Home

  • Call me
    +1 647-982-3313

Self-employed Mortgage

Whether you are self-employed and looking for a mortgage, a purchase or refinance, we can help!

You need three months of experience in the business, and we need just three months of business statement to qualify you, even if your company does not register. We will help you to be eligible with a non-traditional income verification program. Whether it is an investment property or owner-occupied, we have a solution for you. Most of the banks need two years of business experience, but we have options to help you provide a quick solution for this. As a self-employed, you may need at least 10% of the down payment.

What is a Self-Employed Mortgage?

A self-employed mortgage is tailored for entrepreneurs, freelancers, and business owners who do not have traditional employment income. Unlike standard mortgages that rely on pay stubs and consistent salaries, this type of mortgage considers alternative income verification methods. Lenders assess your overall financial health, factoring in business revenue, tax deductions, and bank statements. Even if your reported income appears lower due to business write-offs, a self-employed mortgage can help you qualify based on your true earning capacity. This flexible approach makes homeownership more accessible for self-employed individuals.

Apply Now For Quick Approval !

      Take The First Step Toward The Right Mortgage

      Let's Talk
      E-Meet

      Please go for this wonderful calculator to pre-qualify and max mortgage you can be approved for

      Services

      We are the mortgage specialists having rigorous knowledge of Canadian regulations with respect to different types of mortgage services

      First Mortgage

      Buying your first home can be overwhelming as it’s an important milestone in life. Its an invaluable and costly asset, putting you under hefty financial stress.
      Home Equity Line of Credit

      If you owe your own home, you must have heard about home equity. So, do you have any idea what this term exactly means? To put it simply.
      Mortgage Renewal

      Life is unpredictable! You save money for years to buy a house or to send your children to reputed universities. While saving moneye.
      Private Mortgage

      A private mortgage is another method of financing in which the borrower get all the finance related help from a private lender.
      Second Mortgage

      Mortgages and loans are needed for different reasons such the house renovations, adjust debts consolidating high-interest rates of credit cards.
      Commercial Mortgages

      A commercial mortgage is completely different from residential mortgage because it is given to a property owner who wants financial help for investment purpose.

      Benefits of Self-Employed Mortgages

      Self-employed mortgages offer several key advantages for business owners and freelancers:

      • Flexible Income Assessment: Lenders consider alternative documentation, such as bank statements and business revenue, allowing you to qualify based on your actual earning potential despite tax deductions.
      • Higher Loan Eligibility: You may qualify for a larger mortgage amount, giving you more flexibility in choosing a home that suits your lifestyle.
      • Competitive Interest Rates: Even with non-traditional income verification, many self-employed mortgage options provide competitive rates similar to conventional loans.
      • Streamlined Approval Process: Designed for self-employed individuals, these mortgages feature a more tailored and efficient approval process, reducing unnecessary hurdles.

      Home Mortgage Care and Self-Employed Borrowers

      Home Mortgage Care works with lenders who specialize in self-employed mortgages, helping clients navigate the approval process with tailored advice and solutions. They ensure that borrowers are evaluated fairly and offer personalized support to meet specific financial situations.

      Factors Affecting Self-Employed Mortgage Applications

      When applying for a self-employed mortgage, lenders evaluate several key factors to determine your eligibility:

      Income Calculation

      Self-employed income is often averaged over 1–2 years using tax returns and other documents like Notice of Assessments (NOAs). Write-offs that reduce taxable income may impact borrowing power.

      Debt-to-Income Ratio

      Lowering outstanding debts improves financial standing in the eyes of lenders.

      Credit History

      A strong credit score demonstrates financial

      Business Stability

      Lenders prefer individuals with a proven track record, usually 2+ years of business operation.

      Down Payment Size

      A larger down payment can offset lender risk, potentially leading to more favorable terms.

      Tips for Quick Mortgage Approval

      • Boost Your Credit Score: Regularly pay bills on time and reduce credit usage.
      • Document Income Thoroughly: Maintain accurate records, including invoices, contracts, and tax filings.
      • Prepare for Higher Rates: Without the predictability of salaried income, lenders may charge slightly higher interest rates to offset perceived risks.
      • Partner With Professionals: Working with mortgage brokers like Akal Mortgage or Olympic Mortgage can connect you with lenders who understand self-employed nuances.

      For further details, consult Home Mortgage Care, as they provide expertise and support in finding competitive rates and terms suitable for your self-employment status. Would you like assistance with any specific aspects of this process?

      We are here to answer your questions about self-employed mortgages.

      Key factors include your credit score, income stability, debt-to-income ratio, down payment size, and financial history. Lenders also assess your tax returns and business records if self-employed.

      Lenders typically average your income over the last two years based on tax returns and Notices of Assessment. Eligible add-backs like depreciation may also be considered to reflect your true earnings.

      Yes, but it’s more challenging. Alternative lenders may approve you with strong income, good credit, and a large down payment, though rates and conditions might be stricter.

      Rates depend on your financial profile and lender type. Traditional lenders offer competitive rates with sufficient proof of income, while alternative lenders may charge higher rates for added risk.