Self-Employed Mortgage

Getting Your Self Employed Mortgage Approved

Roughly 20% of Canadians are self-employed. While many Canadians like to avoid this option because of the responsibility and perceived financial burdens, if you do your due diligence the process does not have to be complicated. If you are self-employed, you know how rewarding yet difficult it can be, especially when you’re trying to buy a home.

Banks tend to treat self-employed people differently than others when it comes to applying for mortgages, so if you’re self-employed we recommend getting help. The mortgage brokers at DLC Regional Mortgage Group can help you go through the documentation and applications thoroughly so that you can get your self-employed mortgage approved in Calgary.

Applying for a Self Employed Mortgage in Calgary

One of the most common issues self-employed people have to manage is that banks don’t always recognize that their documented income is the net of expenses used to reduce overall taxable income. When considering you for a mortgage, the banks will look at your:

  • Credit score
  • Income
  • Down payment percentage

To verify these factors, the bank requires certain documentation. Some of the documents that you have to provide for the lender or bank are your most recent years of tax returns. As a self-employed person, your tax return may show a significantly lower income than what you actually take home based on tax deductions you’ve taken and other factors. 



How to Get a Self Employed Mortgage in Calgary 

Based on the factors the bank considers when approving mortgages, the top 3 ways you can get rejected for a mortgage are:

  • Insufficient income 
  • Poor credit history
  • Too small down payment

To most easily wade through these difficulties and get your mortgage approved, you should schedule extra time with a mortgage professional when preparing to purchase a home. This extra time can mean months or even years depending on your financial situation. By allotting extra time to prepare, your mortgage professional at DLC Regional Mortgage Group can help you strategize and avoid the headache that many self-employed individuals often face. 



Contact DLC Regional Mortgage Group

DLC Regional Mortgage Group is affiliated with most financial institutions and deals with over 30 lenders. Our mortgage professionals can help you get the best rate, terms and conditions available to you in a hassle free process. And, in most cases, you get our advice for free because we are paid directly from the lender. As a self-employed person, you need extra help when applying for a mortgage. To learn more about getting a self-employed mortgage in Calgary, please give us a call.

mortgage calculator
mortgage types
apply now

Don’t Wait

Applying for a mortgage with us is simple, efficient and secure, so why wait?

DLC Regional Mortgage Group

102-5229 50th Ave
Red Deer, AB T4N 4B4


110A McLeod Avenue
Spruce Grove, AB T7X 3A4


5 Richard Way SW, Suite 300
Calgary, AB T3E 7M8

Phone

Red Deer 403-343-1125
Spruce Grove 780-962-1929
Calgary 403-228-7800


Email 

info@regionalmortgage.ca

Hours
We’re available to accommodate all schedules.

Send to a friend

Send the url of this page to a friend of yours

Created by

Legal notice