Self Employed Mortgage

Overcome the challenges of being a self-employed homebuyer.

Self Employed Mortgage

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Self-Employed Mortgage Solutions

For millions of Canadians, self-employment is not just a job—it’s a way of life. It offers the freedom to work on one’s own terms, the opportunity to chase dreams, and the potential for financial success. However, when the time comes to turn another dream into reality—the dream of homeownership—being your own boss suddenly seems like a disadvantage. Traditional lending institutions often view self-employed individuals as high-risk borrowers, making it challenging to secure a mortgage under favorable terms, if at all.

At Everything Mortgages, we believe that your career choice shouldn’t be a barrier to owning your home. With over 15 years of experience and a deep understanding of the unique financial landscapes self-employed individuals navigate, we specialize in making the mortgage process straightforward, stress-free, and successful for entrepreneurs like you.

The Challenge for Self-Employed Homebuyers

Navigating the mortgage process can be daunting for anyone, but for those who are self-employed, the journey often presents additional hurdles. Traditional banks and lenders operate within a rigid framework that favors applicants with steady, predictable incomes—typically evidenced by long-term employment in the same job. For a self-employed professional, whose income might fluctuate or be difficult to predict, fitting into this “box” can seem impossible.

These institutions often require at least two years’ worth of income statements to consider an application. Moreover, the common practice of writing off business expenses to reduce taxable income further complicates matters, as it can make a successful entrepreneur appear less financially stable on paper than they truly are. The result? Many self-employed Canadians find themselves facing loan denials or being offered loans with less-than-ideal terms.

Our Solution: Tailored Mortgage Strategies for the Self-Employed

At Everything Mortgages, we see beyond the conventional metrics. We understand that self-employed individuals possess a unique set of financial circumstances and require a mortgage solution that reflects this. Our team of licensed mortgage agents specializes in crafting strategies specifically designed for the self-employed, ensuring that you receive the mortgage you want—and deserve.

We collaborate with a broad spectrum of lenders who appreciate the entrepreneurial spirit and recognize the value and potential of self-employed borrowers. These lenders are willing to consider non-traditional income verification methods, allowing us to leverage your gross deposits and even work with as little as six months of self-employment history to qualify you for a mortgage. By taking a holistic approach to assessing your financial situation, we can present a strong case to lenders that showcases your true ability to meet mortgage obligations.

Services Offered

At Everything Mortgages, we provide a comprehensive suite of services tailored to meet the unique needs of self-employed individuals. Our goal is to guide you through the mortgage process from start to finish, ensuring you secure the best possible terms. Here’s a closer look at what we offer:

1. Customized Mortgage Planning: We begin by understanding your individual financial situation, business health, and homeownership goals. This allows us to create a personalized mortgage strategy that aligns with your needs. Our experienced mortgage agents take the time to listen and analyze your financial situation, ensuring we find the best mortgage solution for you.

2. Diverse Lending Options: Our strong relationships with over 35 lending institutions, including those that specialize in self-employed mortgages, mean we can offer you a wide range of mortgage products. Whether you’re buying your first home, looking to refinance, or seeking an alternative lending solution, we have options that suit your unique situation. We work diligently to find the best rates and loan options available, saving you time and money.

3. Simplified Application Process: We leverage technology to streamline the application process, making it easy for you to apply online in minutes. Our secure online platform allows you to provide the necessary information and documentation from the comfort of your own home or office. By eliminating the need for tedious phone calls and lengthy email threads, we save you time and reduce stress. Our team is also here to support you every step of the way, ensuring your experience is as stress-free as possible.

4. Expert Advice and Support: With over 15 years of experience and more than 5,000 mortgages processed, our team has the knowledge and expertise to navigate the complexities of the mortgage landscape. We understand the unique challenges self-employed individuals face and can provide tailored advice and solutions. Whether you need help understanding the income verification process, maximizing your mortgage affordability, or exploring alternative lending options, we’re here to guide you.

Why Choose Everything Mortgages for Your Self-Employed Mortgage Needs

Personalized Service: At Everything Mortgages, you’re not just a number. We take the time to understand your unique situation and work with you to find the best mortgage solution. We believe in building long-term relationships with our clients, and our personalized approach ensures that your needs and goals are at the forefront of our service.

Proven Track Record: With thousands of successful mortgages under our belt, we have a proven track record of helping self-employed individuals just like you achieve their homeownership dreams. Our team of licensed mortgage agents has the experience and expertise to navigate the complexities of self-employed mortgages, ensuring you receive the best possible outcome.

Client Testimonials: Don’t just take our word for it. Our satisfied clients are our biggest advocates, and their testimonials speak volumes about the level of service and support we provide. We encourage you to read their stories and see how we’ve helped self-employed individuals overcome the challenges of securing a mortgage.

How to Get Started

Ready to take the first step towards securing your self-employed mortgage? Here’s how to get started:

Online Application: Visit our website and complete the online application form. It’s quick, easy, and the first step in your homeownership journey. Provide us with some basic information about yourself and your financial situation, and we’ll guide you through the next steps.
Document Preparation: Gather your financial documents, including income statements, tax returns, and any other relevant financial information. This will help us assess your situation and find the best mortgage solution. If you’re unsure about what documents you need, our team is here to assist you.
Consultation: Once we’ve reviewed your application and documents, we’ll schedule a consultation to discuss your options and answer any questions you may have. This personalized consultation allows us to understand your goals and preferences in more detail, ensuring we provide you with the best advice and solutions.


Frequently asked questions

Who is a self-employed borrower?
You! If you’re a contractor, consultant, freelancer or entrepreneur who collects invoices rather than employment pay stubs, you are self-employed. Technically, “self-employed mortgages” don’t exist. You will get approved for the same mortgage as everyone else but, you may have to jump through a few more hoops compared to a payroll employee.
How can I qualify as a self-employed borrower?
The primary difference between self-employed (or commission-based) and salaried employees is that lenders will treat your gross earnings differently. As a rule of thumb, lenders will only use 80% of your gross earnings and the average of last tax year’s income for commissioned sales people, and net income, instead of gross income, for self-employed individuals. `A lender is restricted by Canada Mortgage and Housing Corporation (CMHC) rules to use only the last three years of self-employment income.
What is considered qualifying income?
Self-employed workers typically obtain their mortgage through stated income applications, which require a signed income declaration and proof of self-employment. Stated income is how much you claim to earn. If you keep most of your income inside your company, we can qualify you for a mortgage using the gross deposit of business income over the last 12 months or allowing for retained earnings within your corporation. We can even qualify you with some lenders with as little as six months as business for self.
What income documents will I need?
Lenders will require: Your last two years of full T1 Generals and the associated notices of assessment
  • If incorporated: your whole articles of incorporation
  • If sole proprietor: your business or HST registration
  • Last six months of bank account statements
How long do I need to be in business to qualify for a mortgage?
Most lenders require at least a two-year track record for businesses. Lenders have been known to make exceptions for professionals like doctors and engineers, as well as people starting a new business in an industry where they’ve already had a long career.
If my business produces a seasonal or irregular income, can I still qualify?
Yes, the same income requirements apply as if you earned a full-year income.
Where should I start?
If you are a self-employed individual looking for a mortgage, it would be in your best interest to gather the required income documents and begin a mortgage pre-approval process with us. Contact us to speak with one of our self-employed mortgage specialists to help you organize and obtain the relevant documentation for you. Our digital document collection process simplifies the process, making getting pre-approved as hassle and stress free as possible. Click the "Get Started" button to start your online application.

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