Being your own boss definitely comes with benefits, including flexibility, independence and the ability to build something on your own terms. But when you’re buying a home, self-employment can make securing a mortgage more challenging. Traditional lenders often rely on straightforward income verification and, if you’ve written off expenses to reduce your taxable income, the numbers on paper may not reflect your true financial strength.
This is where working with your trusted mortgage agent can make all the difference. They understands that self-employed individuals often have more complex financial situations. While banks may focus strictly on your Notice of Assessment or T4 slips, an experienced agent can look deeper. They know which lenders will consider additional documentation – such as business bank statements, contracts or financial statements – that paint a clearer picture of your true earning power.
Access to more lending options
There are lenders who specialize in working with self-employed borrowers. These lenders often offer more flexible guidelines, allowing them to assess your application on more than just declared income. This flexibility can mean the difference between a decline at a traditional bank and an approval with a lender who values your overall financial health.
Beyond access to lenders, your mortgage agent is also your advocate. They’ll help you present your finances in the best possible light, explain how different mortgage products fit with your goals and negotiate on your behalf to secure favourable terms.
If you’re self-employed, don’t let write-offs and complex income reporting hold you back from homeownership. By working with a knowledgeable mortgage agent, you’ll gain an advisor who sees beyond the numbers and helps you find solutions tailored to your unique situation.
Ready to explore your mortgage options as a business owner or entrepreneur? Answers to all your questions are a call or email away