Living the Dream of Self-Employment – EXCEPT
2026-01-12 | 08:06:35
If you’re self-employed and you want to refinance your mortgage, access equity, switch lenders to get a better rate, or add a spouse to the mortgage/title you may be in for a shock! What you may have thought is a straightforward mortgage renewal with a few changes has morphed into refinancing/requalification under current lending guidelines.
The takeaway here is to plan early. Reach out to your mortgage broker (that’s me) well ahead of your renewal date to discuss your personal situation and options.
Lender Requirements for Self-Employed Borrowers
Traditional banks and other A-lenders place a strong emphasis on income stability. Most require a two-year average of personal taxable income. For incorporated business owners, mortgage qualification is typically based on personal income (not corporate gross revenue).
Documentation requirements for a self-employed mortgage application
- Two years of Notices of Assessment confirming paid taxes
- Two years of personal T1 Generals
- Business financials or T2s if incorporated
- Business registration documents
- Six to twelve months of business bank statements
- Evidence that personal credit is being actively built in Canada. How to improve your credit score: https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html
How you can help yourself:
- Prepare and file income taxes on time
- Keep your business books current
- Build your personal credit rating
- Work with your mortgage broker to understand all your options
Talk to me about your next mortgage renewal. I'm here to help!
Joy to the World!
Celebrating Christmas with 80% of our grandchildren!
Top left to right: Rowan (3), Dean (turning 13), Addy (turning 13), Mila (turning 9)
Bottom left to right: Eloise (6), Lyla (soon to be 10), Sloane (6) and Kali in front (3)
MIV (Missing in Vancouver): Lena (4) and Beatrice (1)
How to Exercise Your Body and Soul!
Join us for Running For Rachael 2026 on Sunday, September 27th in support of suicide prevention. Feed your soul and move your body during our 14th Year of continuing to build hope and change lives. Running or walking not your thing? That’s okay, there are lots of nourishing ways you can help! Stay tuned!
