Starting my business!

[markel]

Hi all,

It had always been my dream to set up my own business. I prefer being my own boss rather than working under someone. But after my studies, I was not in a financial position for it. So, to satisfy my parents and to get me some savings I joined a firm here and have been working here for 3 years. But I really can’t continue like this. I wish to get out of this and start my own business. I do have some savings, but that is definitely not enough for investing in the new business. I have set up my initial plans and everything is set in my mind. It’s just lack of funds now.

So I am planning to apply for a mortgage so that would help me.
I was just looking at the current mortgage rates. But I am not sure if it is easy to get a mortgage because I do not have a monthly income as of now. I am really confused and don’t know what to do in this situation. It would be really great if you could solve my doubts. I am looking forward to expert suggestions on this. Thank you.

 

[Alvaro Sanchez]

Please note that as self-employed, you must have 2 years track record with CRA (NOA docs) in hand as proof income to get a mortgage so plan accordingly. You could have full amount in cash to purchase the property (0r a car) but they will not give you a mortgage/loan. I will suggest to speak with a mortgage broker to get the details.

 

[Thomas Beyer]

If you fail at a job you will very likely fail at your own business too.

You always have to please others such as customers, employees or lenders.

Learn a skill you love to do ( be it accounting or baking cakes or looking after kids or teaching or selling or plumbing or talking or writing or carpentry or sweeping the floor), AND be really REALLY good at it. Then save some money, get further educated on sales, marketing, finances, endurance, mental fitness AND human psychology and then, AND ONLY THEN, consider working for sub-minimum wage twice as hard as an employee in a self employed capacity.

What are you really good at that you also love to do ?

If you are not sure, then try different jobs in various companies as you get paid while you learn to figure things out. Try to be really good at the job you are asked to do, and people will usually notice.

 

[Vine Group]

At this time with the market as it is and Home Trust effect on the overall Alternative Lending segment. You may or may not qualify for a high interest rate mortgage. As newly self-employed, lenders normally want to see a 6 – 12 month bank deposit history as proof of income and servicing the loan. Furthermore, you should be prepared to put more down payment minimum 20% and if your refinancing keep more equity approximate 25% in the property.