Why Self-Employed People Have Different Mortgage Requirements

Applying for a mortgage for self-employed Canadians isn’t the same as applying with a 9-to-5 salary. Traditional lenders sometimes want extra documentation and income verification to grant self-employed mortgages, making the process more cumbersome for entrepreneurs.

At Millennium, we understand these challenges and help simplify them:

  • More Documentation: Be ready to show tax returns, Notice of Assessments, business financials, and bank statements.
  • Fluctuating Income: We understand your income may vary month-to-month, and we know how to present it effectively to lenders.
  • Special Considerations: We help you address additional requirements like showing active business status, credit history, and savings.

Our team makes it easier to qualify for a mortgage if self-employed with expert advice and lender connections that work in your favour.

What We Offer

At Millennium, we aim to help to get home loans for self-employed individuals. Our financing services are tailored to your professional way of life.

  • Flexible Income Documentation: We help organize your income, whether you’re paid through dividends, salary, or business profits.
  • Access to Top Lenders: As a trusted self-employed mortgage broker, we work with a wide network of lenders who understand your unique financial situation.
  • Fast Approvals & Competitive Rates: We help you find the best mortgage for self-employed borrowers without unnecessary delays or roadblocks.

Who We Help

For all kinds of independent contractors, we provide mortgage solutions:

  • Sole Proprietors: Small business owners reporting income under their personal name.
  • Incorporated Business Owners: Entrepreneurs who pay themselves via salary or dividends.
  • Freelancers & Contractors: Designers, consultants, artists, and gig economy workers.
  • Commission-Based Workers: Salespeople, brokers, and real estate agents.

No matter how you earn your income, we’re here to help you qualify.

How It Works

Getting started with Millennium is easy. Here’s how we help:

  • Tell Us About Your Business: Submit your income, documents, and business details online or in person.
  • We Match You With the Right Lender: We’ll compare offers and help you find the best-fit lender for your income and credit profile.
  • Get Approved & Move Forward: Once approved, we’ll guide you through the next steps—from paperwork to homeownership.

Frequently Asked Questions (FAQs)

  • What documents do I need to apply?
    At a minimum, you’ll need your last 2 years of tax returns, Notice of Assessments, business financials, and bank statements.
  • Can I qualify with only business income?
    Yes. We help you present business income clearly, whether it’s a sole proprietorship or an incorporated entity.
  • Will my rates be higher?
    Not necessarily. Competitive rates are available to self-employed borrowers with the right paperwork and assistance.
  • What happens if my company has been operating for less than two years?
    It’s still possible to qualify. We look at your full financial picture and offer tailored advice based on your situation.