There are many reasons a business owner may need to help document their income.
This is due to the number of write-offs and other business expenses an owner will face to run their day-to-day operations and receive varying amounts of income based on the business’s success.
Many business owners may be denied financing based on their inability to prove their income. Many business owners use bank statement loans.
Do you worry if your bank tells you you don’t qualify for financing, refinancing, or equity take-out? Dominion Lending NasaKasa can help you.
Self-employed individuals can go through a process known as a stated income program.
This is a specialized type of loan specifically designed for business owners, freelancers, and those who may have trouble proving regular income.
This type of loan does not include a lender looking through one’s pay stubs, tax returns, and other financial documents that bu would examine for a traditional mortgage. Instead, it allows business owners to state their income to lenders through bank statements.
This can be incredibly beneficial to business owners because borrowers can use bank statements to document their income.
These documents are information that a business owner would have ample access to and thus give them the means to become approved for financing.
If you are looking to get bank statement loans in Mississauga, check out the requirements below:
Requirements to Obtain a Stated Income Loan
Two primary requirements will be necessary to become approved for a stated income loan.
1) First, a self-employed individual must document business ownership for at least two years.
2) Second, they will have to provide their business bank statements for between 3 to 12 months.
As long as the business owner can prove these two things, a self-employed business owner should have no trouble getting a stated income loan for their mortgage or other means.
Dominion Lending Centres NasaKasa can further help this cause by determining whether or not you will qualify for this type of loan coverage and whether or not it is an optimal solution that fits your needs.