Incorporated business owner mortgage for a property in Gatineau
Incorporated, you decide what you pay yourself. The lender decides what to count: salary, dividends or company earnings. What that looks like on a Gatineau file.
A lender doesn’t read business income like a salary. Some take a two-year average after expenses. Others will add back non-recurring expenses, or look at the company’s own income. That difference in how they read it decides the answer more than the amount does.
Documents before comparison
Two years of complete notices of assessment and T1s, your financial statements or balance sheets if you’re incorporated, and recent business account statements. If you expect some expenses to be added back to qualifying income, bring what backs them up.
Income documents
Two years of notices of assessment, recent pay stubs and an employment letter. The lender trusts what your tax records show, not what lands in your account. Income that shows up nowhere doesn’t exist for a purchase in Gatineau.
Income period reviewed in Gatineau
Depending on where the income comes from, the file in Gatineau may need the current year, a two-year average, or just confirmation of employment.
Supporting records
Notices of assessment, tax returns, financial statements, pay stubs, deposit records. Have it all ready before you make an offer. That’s what lets you work with a short financing condition, since the delay nearly always comes from a third party who hasn’t sent their paper yet.
Lenders that can assess the file
The starting point is net income after expenses, and each lender reads it in its own way. Some add back non-recurring expenses. Others look at the company’s own income.
To prepare
What to gather.
Borrower profile
Income records
Credit history
Available funds
Property or project
Lender eligibility
Frequently asked
Can the file be reviewed remotely?+
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
Can a self-employed borrower get the same rate as a salaried one?+
Yes, if the declared income supports the loan. The rate follows the file, not your status. What caps the amount is net income after expenses, and that’s where your choice of lender changes the outcome.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
