It doesn’t matter if your office is a garage, a downtown shared space or the front seat of your pickup truck, being your own boss is truly a thing of beauty. Of course, being self-employed comes with a lot of perks like flexible working hours, charting your own destiny, and the allure of a cubicle-free paradise. But, does it seem like the Canadian mortgage products were designed for the typical T4 employee?
In the scenario when you are self-employed most lenders require that personal tax notices of Assessment from the past 2-3 years be included with the mortgage application. If you are able to provide the above stated proof of income, you can access the same mortgage products and rates as normal borrowers, if you cannot then at least you should have a good credit history and provide a minimum down payment of 10%.