Self Employed Mortgages
If you’re self employed or a business owner, the mortgage process is a bit different. Get clear details and advice on your best mortgage path, with your best rate.
As a self-employed Canadian, being your own boss shouldn’t stand in the way of owning a home. To find the best mortgage solution that fits your ‘self-made’ lifestyle, you need unbiased advice and access to the right lender and product for your situation.
Whether it’s your first home or next home, your mortgage process and product are based on how your income is declared — stated vs taxable — and how your financial and business situation aligns with the lender’s perceived risk.
Several lenders offer self-employed (stated income) mortgage products or programs tailored to self-employed criteria. However, you may not need a self-employed product, depending on your details.
Stated income refers to the income you choose to report to a lender rather than the income declared on your tax return, such as utilizing corporate versus personal income.
As this income is not reflected on pay stubs or tax returns, lenders typically qualify it through alternative means, such as provided bank statements, and assess it against industry standards. Stated income mortgages are generally designed for self-employed individuals and may be accompanied by more stringent terms and higher interest rates.