Are you self employed and considering a home purchase?
If you are self employed and reviewing a future home purchase, you need to speak to your mortgage broker to get the ball rolling before you fall in love with a property.
The previous methods for qualifying look to be changing and 'stated income' may no longer be possible. You may be required to provide much more information about your income especially if your T4's do not reflect it.
What does this mean to you? Paperwork and a potentially longer qualification time if you have to get the assistance of your accountant.
Financial Post Article regarding the trend - Feb 2, 2012
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