flamingelephant
Golden Member
- Jun 22, 2001
- 1,182
- 0
- 76
just call a mortgage broker and find out... set up an appointment, they will usually come to you. You will get your answer in about 1 day. The broker takes your info and runs it by a bunch of lenders (big canadian banks, other lenders) and comes back to you with the best potential rates. You are very young but 18 is legal and no reason based on your age about qualifying for a mortgage. The kicker is that you are self employed. Banks treat self employment income differently than "normal" employment income.
I would suspect that you would not get approved for a mortgage based on the following:
-it sounds like your business is not incorporated, and you don't own it. If people just pay you and not a company for your services, its not really viewed as a job (employment) to them
-it soulds like you dont declare the income to the CRA, you cant prove your income that way either, you also have a tax liability
-from what I know, most lenders will need you to have owned the business for at least 2 years and prove income over that time.
So, you can incorporate formally, run it as a formal business, keep books, declare income and wait 2 years. This is the only way you will get approved through a normal lender... I guess there is the off chance you could get approved by one with a higher interest rate... probably 3-15 % higher than a normal rate, but that wouldn't make sense to do....
If you want to move out, rent for a year or 2. Money isn't that big of a deal for you based on your income. If you plan on doing your business full time after school, or start doing it right now, sit down with a lawyer and structure it into a formal business with books, and all the stuff that goes with it. Then in 2 years get your 350k house.
But dude, your 18..... a house is alot of responsibility... your business takes up alot of time.... houses sound cool, but they require alot of work!
PM me if more ??'s
Calgary? No housing bubble there.... big boom town
I would suspect that you would not get approved for a mortgage based on the following:
-it sounds like your business is not incorporated, and you don't own it. If people just pay you and not a company for your services, its not really viewed as a job (employment) to them
-it soulds like you dont declare the income to the CRA, you cant prove your income that way either, you also have a tax liability
-from what I know, most lenders will need you to have owned the business for at least 2 years and prove income over that time.
So, you can incorporate formally, run it as a formal business, keep books, declare income and wait 2 years. This is the only way you will get approved through a normal lender... I guess there is the off chance you could get approved by one with a higher interest rate... probably 3-15 % higher than a normal rate, but that wouldn't make sense to do....
If you want to move out, rent for a year or 2. Money isn't that big of a deal for you based on your income. If you plan on doing your business full time after school, or start doing it right now, sit down with a lawyer and structure it into a formal business with books, and all the stuff that goes with it. Then in 2 years get your 350k house.
But dude, your 18..... a house is alot of responsibility... your business takes up alot of time.... houses sound cool, but they require alot of work!
PM me if more ??'s
Calgary? No housing bubble there.... big boom town