Understanding Closing Costs
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Being self-employed does not disqualify you from getting a mortgage — but it does change how lenders evaluate your income.
Traditional lenders rely heavily on tax returns, which can reduce qualifying income due to business deductions. Self-employed mortgage programs are designed to provide flexible qualification options for business owners, independent contractors, and 1099 earners.
Simply Approved Mortgages helps self-employed borrowers structure loans that reflect real earning power.
Self-employed borrowers can qualify for a mortgage using tax returns, bank statements, or alternative income documentation programs.
You are generally considered self-employed if you:
Own 25% or more of a business
Receive 1099 income
File Schedule C
Are a freelancer or independent contractor
Run an LLC, S-Corp, or corporation
Self-employed borrowers are underwritten differently than W-2 employees.
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
Traditional qualification is based on:
Two years of tax returns
Net income after deductions
Business write-offs
The challenge:
Tax deductions lower taxable income — which can reduce borrowing power.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
Depending on your situation, several programs may apply:
Best for borrowers with:
Strong tax return income
Stable two-year history
Lower write-offs
Learn More: 👉 Conventional Loans
Learn More: 👉 FHA Loans
Instead of tax returns, lenders evaluate:
12–24 months of bank deposits
Business or personal statements
Revenue consistency
Ideal for borrowers who write off large expenses.
Learn More: 👉 Non-QM Loans
Some programs allow qualification using:
1099 income statements
One or two years of earnings
Reduced documentation
If you’re purchasing an investment property:
Qualification based on rental income
No personal income required
Learn More: 👉 DSCR Loans
Most traditional programs require:
Two years of self-employment history
Some alternative programs may allow:
One year (if prior related experience exists)
Each case depends on documentation and loan type.
Approval depends on:
Income consistency
Business stability
Credit score
Debt-to-income ratio
Down payment amount
Cash reserves
Clear documentation improves approval odds.
Before applying, estimate what you may qualify for.
Learn More: 👉 Mortgage Calculator
Learn More: 👉 Home Affordability Calculator
For official mortgage lending education, review:
We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, generally lower than typical industry ranges. This approach may support affordability while providing access to competitive mortgage options.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
We provide access to competitive mortgage options across a variety of loan programs and terms. Our approach focuses on responsible loan structuring based on lender guidelines and borrower qualifications. Explore our mortgage solutions to better understand your available options and how they may support your homeownership goals.
Getting pre-approved for a mortgage is easy with our online application process. Fill out our secure application form, and our team will review your details quickly, so you can start your mortgage journey with confidence.
Once your application is received, a dedicated mortgage specialist will contact you to discuss your needs and preferences. We’ll work together to find the best mortgage options that align with your goals.
After reviewing and selecting the ideal mortgage plan, we’ll guide you through the approval process and ensure everything is in place for a smooth closing. Soon, you’ll be ready to move into your new home!
Prefer personal guidance? A licensed loan officer is available to help.
Yes. Self-employed borrowers can qualify using tax returns, bank statements, or alternative income documentation.
Most traditional programs require two years, though some alternatives allow one year.
Yes. They are common Non-QM programs designed for business owners.
It can be more documentation-heavy, but approval depends on income stability and credit profile.
Take control of your home-Take the guesswork out of your home-buying journey. Use our Mortgage Calculator to estimate your monthly payments and make informed financial decisions.
Start Now:
Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
Get a free credit score check to understand where you are and how to move forward.
Small changes in your credit score can lead to significant savings on your mortgage.
Stay on top of your credit health with credit monitoring, so you can catch issues early and maintain a strong score.
Discover how your credit score affects your mortgage options and rates. Plus, get personalized offers through our partner services to help you find the best loan for your financial situation.
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Remember that a good credit score can lower your interest rate on your mortgage.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!