Gurnik Singh - Mortgage Broker understands that being your own boss brings freedom and flexibility—but when it comes to getting a mortgage, it can sometimes feel like a roadblock. If you’re a freelancer, contractor, small business owner, or gig worker trying to buy a home, you may have already discovered how traditional mortgage applications don’t quite fit your financial reality.

The good news? Homeownership is absolutely within reach. You just need a strategy—and a broker who understands your situation.

In this blog, we’ll break down how the mortgage process works for self-employed individuals, what lenders look for, how to prepare, and why working with an experienced broker can make all the difference.

Why Is It More Challenging for the Self-Employed?

When salaried employees apply for a mortgage, they usually only need to show pay stubs and a letter from their employer to prove income. But for self-employed people, income isn’t always consistent month-to-month. It may fluctuate due to seasonal work, client contracts, or reinvestment in your business.

This variability means lenders need more documentation and take a deeper look at your finances to ensure you can manage regular mortgage payments. They’re not just looking at how much you make—they’re also evaluating how stable and reliable your income appears over time.

What Lenders Typically Require

To apply for a self-employed mortgage in Vancouver, lenders will want to review:

• Two years of personal tax returns (T1 Generals)

• Notices of Assessment from the CRA to verify taxes are up to date

• Business financial statements (for incorporated or registered businesses)

• Proof of business ownership (license, GST/HST registration, or articles of incorporation)

• A good credit score (typically 680 or higher)

• Proof of down payment and bank statements

Lenders are also interested in your debt service ratios, which show how much of your income goes toward debt payments. Keeping these ratios in check improves your chances of approval.

Tips to Improve Your Chances of Approval

If you’re self-employed and looking to secure a mortgage, here are some proactive steps you can take:

1. Get Your Taxes in Order

Make sure your tax returns are complete and show an accurate picture of your income. Avoid excessive write-offs, as this reduces your declared income and can make you look less capable of affording a mortgage.

2. Keep Your Business Stable

Having at least two years of consistent or increasing income gives lenders confidence in your long-term earning potential.

3. Boost Your Credit Score

Pay your bills on time, keep credit card balances low, and avoid taking on new debt right before applying.

4. Save for a Bigger Down Payment

Putting down more than the minimum—say, 20% or more—can help mitigate any perceived risk from the lender’s perspective.

5. Work with a Mortgage Broker

A broker knows how to package your financial story in the best possible light and has access to lenders who are open to working with self-employed borrowers.

The Benefits of Working with a Mortgage Broker

Unlike banks that often follow strict lending policies, brokers work with dozens of lenders—including credit unions, B-lenders, and private institutions. This means more flexibility and more chances of approval, especially when your income doesn’t fit into a traditional box.

As your broker, I’ll review your full financial picture—not just your declared income—and present your case to lenders in a way that highlights your strengths. We handle the paperwork, negotiations, and all the back-and-forth so you don’t have to.

Most importantly, we don’t stop at just getting you a mortgage. We work with you through your entire term to ensure you’re always in the best position possible as your business and goals evolve.

Why Vancouver Entrepreneurs Need Tailored Mortgage Support

Vancouver’s real estate market is competitive and fast-paced. Whether you're buying your first condo, upsizing to a detached home, or refinancing an existing mortgage, it’s essential to work with someone who knows how to navigate the specific challenges of securing a self-employed mortgage in Vancouver.

From understanding local lender preferences to tailoring your application based on current market conditions, I make sure every detail is optimized for success. You’ve worked hard to build your business—now let’s make sure your homeownership journey reflects that same dedication.

Final Thoughts

Getting approved for a mortgage as a self-employed individual may take more planning, but it’s completely achievable with the right guidance. The key is to prepare early, stay organized, and work with a mortgage professional who can simplify the process.

If you're ready to explore your options or just want to understand where you stand, I’m here to help. Let’s find the solution that fits your business, your lifestyle, and your future.