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Mortgage Calculator

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Tips and FAQs

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Self Employed
I am self employed, what income documents do I need to get approved?

If you are self employed, depending on how to earn and report income, a lender could request these documents:

- Last two years T1 Generals and statement of business activities  

- Last two financial statements

- Last two business licenses

- Incorportation documents or partnership agreements

How do I qualify for a self employed mortgage?

Self employed individuals need to reply on stated income.  As the name suggests, stated income is how much money you claim to earn.  As Mortgage Brokers we understand that reporting less means less income tax owed each year so we have a number of products and options designed to help stated income clients.  

What is my minimum down payment if I am self employed?

Mortgage lenders look at a lot of the same things from self employed individuals as they do from other borrowers.  Steady income, good credit and low debt.  It also doesn't hurt to have a higher down payment of about 20% as opposed to the minimum 5% down.  Based on income, property and other key factors, the lender or the lenders insurer may require you have a higher down payment around 20%. 

How have recent government changes affected self employed applicants?

Over the past two years, new regualtions have been creating more limitations for self employed/stated income applicants. The mortgage rules are making it harder to be approved based on the income you state.  Many accountants advise business owners to report less income so they pay less tax but these days, you want to report more income so you dont limit yourself in terms of what you qualify for a mortgage. We have a number of lenders with great self employment mortgage products, talk to one of our Mortgage Brokers today and find out how we can help you out!