-cash expense items Use a portion of corporate net income Stated income Cash flow analysis Property equity program Total Net Worth p...

Yes, you need some type of income to get a mortgage. The calculation for debt servicing is your total debt payments divided by your gross income. Without an income this formula does not work, and you cannot qualify for a mortgage.

Employment income is the most common and you can use the gross annual amount. Other types of income include rental income, investment income (dividends and interest), alimony, pensions, child support and other types of income. There are many restrictions on how muc...

When you ask people which mortgage lenders are in the Canadian market place, most people will name the six large retail banks. But did you know that there are 83 banks registered in Canada? Plus many other credit unions and trust companies. Not all of these institutions lend mortgage money but I bet this fact just expanded your understanding of the market place.

All of these institutions including the big six banks are regulated by the same government agency called the Office of the Superint...

Are you not getting the interest rate that you want from a lender? Maybe you can get a better interest rate or maybe you do not understand your mortgage profile.

Lenders look at many factors when deciding what interest rate to offer you for your mortgage. Such things as income, credit score, credit history, others debts that you have, the property itself, assets that you have, liens or collections, loan amount relative to the property value, etc. There really is an almost endless list of cri...

At its core qualifying for a mortgage is a mathematical calculation. Plug some numbers into a formula and out pops the mortgage amount that you qualify for. It sounds simple. The concept of the formula is: the cost of the mortgage plus your other debt obligations dividend by your gross income. This is called your total debt servicing ratio. All mortgage professionals are doing this calculation to qualify you for your mortgage. There is a lot of detail that can go into qualifying you for t...