Self Employed

Small and medium-sized businesses are the engine of the Canadian economy

Obtaining a mortgage as a self-employed individual in Canada can present unique challenges, but at Lenders' Choice Mortgages in Toronto, we understand the specific needs and circumstances of self-employed borrowers. Our team of experienced lenders specializes in navigating the Canadian mortgage landscape, ensuring that self-employed individuals have access to competitive rates and favourable financing options. Get in touch today.

Our Expertise

When it comes to securing a mortgage as a self-employed borrower, Canadian mortgage laws and regulations require additional documentation to verify income and ensure affordability. At Lenders' Choice Mortgages, we are equipped to guide self-employed individuals through this process, making it as smooth and efficient as possible.

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Proof of Income

One of the key requirements for self-employed borrowers is providing proof of income. While salaried employees typically use their T4 slips, self-employed individuals must often provide a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) for the past two years. This document shows your declared income and helps lenders assess your eligibility for a mortgage.

Proof of Business Financial Health

Additionally, self-employed individuals may need to provide business financial statements, including balance sheets, profit and loss statements, and bank statements, to demonstrate the financial health of their business. Our team at Lenders' Choice Mortgages can help you compile the necessary documentation and ensure it meets the requirements of Canadian mortgage lenders.

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Larger Down Payment

Another important factor to consider when obtaining a mortgage as a self-employed borrower is that lenders may require a larger down payment compared to traditional employment situations. This ensures that the borrower has a significant stake in the property and reduces the risk for the lender.

Call Today

At Lenders' Choice Mortgages, we work closely with self-employed borrowers to understand their unique financial circumstances and find mortgage solutions that suit their needs. Our expertise in Canadian mortgage laws and regulations allows us to provide specialized guidance throughout the application process, ensuring that self-employed individuals can secure the financing they require for their dream home. Get in touch today.