Self-Employed Mortgage

There are great advantages and disadvantages of being self-employed. They enjoy tax write off and as result there documented income appears way lower than what they actually make.

All the Self employed people such as Trucker, Cabbie, Plumber, Contractor, etc. … Have unique circumstances when it comes to securing mortgage loans. Because of tax write-offs, their documented incomes tend to appear much lower than they actually are, which can create complications during the loan application and approval process.

Most of the prime lenders require NOAs for last 2 years to be included with application to get best mortgage products and rates. The documents requirement for a self-employed person is a lot and frustrating at times. If you are not able to provide sufficient income proof documents then you are required to put min 10% as down payment cause you fall under stated income program and you pay a higher premium on mortgage default insurance.

Borrower Requirements

10% down payment from own sources
2 Years Financial statements for your business or T1 generals in case of contractors
Proof that your HST and/or GST is paid in full.
Proof that you are a principal owner in the business.
A copy of your borrower’s business or GST license or Article of Incorporation showing you is licensed.

The lenders I work with offer self-employed individuals fantastic mortgage options and are willing to accept reasonable estimates of the individuals’ annual incomes. They also provide fast approval and loan turnaround times.

Don’t wait contact me NOW for a FREE consultation!!

Services

Testimonials

"Thorough and professional.. as a first time home buyer I’m glad to have worked with Gogi. There were no last minute surprises. Even the lawyer and the real estate agent agree it was a seamless transaction"
Dayo Adeboye
"Very knowledgeable in terms of helping people to get and find their new house, he will assist you from step one to the last, Gogi, we’re so grateful to have you, and without your help, they’ve be no way... Thanks for all your help!"
Ligaya Ferrer
Thank you Gogi Luthra for going that extra mile for my family to get into our 1st home, what was almost impossible you made happen ! Looking forward to future business with you. Cheers The Crosato Family
Joe Crosato
My experience with Gogi was great. He is extremely knowledgeable and did his best to address our mortgage concerns as well as concerns we had as first time homebuyers. He was available to answer our questions in the best of his ability. As a first time homebuyer we feel absolutely secure with our purchase. Gogi made us aware of the rules, regulations and financial obligation and provided us with insightful advice for moving forward. He was dedicated to getting the best rate and offered mortgage solutions for us who were in a more complicated circumstances. I am truly impressed. We didn't feel like a client and was able to trust and feel secure in our decision. He is very professional and was so patient with us in explaining anything no matter how big or small. Thank you again for all your hard work and the outstanding service you provided
Kathy Lumanlan
I was new to Canada and was buying my first home. While banks insisted for a 20% down payment, Gogi ji helped me to get an approval within hours from prestigious banks with just 5% down. That too, with very low interest rates. He was so kind to get all the paper work done at my door steps even though he lived very far from my place. He has been a great adviser all through the mortgage process. I am really impressed with his service and I highly recommend people to contact him for all their mortgage needs.
Mohan Rao
We were looking for a home our budget was not very big and we didn’t know what to do about getting a mortgage. But after meeting Gogi Luthra We we’re able to get our home with the full help of Gogi. He help us to get what we wanted at the right price he was there guiding us and helping us fully all the way. I would recommend Gogi to all my friends and Anyone that is looking or having small problems buying a home. He KNOWS ALL THE INS AND OUT OF GETTING YOU WHAT YOU WANT.
Byron Levi
We were new to Canada and thought to buy our new home in Mississauga, which we felt next to impossible being so new to Canada. We were fortunate to meet Gogi when everything started turning positive on our way. He had done a detailed analysis of our financial status. As the credit history was not even 1 year old, we were on our probation period of our jobs, which made the mortgage process more complex. That was the time when Gogi ji had given a sincere advice and we sailed through complete process easily. There were times when due to bidding pressure we wanted to commit to seller without bank conditions. But Gogi always insisted not to do so as he cared for our investments & funds not to go waste in case the home mortgage don't get approved. We remember when we finalized our home at late midnight and contacted Gogi, he was on his job from that moment itself, he emailed to concerned financial institution and got the mortgage sanctioned next day at a very good interest rate all due to this pro activeness. Gogi is honest, knowledgeable and transparent with all the process. With all these experiences and positive impressions we wish Gogi a great future ! We recommend and refer all our friends & family to contact Gogi Luthra for all of their mortgage needs.
Saurabh Awasthi