fbpx

Self Employed Mortgage

Clover Mortgage Helps Self Employed Workers And Entrepreneurs Get Approved For A Mortgage Or Home Refinancing Even If The Banks Say No!

If you are self employed or a partner or owner of a business, then many banks will not approve you for a mortgage or home refinancing, even if you are a AAA client. Because you might be reporting your income in a non-conventional way, the banks will often times put you through a long and tedious process only to reject you at the very end of it. Securing a mortgage while being self-employed can be a bit more challenging but it is achievable. With the right guidance from a trusted mortgage agent at Clover Mortgage, you can get approved easily and get AAA rates from one of the over 40 lenders that we have the ability of working with.

If you are self employed or a partner or owner of a business, then many banks will not approve you for a mortgage or home refinancing, even if you are a AAA client. Because you might be reporting your income in a non-conventional way, the banks will often times put you through a long and tedious process only to reject you at the very end of it. Securing a mortgage while being self-employed can be a bit more challenging but it is achievable. With the right guidance from a trusted mortgage agent at Clover Mortgage, you can get approved easily and get AAA rates from one of the over 40 lenders that we have the ability of working with.

Although getting a mortgage while being self-employed shouldn’t be difficult, at a bank it can be harder and more stressful than it would be for a salaried or hourly full-time employee. Most lenders require a borrower to submit documentation detailing their income, net worth, credit score, and much more. Self employed individuals do not get a T4 outlining their annual income so they must provide the lender with a Stated Income Application that most of the conventional banks will not accept. Stated income is the amount a person claims to earn and it must be proven through a variety of documentation. Listed below are some of the documents required to be considered:

  • Income tax returns and notice of assessment for the past 2-3 years
  • Proof your HST and GST are paid and up to date
  • Statements outlining your business finances (income, expenses, debt, etc.)
  • Copy of the business license or articles of incorporation
  • Any contracts demonstrating future income

In many cases self employed individuals should be prepared to be offered a higher interest rate than most regular applicants in the same financial situation. That being said, a strong applicant with good credit and a 20% or greater down payment will most likely receive a better rate than an applicant who is a full-time employee and can provide a T4, but who might have slightly worse credit.

At Clover Mortgage we welcome self-employed individuals looking for a mortgage and our experienced team of mortgage agents have access to mortgage products that are specifically tailored to a self-employed borrower. We  understand that many self-employed people are in better financial condition than many regular salaried workers, and therefore deserve an equal chance at securing a low-rate mortgage for themselves.

If you are self employed and looking for a mortgage or refinance, Clover Mortgage can help you find the best solution for your needs.

Why Work With Us

Low Rates

*Rates start as low as 2.75%

*Rates are subject to change. Terms and conditions may apply.

Fast Service

We pride ourselves on quick, easy & honest service. Our clients always come first.

Bad Credit

We specialize in dealing with bad credit & bank declines. We turn a “no” into a “YES!”

Easy Application

*No credit checks. No complicated application.

*Terms & conditions may apply.

Call or text us today at 416-674-6222 or toll free at 1-800-673-2230 for a Free No-Obligation Self Employed Mortgage consultation.

Our Customers Love Us

Sandra F.

I was in debt and needed help getting back on track. My mortgage agent at Clover Mortgage helped me get approved for a home equity loan to consolidate all of my debt in one small monthly payment. Now I’m saving over $1,000 a month in interest and am left with less debt and more money in my pocket at the end of each month. Thank you Clover!

David J.

I’m a self employed independent contractor. I earn a decent income, but when I went to the bank to refinance my home, they denied my application telling me that I didn’t have enough “provable” income to qualify for refinancing my home. When I came to Clover I was almost out of hope. My Mortgage Agent at Clover was caring and professional, and help me get a great rate and flexible terms on full refinance. The whole process took less than 48 hours! I was impressed at how quickly and easily they were able to get me the money and home refinance I needed. Thank you Clover Mortgage, I’m recommending you to everyone I know!!

Andrea R.

I had really bad credit, but really wanted to purchase a Condo. When I went to the bank they made me go through a lengthy application process that took weeks, and then they turned me down at the end of it all. When I found Clover Mortgage online, I called them and a friendly Mortgage Agent was able to help me get approved for a mortgage quickly and hassle-free. I got a good rate and now live in a home that I am comfortable in and am able to easily afford my monthly payments.

Ankur R.

I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my husband and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.

Janet L.

My husband and I found ourselves in a tough situation. Luckily my expert mortgage broker at Clover Mortgage helped us get a fast and easy approval for an amazing rate for refinancing our home. Clover’s service is the best I’ve ever experienced and I’ve been recommending them to all of my family members and friends ever since. Thanks for your help Clover!

Raj I.

I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my wife and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.