Self-Employed Mortgage Broker Toronto

A self-employed mortgage is a mortgage that caters to individuals who own their own business or work as a freelance or contract worker. A mortgage for a self-employed worker can be used towards purchasing or refinancing residential or commercial property either as a first-time or seasoned buyer.

Self-employed mortgages can also be used to consolidate debt, pay for tuition or a major property renovation. Changing mortgage regulations have made it more challenging for self-employed individuals to access traditional mortgages, which is why creative self-employed mortgage products have become the go-to solution.

The short answer is: Yes. People do it all the time with the help of a skilled mortgage broker.

The slightly longer answer is this. In Canada, mortgage regulations have changed significantly in recent years. Now, accessing a traditional mortgage from a traditional lender can prove more difficult for self-employed individuals who do not work a salaried 9-5 job.

But that doesn’t mean securing a mortgage if you’re self-employed is impossible – far from it. In most cases, private lenders will approve a mortgage when you’re self-employed, whether you own your own business or work full-time in freelance positions. To help facilitate this process, we recommend working with our mortgage brokers in Toronto and the GTA, who can access a wide array of lending options.

The first step to securing a mortgage when self-employed is understanding what products are at your disposal. Drop us a line and we’d be happy to run through your options.

The next step is to let us work our magic. As real estate experts, mortgage brokers understand the housing market and the ever-changing mortgage regulations in their province. In Ontario, our brokers are always up-to-date with the latest regulations, which allows them to provide their self-employed clients with mortgage solutions that work for their needs and goals.

On your journey toward self-employed mortgage approval, we’ll ask you to complete our simple application process. Your broker will ensure you’ve provided the proper identification and documents to submit to our vast network of lenders. With this information, we’ll connect you with self-employed mortgage lenders in Toronto who can provide fair and competitive rates and terms.

Applying for a mortgage as a self-employed individual is similar to securing a traditional mortgage. You’ll be asked to prove certain qualifications and present specific documents during the application process, including:

• Personal and/or Business Credit Scores
• Proof of HST/GST Payments in Full
• Contracts Outlining Previous and Expected Future Revenue
• Financial Business Statements
• Business Bank statements
• The last 2 years of your personal tax / business tax Notice of Assessment

If you’re already knee-deep in various spreadsheets and documents for work, don’t worry – this isn’t an onerous process. At Stonefield Mortgage, we’ve ensured that our application process is as streamlined as possible by using an effective mix of experience, know-how and cutting-edge tech.

The process works in the following way.

• You fill out your application, which will ask a series of base questions related to your goals, income, debt and what brought you to Stonefield Mortgage
• We will request the documents we will most likely need for approval to place your file with the lender who best aligns with your goals
• We submit your file to the lender for approval. They provide us with a conditional commitment
• We follow up with you to fulfill all those conditions (such as requesting additional documents and getting an appraisal on the property)
• You get funded!

Once again, we have a short and long answer here. The short answer is: You’ll have access to the best lenders for you. The longer answer is that Stonefield Mortgage puts you in contact with diverse lending options in Toronto and the GTA, like:

AAA Lenders

• TD Bank
• Scotiabank
• National Bank
• First National Financial
• Lendwise/Merix
• MCAP
• RMG
• Meridian Credit Union
• DUCA Credit Union
• Desjardins Credit Union

B Lenders

• Home Trust
• Equitable Bank
• NPX
• Haventree Bank
• XMC (now MCAN Home) and more.

Schedule your free consultation today to learn more about your options, and discover how Stonefield Mortgage is helping self-employed borrowers secure mortgages that fit their lifestyle.

The type of mortgage you can secure when you’re self-employed is determined based on several factors, including credit score, income, and the amount you can afford to submit as your down payment.

A self-employed mortgage calculator can help you determine approximately how much you’ll qualify for as a borrower.

When it comes to applying for a mortgage, it can be overwhelming to navigate the process on your own — especially if you work outside the traditional 9-5 landscape.

Rather than trying to apply for a mortgage as a self-employed borrower on your own, a licensed broker can help make the process simpler and more efficient. As a seasoned real estate professional, a mortgage broker understands how the mortgage industry. Their job is to facilitate a relationship between their client and lenders that can help them meet their financial goals — including private lenders that specialize in niche mortgage solutions.

At Stonefield Mortgage, we work with our clients to find cost-effective and flexible mortgage terms that work for their lifestyles and budgets. We understand the challenges self-employed borrowers face securing mortgages — but with our industry insight and experience, we can always help you find the right lender.

The cost of working with a self-employed mortgage broker may vary depending on the mortgage solution you secure and your broker’s fee schedule.

At Stonefield Mortgage, we believe in offering fair and transparent services. We help clients secure mortgages when self-employed at rates and terms they can feel good about. Our brokers provide comprehensive fee breakdowns, so you understand what we charge for our licensed services. If you’re ever in doubt, don’t hesitate to contact us using the “Book a Call” tab in the top-left corner there.

At Stonefield Mortgage, our goal is to provide our clients with access to top lenders and mortgage solutions in Toronto and the GTA.

By pulling from a network of lenders, we present you with the full scope of your options. Then, we discuss. We collaborate with you to explore what’s best for your life. That might include talking about:

• First Mortgage Financing
• Second Mortgage Financing
• Private Mortgage Financing
• Mortgage Refinancing
• Mortgage Renewals
• Debt Consolidation Mortgage
• Bad Credit Mortgage or Low Credit Mortgage
• Business for Self Mortgages (BFS)
• Reverse Mortgages

With access to more lenders and product options, we’re able to offer unique and innovative solutions to help our clients meet their financial goals.

With Stonefield Mortgage, it boils down to four essential ingredients:

• Ample experience
• Loads of lenders and product options at our disposal
• A client-centric approach that looks at your goals and financial situation holistically
• And industry-leading technology that lets us analyze your options fast to deliver high loan amounts, competitive rates, quick approvals and stress-free transactions. ‘

Those four ingredients put us ahead of the pack in Toronto and the GTA. They’ve positioned us to help hundreds of satisfied clients. We can’t count how many mortgages for self-employed individuals we’ve secured. But we do remember those celebratory moments when we got to tell people “Congratulations – you’re approved!”

To experience the Stonefield Mortgage difference, book a free consultation or get the ball rolling with our straightforward application process.

In Canada, borrowers must be self-employed workers or small business owners for at least two years and must show two years’ worth of legitimate financial and credit management to qualify for a self-employed mortgage with a AAA lender.

If it has been less than 2 years for you, please feel free to reach out to us anyway so we can discuss your options or provide guidance on how to make sure you can get approved for a mortgage with a B lender and move to an A lender in the near future!

Stonefield Mortgage is proud to be a leader in quality mortgage solutions in the GTA. We’ve served this great city for over 15 years, helping borrowers achieve their financial goals through mortgage renewals, debt consolidation mortgages, and mortgages for self-employed individuals.

You can find us in virtually every corner of the GTA, including:

• Vaughan
• Mississauga
• Brampton
• Etobicoke
• Pickering
• Ajax
• Aurora Oakville
• Markham
• Richmond Hill
• Scarborough
• Newmarket
• Whitby
• Toronto

Contact us today to set up a free 15-minute consultation.