There is a misconception that it’s difficult for a self-employed buyer to secure financing to buy a home. But with more than 13% of Canadians working for themselves, simply being self-employed should not disqualify you from being approved for a mortgage. It just means that the process and requirements may be different compared to someone with a traditional full-time job.

A mortgage broker can help you navigate these different requirements. Mortgage brokers help connect borrowers with lenders, so they will know the ins and outs of the mortgage application process and can give you a clear understanding of what you need as a self-employed home buyer.

Below, we explain how a mortgage broker can help self-employed Canadians on their homeownership journey.

Deep industry knowledge and experience

As licensed professionals, mortgage brokers have a wealth of knowledge from both formal training and extensive experience. This makes them great resources for understanding both the lending market and the details of the mortgage application process.

And if you are a self-employed home buyer, working with a mortgage broker can help you better understand what issues may affect your application and what kind of documents or requirements could be needed to accurately describe your whole financial story.

Finding the best solution around your unique situation

An experienced mortgage broker has relationships with different lenders, including alternative lenders such as Home Trust. This means working with a mortgage broker can unlock your financing possibilities by broadening your options, allowing you to find the best solution around your unique financial situation as a self-employed home buyer.

Explaining your entire financial story to lenders

A good mortgage broker will represent your interest as a borrower and explain your financial situation to lenders to help them understand your income sources or revenue streams. So, when you work with a mortgage broker, you are really working with a trusted professional who can act as your advocate to lenders if they have any concerns about your application.

Whether you’re a freelancer, gig worker or small business owner, saying “yes” to working with a skilled mortgage broker can help make your homeownership journey a stress-free experience. And when you’re ready to buy your home, Home Trust has a range of financing options available. Learn more by visiting hometrust.ca/mortgages.

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