There are over 2.9 million self-employed Canadians who enjoy the freedom of making their own schedules, being their own boss, and having complete control over their work-life. Despite the freedom that their jobs afford them, many self-employed people are restricted by mortgage lenders.
Self-employed people have a more difficult time applying for a mortgage loan. Lenders’ criteria are more difficult to meet when dealing with business expenses, and the precariousness of self-employed income makes a business owner a risky lender.
Nevertheless, it’s not impossible to qualify for a mortgage as a self-employed person. You can apply for a mortgage and buy property without having to sacrifice your career.