Vince is the best Mortgage Specialist. As first time home buyers, it was comforting to work with Vince, as he was very knowledgeable and experienced in this field. He was able to provide us with th...
Jacqui Carli - Barrie
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Self-Employed Mortgages in Barrie, Ontario
Getting a mortgage when you are self-employed can feel more complicated, but it does not have to feel confusing. Vince Savoia helps Barrie business owners, contractors and entrepreneurs review income, documents, lender options and the next steps with clear guidance.
Review My Self-Employed Mortgage Options
Mortgage Help for Barrie Business Owners and Contractors
Self-employed borrowers often have strong earning power, but their income can be harder to explain on paper.
You may pay yourself through dividends, leave income in the corporation, claim business expenses, work on contract, have seasonal revenue or show income that changes from year to year.
Vince helps Barrie entrepreneurs, tradespeople, consultants, real estate professionals and small business owners review how lenders may look at the full picture.
If you already own a home, it may also be worth comparing your options with mortgage refinancing in Barrie.
What to Prepare Before Applying as a Self-Employed Borrower
The stronger your paperwork, the easier it is to tell the story behind your income. Depending on your situation, lenders may look at tax documents, business bank statements, financial statements, contracts, incorporation details, business history and credit profile.
You can start with Vince’s mortgage calculators for payment planning, then request a free mortgage review to understand what documents may be needed. If your income or credit profile does not fit a traditional lender, private or alternative mortgage options may also be worth reviewing carefully.
- Gather recent personal tax returns, Notices of Assessment and any business income summaries you have available.
- Prepare business documents, such as incorporation records, business registration, contracts or invoices if applicable.
- Review your bank statements so deposits, revenue patterns and cash flow can be explained clearly.
- Know how you pay yourself, including salary, dividends, draws or retained business income.
- Check your credit report before applying so any issues can be addressed early.
- Review your down payment source and make sure the paper trail is clear.
- Speak with your accountant before making major income or deduction changes for mortgage purposes.
? Did You Know?
Did You Know Self-Employed Income Can Be Reviewed in Different Ways?
CMHC notes that documentation for self-employed borrowers depends on the borrower’s financial circumstances and may include account statements, business documentation, signed contracts and proof of business history. That is why a self-employed mortgage review should focus on more than one number on a tax return.
Self-Employed Mortgage FAQs
Have questions about getting a mortgage when you are self-employed in Barrie? Here are helpful answers for small business owners, contractors and entrepreneurs.
Yes, self-employed borrowers can get mortgages, but the application may require more documentation than a standard salaried file. Lenders usually want to understand your income, business history, credit, down payment and overall financial stability.
Common documents may include tax returns, Notices of Assessment, business financial statements, T2125 forms, bank statements, incorporation documents, contracts or invoices. The exact list depends on how your business is structured and how your income is reported.
It depends on the lender and the program. Some lenders focus heavily on reported net income, while others may review business financials, add-backs, bank statements or other supporting documents. Vince can help explain how different lenders may look at your file.
Possibly, but heavy write-offs can reduce the income shown on paper, which may affect qualification. This is why it helps to review your documents before applying and speak with your accountant before changing how you report income or expenses.
Yes. Incorporated business owners may be reviewed differently depending on how they pay themselves, how much income remains in the corporation, how long the business has operated and what documentation is available to support the application.
Variable income is common for self-employed borrowers. Lenders may review income history, business consistency, contracts, bank deposits and the reason for changes. A clear explanation can help the lender understand the file more accurately.
Vince can help you organize your documents, review your income structure, compare lender options and understand what may strengthen your application. The goal is to make the mortgage process clearer before you buy, refinance or renew.
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