Here’s an interesting statistic from your mortgage broker Toronto friends here at OMJ. A little under 20% of the working population in Canada is self-employed. Contrary to popular belief, getting a mortgage isn’t difficult.
There’s a few things that you can do to make the process run smoother. Here’s a few of them that can help get the process started.
The Best Mortgage Rates
We can help you get the best mortgage rates. You can add the documentation that we will need to present to any lender. That includes proof of your income as a self-employed business owner. This contains income tax notice of assessments from the government.
It’s also a good idea to include financial statements and expected revenue. Don’t forget to include your GST registration number and proof you own your business. It’s also a good idea to include both your business and personal credit scores.
Healthy Business
It’s solid practice to make sure your business is healthy before you apply for a loan. There’s a few metrics to look at including monthly cash flow projections. This gauges the amount of cash resources to pay bills and staff and replenish stock.
Some of the metrics you should be looking at are more obvious. Monthly sales figures are always one benchmark to keep track of. If you keep on top of these, you’ll know when sales are falling or trending upward. You should also be calculating your profit margins on a monthly basis. Check things like your utility bills to see if they have increased.
Goods and Services
This is a good way to see if you are charging enough for your goods and services. One way to find out is by taking a look at what competitors are charging.
We’re here to help you get a mortgage . Our mortgage broker Toronto team is always ready to help.
