Self‑Employed Mortgage Solutions in Coquitlam

Why Self‑Employed Mortgages Are Unique

Lenders need reassurance that your income is both provable and sustainable. Many new business owners feel like they’re seen as poor credit risks even when their earnings are steady.

Fortunately, Canadian lenders now recognize the value of self‑employment and offer dedicated programs to make homeownership a reality.

Documentation lenders expect

To demonstrate your financial health, gather the following:

• Personal tax returns (T1 General) and Notices of Assessment (NOA) for the last two years.
• Business financial statements (profit and loss, balance sheet) if you own a corporation.
• Proof of business ownership such as a license or articles of incorporation.
• Bank statements showing consistent cash flow (many lenders ask for six months).
• A strong credit report, showing timely bill payments and low credit utilisation.

These documents help a lender assess your ability to repay and may reduce the down‑payment requirement.To demonstrate your financial health, gather the following:

Down‑payment & Credit Guidelines

Lenders usually want a higher down payment from self‑employed borrowers to offset perceived risk. In BC, homes over $CAD 1Million require at least 20% down. Aim for a credit score of 680 or higher and try to keep your debt‑to‑income ratio reasonable. The more equity you bring to the table, the more flexibility you have.

Strategies for Self‑Employed Borrowers

• Keep detailed financial records. Use accounting software or an accountant to track income and expenses. Limiting write‑offs in the two years leading up to your application helps show higher net income.
• Build a larger down payment. Saving 20% or more strengthens your application and may allow access to conventional programs.
• Stay mortgage‑ready. Avoid changing jobs, reducing your income or opening new credit lines before closing; lenders prioritize stability. For more tips, see my blog post Stay Mortgage‑Ready: 10 Mistakes to Avoid Before Closing Day
• Work with a mortgage professional. Unlike a bank that offers only its own products, a licensed mortgage broker sends millions of dollars in mortgage business to Canada’s largest banks, credit unions and trust companies, giving you access to hundreds of products.

Helpful Programs & Rates

Canada’s mortgage landscape is diverse and evolving. Financial institutions regularly launch new products such as interest‑only loans, self‑employment programs, rental purchase programs and vacation property financing. To decide whether a fixed or variable rate fits your plans, or to understand the impact of recent Bank of Canada rate changes, explore these articles:

• Bank of Canada Rate Cut: What It Means for the Real‑Estate Market
• How Important Are Rates When Shopping for a Mortgage?

First‑time buyers may also qualify for government incentives like the GST rebate on new builds. Read my post GST Break for First‑Time Buyers: What It Means for Homeowners in Coquitlam and the Lower Mainland for details.

Why Work With Kelly Bates?

As a local mortgage broker rooted in Coquitlam, I understand the nuances of our market and the broader western Canadian landscape. I leverage relationships with multiple lenders to secure competitive rates and tailor solutions for entrepreneurs. My goal is to simplify a complex process so you can focus on growing your business and enjoying your new home.

Ready to Start?

Owning a home as a self‑employed professional is more achievable than ever. I invite you to schedule a free consultation to discuss your situation, review documents and map out your mortgage strategy. Together we’ll explore options and put you on the path to homeownership.