Self-Employed? Yes, You Can Qualify
Being self-employed comes with flexibility and independence — but it can also make getting a mortgage more challenging. The good news? With preparation, a strong file, and the right strategy, self-employed borrowers in Ontario can absolutely qualify.
What Lenders Look For
- Income Documentation: Lenders often want a two-year average from your Notice of Assessments (NOAs) or T1 Generals.
- Business Financials: Where applicable, statements that show cash flow and stability.
- Bank Statements: These can support proof of consistent deposits.
- Credit Health: Keep balances low, pay on time, and avoid taking on new debt before applying.
Lender Options
- Traditional Lenders: If your declared income supports the mortgage amount.
- Alternative Lenders: If your income is legitimate but doesn’t fit traditional guidelines, they may use add-backs or gross-ups.
- Private Lenders: A short-term solution when flexibility is required, often paired with a strategy to return to traditional financing later.
The Bottom Line
Self-employed borrowers need a clean, well-prepared file. With my experience, I’ll help you position your income and finances in the best light so lenders see your true strength.
