Frequently Asked Questions

For a self-employed mortgage, a minimum of 12 to 15% of the deposit is based on the current market evaluations. But this also comes with conditions such as having a well-established self-business with an experience of over 3 years and account statements as evidence to support your application.

While you cannot get a mortgage without a proof of income, but you can get it using non-conventional proofs of income such as pay stubs, tax returns etc. Lender allows you to use documents such as your bank statements to prove that you can pay back the mortgage loan.

For the bracket of income, the maximum you can do is land a house pf $105,000 but where would you get a house of that cost in this economy. If you are single then this may be tough for you but for a couple, the income brackets improve significantly, and a better home can be bought.

Typically, 2 months of the most recent bank statements are needed by the lenders to have a look at your financials along with the mortgage situation. The account statements are required for any account that maybe holding funds that you will use to qualify for the self-employed loan.

It is better to clear all debts off your credit card before you apply for a mortgage. This significantly improves your credit score and allows you to have a better credit history as well. What you require are the financial proofs such as account statement, tax returns, your credit score etc.

You can get a mortgage for self-employment in Canada given you have a 2-year experience, and you have the proofs of income. Conventional as well as non-conventional work just fine for it. The debt that you might have needs to be documented and it will impact your approval chances just like it any other applicant.