SELF-EMPLOYED MORTGAGES IN MISSISSAUGA, ON
Mortgage Solutions for Business Owners and Self-Employed Canadians
Being self-employed shouldn’t prevent you from buying a home or accessing the equity you’ve worked hard to build. At Dove Mortgages, we help business owners, contractors, freelancers and other self-employed borrowers understand their mortgage options and find financing that fits their financial situation.
Self-Employed? Your Mortgage Doesn't Have to Be Complicated.
Getting a mortgage when you’re self-employed can be different from qualifying as a salaried employee.
Your income may fluctuate from year to year. You may deduct legitimate business expenses that reduce the taxable income shown on your tax return. Your business structure may also affect how your income appears on paper.
That doesn’t automatically mean you can’t qualify.
A self employed mortgage broker can review the complete picture, including your income, business history, credit, down payment, debts and property, to determine which mortgage options may be available.
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Looking for a Mortgage Broker for Self-Employed Borrowers?
The right mortgage isn’t simply about finding the lowest advertised interest rate. It starts with finding a lender whose qualification requirements work with the way you earn your income.
At Dove Mortgages, we help self-employed borrowers understand what lenders are looking for before submitting an application.
Instead of trying to fit every business owner into the same qualification process, we review your situation individually and identify lenders and mortgage products suited to your circumstances.
Common Mortgage Challenges for Self-Employed Borrowers
1
Business owners often claim legitimate expenses that reduce their taxable income.
While this can be beneficial from a tax perspective, it can create challenges when applying for a mortgage because lenders need to determine how much reliable income can be used to qualify.
We review your financial documents and help determine how different lenders may assess your income.
2
Self-employed income isn’t always consistent.
One year may be significantly stronger than another because of business growth, seasonal demand, investments in the company or economic conditions.
Depending on the lender and mortgage program, several years of financial information may be reviewed to establish sustainable income.
3
Employees can often demonstrate their income using employment letters and pay stubs.
Business owners may need a different combination of documents, such as tax returns, Notices of Assessment, financial statements, business bank statements or corporate documents.
Knowing what to prepare before applying can make the mortgage process much smoother.
4
A traditional lender’s mortgage guidelines may not work well for every self-employed applicant.
Being declined by one lender doesn’t necessarily mean there are no other options.
Different lenders may assess self-employed income differently, which is why comparing available mortgage programs can be especially important for business owners.
5
A long operating history can make income easier to document, but newer businesses require a closer look at the overall application.
Your previous experience, current business performance, credit history, available down payment and other financial information may all become important when reviewing possible mortgage solutions.
The Solution: A Mortgage Strategy Built Around Self-Employment
Working with a mortgage broker for self employed borrowers gives you the opportunity to look beyond a single lender’s qualification requirements.
We start by understanding how your business operates and how you earn your income.
Then we review the documentation available, determine how lenders may look at your application and compare suitable mortgage options.
Our goal is simple: present your financial situation clearly and connect you with a mortgage solution that fits your circumstances.
More Lender Options
Instead of relying only on your current lender, Dove Mortgages compares options from multiple lenders.
Clear Cost Review
We help you understand possible transfer fees, legal costs, and savings before you decide.
Less Paperwork Stress
Our team helps with documents, lender communication, and the transfer process from start to finish.
Learn More About Self-Employed Mortgages in Mississauga
What Documents May a Self-Employed Mortgage Applicant Need?
The documents required will depend on your business structure, lender and mortgage application.
You may be asked for documents such as:
- Personal Notices of Assessment
- Personal income tax returns
- Business or corporate financial statements
- Business bank account statements
- Personal bank statements
- Articles of incorporation or business registration
- GST/HST documentation where applicable
- Proof of your down payment
- Investment or savings statements
- Existing mortgage statements
- Property information
- Information about your current debts and credit obligations
You won’t necessarily need every document listed above.
We review your situation first and explain what documentation is required for the mortgage options being considered.
Sole Proprietor, Incorporated or Contractor? Your Mortgage Application May Look Different.
Sole Proprietors
If you operate as a sole proprietor, your business income and expenses are generally reported through your personal income tax return.
We review the income documentation available and determine how participating lenders may calculate qualifying income.
Incorporated Business Owners
If you operate through a corporation, your personal income may come from salary, dividends or a combination of both.
Depending on the mortgage application and lender, additional corporate financial information may be useful in understanding the strength and stability of the business.
Contractors and Freelancers
Contractors and freelancers may receive income from one client or several different sources.
We help organize the documentation so lenders can clearly understand where your income comes from and how consistently it has been earned.
