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Self-Employed

If you are self-employed, chances are that you’re going to need a little extra help in securing a mortgage. 

Today more and more Canadians are choosing to work for themselves. More than half a million Canadians start a business every year, and with the job market becoming weaker, that number is on the rise.  

While self-employment can be rewarding and certainly has its advantages in terms of being able to claim some of your expenses and possibly pay less income tax, it can also make it more challenging to get a mortgage because it is harder to prove your income. 

If you can prove your income, then you may be able to get a traditional mortgage. This, however, is often not the case with entrepreneurs. 

Traditional lenders are often reluctant to grant mortgages to self-employed individuals, and even when they do, those mortgages can be for much lower amounts than anticipated. If you do go to a traditional lender such as a chartered bank, they will typically require much more documentation than they would from a salaried individual. 

This is true even if they have a spouse who is going to be a co-creditor. 

Typically they will ask for: 
Notice of Assessment
Tax Returns
Business Financial Statements
Proof of Future Revenue
Other Documentation as requested

The good news is, that even if you can’t get the mortgage you want through a traditional lender, there are other options if you are self-employed. Alternative lenders are often better at reading between the lines to assess an entrepreneur’s eligibility for a mortgage.

They will still want to know about your income, but they will also look at other factors including:
- How long you have been in business
- Credit history
- Property type and location
- Mortgage options geared toward entrepreneurs are often more flexible. 

Why work with a mortgage advisor if you are self-employed? 

As an entrepreneur, you probably work with some professionals both in your business and your personal life. Professionals such as accountants, lawyers, financial advisors, etc. specialize in specific fields to help you grow your business and your wealth, leaving you free to focus on your business. 

It makes sense, therefore, that when you are ready to purchase a home that you add a professional mortgage advisor to your team. While it’s possible that you may be able to do some of the research yourself, it is far better to have someone on your side who already has the necessary expertise and contacts in the mortgage industry. 


As a VERICO mortgage advisor, I do the shopping and rate comparing for you. I work with over fifty different lenders including some that specialize in mortgages for the self-employed. I will help find you the mortgage with the interest rate and the terms that work best for your situation. 

Call me today for a consultation


As a Canadian entrepreneur, you work hard to build your business and are an integral part of our local economy. You deserve as much consideration for a mortgage as any other Canadian. Call me today for a consultation.