How did I get a mortgage as self employed in Canada 🇨🇦🏡
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- Опубликовано: 3 авг 2024
- This video explains how self-employed or contract workers can get a mortgage in Canada, including the challenges they may face and why they may be rejected by traditional banks. We introduce B-lenders, also known as alternate lenders, and discuss why they may make sense for those who have been rejected by a bank. By the end of the video, viewers will have a better understanding of their options when it comes to obtaining a mortgage in Canada.
I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
Mortgage Fraud Video: • Mortgage FRAUD in Cana...
Timestamps
00:00 - Intro
00:50 - Why was I rejected by a Bank?
03:03 - What people do if Banks Reject?
04:17 - What should we do if Banks Reject?
04:49 - Prime Vs. Alt Lenders
07:19 - Should you even go Self-Employed?
07:53 - Why do ALT lenders make sense?
10:55 - Final Thoughts
I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).
I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
Get up to $3,000 in cash to trade stocks or crypto commission-free! Use this code 91NX5W or the link below to sign up 🙌 my.wealthsimple.com/app/publi...
MORE ABOUT ME 👇
My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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Keep up the great work Navjot 👍🏼🙏
Thank you soooo much for sharing brother.
Very Good Comparison
Very informative video. Thanks for making it .
👏👏👏
Another video packed with great information information :)
Thank you 😊
After Watching your Videos I Started loving numbers a lot and you also taught us that we should not go for any fraud just to buy a house always do right things and grow with nav 💯
Very informative ❤
Thanks for sharing the other side. It will be great if you could make a video on Contract vs full time job in long term.
How can we report a mortgage agent that is trying to commit fraud? I see so many people getting trapped and it would be nice to start taking some action against these guys. I am glad to see some people from our community doing honest work. 👍
He won’t comment on this. He belongs to the same industry lol
Great vid!
👏👏
Very good informative video Nav, how about peer to peer lending like gopeer?
Not sure about regulations around it. Still very nascent
Hello Nav, please make a video on WFG. Is it worth to join? How it works? For which people this business suits? I got approached by bunch of people to join WFG.
It’s a decent product run by people who don’t know what they are talking about :)
The problem is that they try to sell the wrong product to the wrong kind of people.
@@growwithnav is it more money in mortages than WFG or selling real estate ? What was your reasoning behind becoming a mortgage agent and not a realtor ?
@@growwithnav well put it into words.
Do you have a video about source of funds acceptable for downpayment? im getting wrong info. some says you can borrow/loan money, some says it should be at least 6months in bank account etc.
You can’t borrow or loan money for a downpayment esp. if you are going to a big bank. If you have to borrow, it needs to be added to your liabilities (just like a car with a payment). Gifts from family is acceptable though. I don’t know your situation fully, so unable to say what’s right for you - however please feel free to book a call in the bio and we can help.
Hi brother a little correction on your dividend example . You are wrong there your gross will still stay 150k and you cannot expense down the dividends.
But great video though!
Yes I realized that later 😀 I had salary in my initial slide and forgot to change the calculation when I changed to dividend 🤦♂️
@Grow with Nav ...How would you pay for 20% downpayment if you just bring 60k as dividends from your corporation to your personal account. You would need a lot more than that considering you will have personal expenses too. So, the 28k savings in a contract role doesn't seem right. You might end up paying more taxes when you bring it into your personal account in the future when your tax slab might be higher than what you have right now.
You can take a home buyers loan from Corp if you are buying for self .
Information about EQ bank seems incorrect. I have a variable rate mortgage with EQ bank & I did not put 20% down.
They have A side as well. The prepayment penalties are a lot though.
Hi Navjot. If you are taking dividends from the Corp, then it will not be a deduction in the Corp. your gross income will still be 150 on which you pay tax. You can deduct other expenses but not dividend
You are taxed on net income in the Corp…
The original comment is absolutely right. Dividends are never tax deductible. You will have to pay tax on 150k. But, a very informative video again :)
@@growwithnav yes you will be taxed on net. In your example you deducted dividends to arrive at net. Dividends are not deductible as expense. You can check with your CPA, he should confirm it.
Yes you are right. Makes sense! Thanks
@@growwithnav also u can't use your business income on personal expenses so u have to bring it to your personal income in later years so then u have to pay tax
Will modgage agent will be taken by AI in future?
Yes 100%
Can you share a contact for a good accountant? It’s been a big struggle to find a good one
I will strongly advice you against self
trading, it's really dangerous and had
brought so many investors down, you need
some one with the knowledge and
strategies, someone dedicated to the
crypto currency market buisness, and I will
strongly recommend expert Mrs Anna
Telegram 👇👇👇
@Incommore….
@Incommore….
How do I reach out to you for mortgage questions?
Link to book a call in the bio
Can you take more than 60000 $ as dividends on a income of 150k?
Sure you can
how? @SD
Do you and your wife has a separate incorporation?
Yes
@@growwithnav what’s the pro and cons having it combined? Also bank assesses you for mortgage against the corporation net income (90k in your example) or dividend withdrawn (60k)