If you’re in the trades as an electrician, plumber, welder or any other field as a skilled professional, a stated income mortgage may work wonders for you!
As someone who is self-employed in the trades, you’ve likely faced challenges of getting a loan, or are aware that they can exist for people who run their own business.
With the help of a stated income mortgage, we can work to maximize your purchasing power and make the most out of your mortgage. You likely have handfuls of tax deductions as someone who is in the trades, but that shouldn’t have to hold you back from receiving a great mortgage!
Whether you’re a electrician, plumber, welder, or even a mechanic you likely take advantage of some overlapping tax deductions.
For being self-employed in the trades, these deductions likely look like:
With a stated income mortgage, you have the ability to continue making use of your deductions as a small business owner in the trades, while optimizing your mortgage as a self-employed tradesperson.
A stated income mortgage is often used by plumbers, electricians, carpenters etc. as an ethical means of getting approved for an optimal mortgage.
Instead of delving deep into your taxes and letter of employment the way a traditional mortgage would for an employed individual, a stated income mortgage focuses on different avenues for income qualification - typically placing more weight on your business financial statements.
This allows us, your licensed mortgage brokers, to help show a better reflection of your true earnings even though you may have maximized your write-offs.
To learn more about the benefits of a stated income mortgage as someone who is self-employed In the trades, head over to our ‘stated income’ page!