Self-Employed? Here’s How to Get a Mortgage
This article was written by a human in collaboration with actual mortgage brokers to ensure you get real-world advice, not just an algorithm.
You’ve built a business from the ground up. You’ve mastered your craft, managed your cash flow, and probably spent a few late nights making sure everything runs smoothly. But when you walk into a big bank to talk about a mortgage, suddenly it feels like you’re being grilled.
Banks love T4 slips and predictable paycheques. When they see a self-employed borrower, they see variable risk. They look at your tax returns, see all those smart business deductions your accountant made, and conclude that you don’t make enough – even if your bank account says otherwise.
At Get a Better Mortgage, we don’t just look at a single line on your tax return. We look at the whole picture. We’re household debt managers, and we know that getting a self-employed mortgage should be easy.
Understanding Self-Employed Mortgage Requirements
Think of a mortgage broker as the human version of a comparison website. Instead of walking into one bank and hoping you fit into their rigid “salary-only” box, we shop your profile to dozens of lenders – many of which specialize in Business-for-Self (BFS) programs.
While a bank may only look at your net income, specialty lenders can look at your gross income, or even bank statement deposits, to see what you actually bring in.
1. The Income Calculation 2-Year Rule
Most traditional lenders will take your Notice of Assessment (NOA) from the last two years and average them. For example, if you made $80,000 in 2024 and $100,000 in 2025, they’ll qualify you at $90,000.
A word of caution: If your income dropped in the most recent year, lenders will usually use that lower number instead of the average. If you’re planning to buy a home soon, it’s worth chatting with us before you file your next return. Sometimes, aggressive tax write-offs can actually cost you thousands in mortgage qualifying power.
2. Your Document Checklist
To show a lender you’re a safe bet, you need to bring the receipts. Start gathering these early to keep the process moving forward:
- Your T1 Generals/full tax returns and NOA for the last two years.
- Articles of Incorporation and/or your business license.
- 6 to 12 months of bank statements (business and personal) showing consistent deposits.
- Confirmation that your GST/HST and personal taxes are paid in full. Most lenders won’t move forward if you have an outstanding balance with the CRA.
Dealing with Challenging Credit
If your credit score isn’t where you want it to be, or you haven’t hit that two-year mark in your business yet, don’t assume the door is closed. We call this “challenging credit” and it’s a situation we handle every day.
Because we have access to B-lenders and private lenders, we can often find solutions that big banks simply aren’t allowed to offer. These lenders care more about the equity in your property and your business’s actual cash flow than a single credit score.
Don’t Just Get a Mortgage, Get a Better Mortgage
The bank will give you a yes or no based on a computer program. We give you a strategy. Whether you’re a freelancer, a contractor, or a CEO, you deserve a mortgage that recognizes the hard work you’ve put into your business.
If you’re tired of big bank energy and want a straightforward look at what you can actually qualify for, we’re here to help. Let’s find your best financing solution – book a call with our care coordinator today.
