Rate Drop on the Self Employed – “No Tax Return Mortgage” written by David Grossman

1 or 2 year term now starting at 2.74% rate (reduced from 2.99%)

Question: Aren’t best available mortgage rates under 2% now? Why would anyone want to pay 2.74% rate when best rates are under 2%?

Answer: Whether you are a sole proprietor or have an incorporated business, you can potentially save money/pay less tax with the Self Employed/ No Tax Return Mortgage.

Question: How does it work?

Answer: Some people report more net business income than they might need to if they think they are required to show higher income on their tax returns in order to qualify for a mortgage.

With the Self Employed – No Tax Return Mortgage, the lender starts by looking at your top line business revenue according to your sales / deposits on your bank statements (or commission statements, if your a commissioned salesperson). We don’t need your tax returns for this mortgage!

You could potentially save tens of thousands of dollars in taxes, while paying only a slightly higher rate on your mortgage.

Question: I have an incorporated company, can I still benefit?

Answer: If you are incorporated, you can retain more of your earnings in your company (aka Retained Earnings} and defer taxes. With the Self Employed – No Tax Return Mortgage, you can keep more of your earnings in the company, defer taxes and still qualify for the mortgage you need.

RockYourMortgage specializes in mortgage solutions for self employed, applicants with multiple properties, applicants with credit issues, land mortgages and construction mortgages. We work with first time buyers and move up buyers. We represent banks, trust companies and credit unions and we have both institutional and private money. We arrange 1st and 2nd mortgages.

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