Self Employed Mortgages

Our guide to home ownership when being self employed

Own a business?

At Inspired Mortgage, we help contractors, gig workers and entrepreneurs secure self-employed mortgages.


Being your own boss is hard work — securing a self-employed mortgage shouldn't be.

Whether you're a full or part-time entrepreneur, contractor or gig economy worker, investing in a home can be a great way to secure your financial future.


Unfortunately, scoring a great rate on a self-employed mortgage can be an uphill battle. Big banks have always given preferential treatment to borrowers who are employed in a 'regular' job, but the reality is there's more entrepreneurs than ever before, and many are exceptionally successful.


We get that.


At the Inspired Mortgage, we're up-to-date on the latest rules and requirements home buyers who are self-employed. We work hard to help business owners and freelancers become homeowners with customized financing options.


Multiple jobs? Have hourly and self-employment income? No problem.

If you're like a lot of folks, you earn income from more than one source. Maybe you work 30 hours a week at a desk job, and moonlight as a server. Or you're running a successful business, but you also pick up a few shifts to help out your old boss.


No matter how you earn your money, our mortgage planners are here to make financing your home purchase simple and stress-free.


While the big banks haven't quite embraced self-employed borrowers, at the Inspired Mortgage, we do. We'll work with you to remove traditional barriers to buying a home, including the narrow lending criteria used by many financial institutions.


Click here, when you're ready to get started on your self-employed mortgage application. Or take a look at our guide below for more information.

Overcoming the challenges of being self-employed.

  • How can I qualify for more without increasing my net income?

    If you keep most of your income inside your company, we can qualify you for a mortgage using the gross deposit of business income over the last 12 months or allowing for retained earnings within your corporation to be included. Meaning you can have your cake and eat it too.

  • So what exactly is considered as qualifying income?

    Qualifying income at most banks would be considered your line 150 net income averaged over the last two years. We, as your broker, can further "gross-up" your net income by 15% or use add-backs from your T1 General. 

     

    If the above income is insufficient or less than two years in business, we can qualify you with lenders with as little as six months of business for self. 

     

    Qualifying income can be dividend income, T4'd salary income and commission earnings. 

  • What income documents will I need?

    Lenders will require: 

     

    - Your last two years of full T1 Generals and the associated notices of assessment

    - If incorporated: your whole articles of incorporation

    - If sole proprietor: your business or HST registration

    - Last six months of bank account statements

  • If my business produces a seasonal income, will I still qualify?

    Yes, the same averages and same income requirements apply as if you earned full-year income.

  • Why do I need so much documentation?

    We recommend connecting us via email with your accountant so we can obtain the relevant documentation on your behalf. 

     

    Our document collection process has made sharing and uploading these documents easy and convenient. 

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