Parry Sound is home to tradespeople, contractors, business owners, and seasonal workers — people whose income doesn't fit neatly into a bank's standard application form. If you've been declined or told you don't qualify, a second opinion is worth having.
Matthew will review your information and reach out within 2 business hours to walk you through your options.
Most major banks use a single qualification formula — net income from your tax return. For self-employed people, that number is often legitimately reduced by business expenses, creating a gap between what you earn and what the bank will count.
Some lenders will qualify you based on your gross business revenue rather than your net income. This is particularly useful for tradespeople and contractors in Parry Sound with high business expenses.
Certain lenders allow eligible business expenses to be added back to your stated income — increasing your qualifying income without changing your tax return. Depreciation and amortization are common add-backs.
When a major bank says no, that's one lender out of a much larger pool. I have access to credit unions, trust companies, and B lenders who use different qualification criteria for self-employed buyers.
Yes. Being self-employed does not disqualify you from getting a mortgage — but the qualification process is different. Lenders look at your gross revenue, add back eligible expenses, or use a stated income approach depending on your structure and documentation. Many self-employed buyers in Northern Ontario have been declined by their bank and later approved through a broker.
Most major banks look at your net income as reported on your tax return. For self-employed people, that number is often reduced through legitimate business deductions. Alternative lenders and credit unions have different approaches — including gross revenue qualification and add-back programs — that can result in a very different outcome.
Generally: two years of personal tax returns, NOAs (Notices of Assessment), business bank statements showing deposits over the past 12 months, and a list of business expenses. If incorporated, corporate tax returns are also needed. Some lenders will work with one year of self-employment history if the documentation is strong.
Not necessarily. With strong documentation and a solid credit profile, self-employed buyers can access insured mortgages with a standard minimum down payment. With more limited documentation, a larger down payment of 20% or more may open up more lender options. The right answer depends on your specific situation.
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