Lic 10845, Independently Owned & Operated

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Self-Employed Mortgages

At AKAL Mortgages, we understand that self-employed individuals and business owners 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.

If you are self-employed, turn to AKAL Mortgages for help securing:
  • A mortgage loan
  • A loan for home renovations
  • Financing for your other personal needs
  • Debt consolidation
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  • BANKRUPTCY

    Although some business people see bankruptcy as a viable option to get out of a bad deal and regroup, lenders generally do not like bankruptcy. Nevertheless, some lenders will overlook this if there has been consistent and excellent credit since the time of bankruptcy.

     

  • Prepared for higher interest rates

    Lenders offer discounted rates to those that fit in the “box”. Those that are not conventional are seen as a risk and, therefore, are applied to a higher interest rate. There also could be lender fees attached to the mortgage.

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  • Offer a larger down payment

    Lenders are somewhat handcuffed to the insurer when there is less than 20% down payment on a property purchase. But if you offer more than 20% down payment, depending on the lender, their flexibility increases and it is up to the lender or even the branch if they want to take you on as a client.

  • As a last resort, you can do private financing

    Even though it is an expensive option, it could result in the mortgage you are looking for. Rates are higher and there will be lender/brokerage fees. However, you could be in a private mortgage for 12 months or even less, whereby giving yourself time to improve your credit (if need be) or topping off a two year self-employed period to set yourself up to show STATED INCOME to the lender. The whole point of private financing is to use it as a short term solution for a long term plan.

STEPS & PROCESS

Easy Approval Process

When we say YES! We stand behind our

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CHOOSE YOUR SERVICE

Why You Should Choose
AKAL Mortgages

Service

Borrowers

  • When we say YES! We stand behind our promise
  • Mortgage solutions based on your needs and qualifications
  • Fast approvals and quick closings
  • Save time and money
  • Lower mortgage rates due to lender discounts and promotions
  • Licensed, knowledgeable and experienced
  • Protect your credit score
Service

Brokers

  • The Most Important: Dedication to our agents!
  • Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
  • Training: Weekly training and industry updates, One on one support
  • Mentoring: Specialize in Residential, Business and Commercial
  • Lead Generation: Proven successful campaigns to generate leads
  • Personal website; mobile Apps; online virtual meetings, e-signatures
  • Lenders: VIP access to more lenders and top tier compensation
  • Professional office (at no cost to you): Meet your clients at the office
FAQ

Frequently Asked Questions

    • What kind of documentation will be needed?

      One among the following should affirm at-least two (2) years of business-for- self tenure:

      • Business License
      • GST/HST Return Summary
      • T1 Generals with statement of business activities attached for a minimum 2 years prepared by an arm’s length third-party
      • Audited Financial Statements for the last 2 years, prepared and signed by a CA
      • Plus a recent Notice of Assessment or a signed affidavit by the borrower(s) to confirm no income tax arrears (Note: in the province of Quebec, both federal and provincial NOA’s will be required)
    • Can I apply for self employed mortgage if I’m in a partnership?

      Partnerships are businesses owned by two or more individuals who share the profits or losses of the business operation. The partnership income is reported to Revenue Canada on the standard tax report (T1 General) together with Revenue Canada’s required statement of business or professional activities, which reflects the percentage of the NET income or loss for each partner of the enterprise.

TESTIMONIAL

We Serve Our Clients
Best Of Capacity

  • Jas Bath

    The experience with AKAL Mortgages is great!!! I recently got approved for a business loan thought them and the agent that helped me with the process was outstanding. I am impressed with the convenience and very helpful service. I hear their agents on the radio all the time making consumer aware of the options available about mortgages and loans. And, they way they do, touch my heart. So honest and ethical.

  • Oli Rubion

    My wife and I visited AKAL mortgages due to their reputation in the market. We were attended in a timely fashion to discuss our mortgage and line of credit needs. We are so glad that we were provided with great options and solutions to choose from. We are very happy and satisfied from the services provided by AKAL mortgages. We definitely recommend their services to our family and friends.

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