Commission-Based and Variable-Income Borrowers
Income that changes throughout the year may require additional documentation.
Instead of looking only at one month’s earnings, lenders may consider a broader history when determining sustainable qualifying income.
Why Work With a Mortgage Broker Specializing in Self Employed Borrowers?
Self-employed mortgage applications can require more preparation than a straightforward salaried application.
Working with a mortgage broker specializing in self employed borrowers can help you understand the process before your application reaches a lender.
Understand Your Income
We review your income structure and financial documents to understand how your earnings may be considered for mortgage qualification.
Compare Mortgage Options
Different lenders can have different approaches to self-employed applicants.
We compare appropriate mortgage products rather than limiting your search to the products offered by one financial institution.
Prepare the Application Properly
Documentation matters.
We help identify the documents needed and organize the application so the lender receives a clear picture of your financial situation.
Understand the Total Cost
Interest rate is important, but it isn’t the only consideration.
We also help you understand mortgage terms, payment options, penalties, fees and other conditions before you make a decision.
Find an Option That Fits Your Goals
Your mortgage should work with your broader financial plans.
Whether you’re buying your first home, moving, refinancing or accessing equity, we look at the mortgage in the context of what you’re trying to accomplish!
How Our Self-Employed Mortgage Process Works
1
Tell Us About Your Situation
We start by learning about you and your business.
We’ll discuss your business structure, how long you’ve been self-employed, your income, down payment, credit, debts and what you’re trying to accomplish.
2
Review Your Documents
Next, we look at the documentation available to support your mortgage application.
This allows us to identify potential issues early and determine which lenders may be appropriate.
3
Compare Suitable Lenders
Once we understand your financial situation, we compare suitable mortgage products and lenders.
The goal is to find an appropriate combination of qualification requirements, interest rate, mortgage terms and flexibility.
4
Complete Your Application
After you choose an option, we help prepare and submit the mortgage application and coordinate the documentation required by the lender.
We keep you informed throughout the process so you know what’s happening and what comes next.
How to Choose the Best Mortgage Broker for Self Employed Borrowers
If you’re looking for the best mortgage broker for self employed financing, don’t focus only on the advertised mortgage rate.
Ask how the broker will evaluate your income, what documentation you should prepare, which types of lenders may be appropriate and why a particular mortgage is being recommended.
A good mortgage strategy should help you understand:
- How your qualifying income is being calculated
- What documents the lender requires
- What mortgage options are available
- The interest rate and mortgage term
- Prepayment privileges
- Potential penalties
- Applicable lender or brokerage fees
- Closing costs
- Why the recommended mortgage fits your situation
You should understand both the advantages and the costs before committing to a mortgage.
Frequently Asked Questions
Can I get a mortgage if I'm self-employed?
Yes. Self-employed Canadians can qualify for mortgages. The lender will need to verify your income, credit, down payment and overall ability to make the mortgage payments. The exact requirements depend on the lender and mortgage program.
Is it harder to get a mortgage when you're self-employed?
The process can require more documentation because self-employed borrowers don’t always receive a predictable salary or conventional employment documents.
The key is demonstrating sustainable income and providing the documentation required by the lender.
How many years of income history do I need?
Many mortgage applications for self-employed borrowers use historical income documentation, and Notices of Assessment from the previous two years are commonly requested. Exact requirements vary by lender and by the borrower’s circumstances.
What if my taxable income is low because I deduct business expenses?
This is a common concern for business owners.
A lower taxable income can affect mortgage qualification with some lenders. The appropriate approach depends on your business, financial statements, tax returns, down payment and the lender’s qualification guidelines.
We can review the numbers before submitting your application and explain which options may be available.
Can I qualify if I'm incorporated?
Yes. Incorporated business owners can qualify for mortgages.
Because income may be paid through salary, dividends or both, the lender may request personal and corporate documentation to understand your overall financial position.
Can a self-employed person get mortgage pre-approval?
Yes.
A pre-approval can be particularly helpful for self-employed buyers because it provides an opportunity to review income documentation and possible qualification issues before making an offer on a property.
What does a self employed mortgage broker do?
A mortgage broker self employed borrowers work with reviews your income, tax and business documentation, credit, debt and down payment before determining which mortgage options may fit.
The broker can then help prepare the application, compare appropriate lenders and guide you through the approval and closing process.
When should I contact a mortgage broker?
Ideally, contact a broker before you need the mortgage.
If you’re planning to purchase a home, starting early gives you time to review your income documentation, address potential qualification issues and establish a realistic budget before making an offer.
If you’re refinancing, an early review allows you to compare the potential savings or benefits against any costs associated with changing your existing mortgage.
