How did I get a mortgage as self employed in Canada 🇨🇦🏡

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 🥳)


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 🥳)

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.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

[vivektanwar]

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 💯

[frontendmayhem]

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. 👍

[kirti]

Very informative video. Thanks for making it .

[thomsonozhukayil]

Thank you soooo much for sharing brother.

[karanmohindroo]

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.

[chadc]

Nav, hmmm your calculations of corp tax on net income is the Fed+prov rate less SBD on the net taxable Income. Then you can take your dividend (and remember to tax the dividend top-up).

[bhawardeepsingh]

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.

[abhilash]

Very good informative video Nav, how about peer to peer lending like gopeer?

[thehustlebeez]

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!

[frontendmayhem]

Information about EQ bank seems incorrect. I have a variable rate mortgage with EQ bank & I did not put 20% down.

[larryisaac]

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.

[viralharia]

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

[sunilgrover]

Can you share a contact for a good accountant? It’s been a big struggle to find a good one

[crickinsight]

Will modgage agent will be taken by AI in future?

[rahilgillani]

How do I reach out to you for mortgage questions?

[Mrrandhir]

Do you and your wife has a separate incorporation?

[Jatin_Tokas]

Another video packed with great information information :)

[amitgarg]

@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.

[SD-dbmc]

Can you take more than 60000 $ as dividends on a income of 150k?