Self-Employed and House Hunting?

Self-Employed and House Hunting? Here's Why You Need a Mortgage Pro in Your Corner

Being self-employed in Canada is like being the director of your own movie – exciting, rewarding, and totally on your own terms. But when it comes to getting a mortgage? Suddenly you’re in a documentary about jumping through hoops while juggling paperwork. Trust me, it’s not the kind of performance you want to give without a good supporting cast.

The plot twist no one told you about

Here’s the irony: As a successful entrepreneur, you might be making more money than many traditionally employed folks. But thanks to those savvy tax write-offs that keep your accountant smiling (and your taxable income lower), lenders might look at your application like it’s written in hieroglyphics.

Since 2008, Canadian mortgage regulations have tightened faster than a new pair of jeans after a hot wash. The Office of the Superintendent of Financial Institutions (OSFI) introduced guidelines that made banks scrutinize self-employed applications with the intensity of a detective examining a crime scene.

The "you can't have your cake and eat it too" dilemma

Remember all those business expenses you wrote off? The car lease, the home office, those “business dinners”? Well, they’re now coming back to haunt you like ghost of tax seasons past. When lenders look at your application, they’re focusing on Line 150 of your tax return – your taxable income – not the impressive revenue your business generates.

Why you need a mortgage professional (Besides the Free Coffee)

This is where we come in – your mortgage-seeking superheroes, minus the capes (they’re at the dry cleaners). Here’s what we bring to the table:

1. We know which lenders actually understand self-employed income. Some even allow "gross-ups" of your declared income by up to 20%

2. We can help you navigate the documentation maze. Those NOAs, T1 Generals, financial statements, bank statements and GST/HST payments? We'll tell you exactly what you need and when you need it.

3. We have access to alternative solutions when traditional banks say "no." From Genworth's stated income programs to private lending options, we know all the secret passages in the mortgage maze.

The action plan: Getting ready for your close-up

Start a heart-to-heart with your CPA about structuring your income to qualify for the mortgage you want

– Keep your financial affairs tidier than Marie Kondo’s sock drawer

– Pay down debts like they’re going out of style (because to lenders, they never do)

– Maintain a credit score that would make your mother proud

The happy ending you're looking for

Getting a mortgage while self-employed isn’t impossible – it just requires an experienced guide who knows the terrain. Think of us as your mortgage sherpas, helping you navigate the complex landscape of lending requirements, documentation, and approval processes.

Don’t let the complexity of self-employed mortgages write you out of your homeownership story. Contact us today, and let’s turn your property dreams into reality – without requiring you to get a 9-to-5 job first.

Remember: While everyone else is trying to fit you into a conventional box, we’re busy thinking outside it. Because when it comes to self-employed mortgages, conventional wisdom isn’t always wise at all.

Benefits of working with us:

The best financing solutions

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Self-Employed and House Hunting?

Self-Employed and House Hunting?