With rising housing costs, and the banks asking for more qualifications, getting a mortgage or a loan can be difficult if you are self employed or running your contracting practice.
We recognize that contractors need mortgages too. Here are a few tips that may help you.
Contractors: Have good accounting records:
Ensure that your bookkeeping is up to date. Every lending institution wants to know your current financial status. Having a solution like QuickBooks, Xero or other bookkeeping application will make this easier for you.
If this isn't the case for you - hire an accountant and have them get everything up to date.
Have your T4's and other personal income tax records ready to prove your earnings and income. (See 1a!)
Have your company's taxes completed so you can show that your company's financial status. Lending institutions typically ask for the T2 forms for last 2 years.
Working with a mortgage broker may be more beneficial than working with a bank representative. Mortgage brokers are used to shopping around, and know what institutions are more "entrepreneur friendly".
Go with the best
Family or friends may be mortgage brokers or realtors. It's great to go with them if they are experienced, successful professionals. If your acquaintance is just entering the business, compare them with others and go with the person that is going to handle your file with speed, professionalism, and expertise. It's one of your biggest purchases, and you don't want to leave it to someone that is just learning the ropes.
IntiSolutions Has Trusted Partners
Since to 2005 IntiSolutions has been working with independent consulting clients like you. If you are a client of ours, we provide letters confirming income with 1 business day turnaround. We have contacts with trusted mortgage brokers and realtors that we have worked with in the past that you may want to work with.
The IntiSolutions Code of Conduct:
Client First: Your needs are our top priority. We will always act in your best interest, ensuring your success is our success.
Innovation at Your Service: We are committed to staying at the forefront of our industry, delivering cutting-edge solutions to streamline your operations and make your life easier.
Fair and Transparent: You will only be charged for authorized work completed. Our invoices are honest and transparent, with no hidden fees.
Building Trust: We believe in building strong, trusting relationships with our clients. We won't pressure you into unnecessary services or take advantage.
Open Communication: We are committed to clear and consistent communication. You will be kept informed of any issues that arise, and we will proactively address them.
Accountability Matters: We take ownership of our work. If we make a mistake, we will promptly inform you and take steps to rectify it.
Join IntiSolutions
Contact us today If you have questions about this topic, or are looking for a flow-through representative. We will help you or send you to someone who can.
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