In this episode of Real Life Mortgage Solutions, Len Lane discusses his process for obtaining mortgages for self-employed Canadians. Len provides invaluable insights into recent shifts in tax regulations impacting self-employed mortgage applicants, emphasizing the importance of strategic tax planning. He discusses the challenges self-employed individuals face in qualifying for mortgages due to tightened regulations by CMHC and OSFI, highlighting alternative lending options and specialized programs tailored for entrepreneurs.
Len outlines the documentation requirements for self-employed mortgage applicants, emphasizing the Rule of Two and the significance of financial statements, business licenses, and articles of incorporation. Through comprehensive advice and real-world examples, Len navigates the complex landscape of self-employed mortgages, offering actionable strategies for securing financing tailored to individual needs.
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