Applying for a mortgage can be a daunting task, and it becomes even more complex when you run an incorporated business. As opposed to an individual, the income earned by a corporation is treated differently by lenders. If you are self-employed and have incorporated your business, you may find it challenging to obtain a mortgage as many traditional lenders are not familiar with this structure. Therefore, it's essential to work with a mortgage specialist who understands this structure and can help you navigate the process.Mychal Ferreira, a mortgage specialist at the Bank of Montreal, specializes in this style of mortgage where the gross income goes into the company, and the individual pays themselves personally through dividends. This structure helps minimize personal taxation, which is a significant benefit for self-employed individuals.In the past, most banks did not consider incorporation income when it comes to qualifying individuals for a mortgage. This created a barrier for many self-employed individuals who were unable to secure financing for their homes. However, things are changing, and more lenders are recognizing the value of incorporation income, especially for professionals who earn a commission-based income such as doctors, dentists, and realtors.Mychal Ferreira's expertise comes in handy as he walks clients through the process and teaches them how banks look at professionals in this situation. He helps them understand how they can position themselves for success when it comes to qualifying for a mortgage. Mychal's approach is to look at each client's unique situation and tailor the mortgage to their needs. He understands that each client's financial situation is different, and a one-size-fits-all approach will not work.Working with a mortgage specialist like Mychal is crucial as they can help you understand the intricacies of the mortgage process. They can help you navigate through the paperwork and explain the jargon used in the industry. Additionally, a specialist can help you access lenders who are more familiar with incorporation income and are more likely to offer you a mortgage.In conclusion, if you are self-employed and have incorporated your business, obtaining a mortgage can be a challenging process. However, with the help of a mortgage specialist like Mychal Ferreira, the process can be more manageable. Mychal's expertise and experience in working with self-employed individuals can help you obtain a mortgage that fits your unique situation. Remember, it's important to work with a specialist who understands your financial situation and can help you navigate the process successfully.Mychal FerreiraBMO Mortgage [email protected]/mychalmortgages _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 [email protected] Ryan Dash PREC 778.898.0089 [email protected] www.thevancouverlife.com

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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