Self-Employed in Vancouver: What You’ll Need to Know Before Applying for a Mortgage

Marci • June 19, 2014

Getting a mortgage in Vancouver these days has proven to be trickier than ever for first-time homebuyers and existing homeowners. But there’s one particular group of homebuyers that is having a much more difficult time getting approved for a mortgage: the self-employed. Those who work for themselves and are looking for a mortgage to finance a home in Vancouver might find the whole process tricky, but it’s not impossible. Here are some important things to know before applying for a mortgage if you’re self-employed.
Self-Employed in Vancouver- What You'll Need to Know Before Applying for a Mortgage

Every Penny Must Be Documented

The most important piece of information that lenders want to see before approving a self-employed individual for a mortgage is proof of income. In Canada, personal income tax statements can be used to prove a sustainable influx of cash. Certain pieces of information must be provided to a lender, including a Notice of Assessment for the last two years, a business license, two pieces of I.D., financial statements for the past two years if the business is incorporated, and proof of a down payment.

Proving Your Income Is an Absolute Must…..Sort of!

Lenders definitely need solid proof that your business generates more than enough profit to allow you to comfortably make your mortgage payments on time and in full every month. Lenders are not in the business of taking risks on self-employed individuals who are unable to prove their income.

At least two years of accounts are typically what lenders want to look at before they decide whether or not to offer you a particular mortgage. It’s advisable to get these account statements gathered by a certified accountant so the lender can be more comfortable, and confident that the numbers are accurate. It’s important that you understand the figures as stipulated in the account statements, and can answer any questions the lender may have about them. For example, if the statement shows a slight dip in your income at some point in the recent past, you need to be able to explain why. Clear explanations for any fluctuations in income can help a lender feel more confident in your income flow, and thereby increase the chances of you getting approved for a mortgage as a self-employed individual.

Some lenders are still offering programs that allow self-employed income to be “stated”. In these cases, insurance premiums are higher and we still need prove reasonability of the income. Documentation is important to show taxes are paid and up to date. Make sure you talk to a Mortgage Broker who understands how this process works and can advise you of all the requirements and costs involved.

Your Credit History Is Crucial

As with anyone applying for a mortgage, a healthy credit history is very important for a borrower who is self-employed. When it comes to securing a mortgage, a high credit score goes a long way. It demonstrates your ability to effectively manage your debt, which is crucial to a potential lender.

Boost Your Bank Account

Aside from your proof of income and your credit history, having a big chunk of liquid cash in the bank to use as a down payment on a future home is a big plus in the eyes of a lender, especially if you’re self-employed. A sizeable down payment and a healthy bank account can help convince a potential lender that you’re less likely to be a liability as far as credit is concerned. Since incomes tend to fluctuate from year to year for those who are self-employed, having a reserve of funds can offer an essential financial cushion to fall back on.

When looking to apply for a mortgage, it’s always best to talk to a mortgage broker first. A mortgage specialist is invaluable for those who are self-employed looking to secure a mortgage. They’ll know which lenders deal with self-employed individuals, and who can get you the best rate. For expert advice on Vancouver real estate, email your trusted mortgage broker today! marci@askmarci.ca

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Everything You Need to Know About Second Mortgages

By Marci Deane • May 6, 2026
What Is a Second Mortgage, Really? (It’s Not What Most People Think) If you’ve heard the term “second mortgage” and assumed it refers to the next mortgage you take out after your first one ends, you’re not alone. It’s a common misconception—but the reality is a bit different. A second mortgage isn’t about the order of mortgages over time. It’s actually about the number of loans secured against a single property —at the same time. So, What Exactly Is a Second Mortgage? When you first buy a home, your mortgage is registered on the property in first position . This simply means your lender has the primary legal claim to your property if you ever sell it or default. A second mortgage is another loan that’s added on top of your existing mortgage. It’s registered in second position , meaning the lender only gets paid out after the first mortgage is settled. If you sell your home, any proceeds go toward paying off the first mortgage first, then the second one, and any remaining equity is yours. It’s important to note: You still keep your original mortgage and keep making payments on it —the second mortgage is an entirely separate agreement layered on top. Why Would Anyone Take Out a Second Mortgage? There are a few good reasons homeowners choose this route: You want to tap into your home equity without refinancing your existing mortgage. Your current mortgage has great terms (like a low interest rate), and breaking it would trigger hefty penalties. You need access to funds quickly , and a second mortgage is faster and more flexible than refinancing. One common use? Debt consolidation . If you’re juggling high-interest credit card or personal loan debt, a second mortgage can help reduce your overall interest costs and improve monthly cash flow. Is a Second Mortgage Right for You? A second mortgage can be a smart solution in the right situation—but it’s not always the best move. It depends on your current mortgage terms, your equity, and your financial goals. If you’re curious about how a second mortgage could work for your situation—or if you’re considering your options to improve cash flow or access equity—let’s talk. I’d be happy to walk you through it and help you explore the right path forward. Reach out anytime—we’ll figure it out together.

Bank of Canada Holds Rate at 2.25% — April 29, 2026

By Marci Deane • April 29, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. This decision comes against a backdrop of significant global uncertainty — and for Canadian homeowners, buyers, and anyone with a mortgage coming up for renewal, here's what it means.

Your Guide to Successfully Navigating the Housing Market

By Marci Deane • April 22, 2026
Wondering If Now’s the Right Time to Buy a Home? Start With These Questions Instead. Whether you're looking to buy your first home, move into something bigger, downsize, or find that perfect place to retire, it’s normal to feel unsure—especially with all the noise in the news about the economy and the housing market. The truth is, even in the most stable times, predicting the “perfect” time to buy a home is incredibly hard. The market will always have its ups and downs, and the headlines will never give you the full story. So instead of trying to time the market, here’s a different approach: Focus on your personal readiness—because that’s what truly matters. Here are some key questions to reflect on that can help bring clarity: Would owning a home right now put me in a stronger financial position in the long run? Can I comfortably afford a mortgage while maintaining the lifestyle I want? Is my job or income stable enough to support a new home? Do I have enough saved for a down payment, closing costs, and a little buffer? How long do I plan to stay in the property? If I had to sell earlier than planned, would I be financially okay? Will buying a home now support my long-term goals? Am I ready because I want to buy, or because I feel pressure to act quickly? Am I hesitating because of market fears, or do I have legitimate concerns? These are personal questions, not market ones—and that’s the point. The economy might change tomorrow, but your answers today can guide you toward a decision that actually fits your life. Here’s How I Can Help Buying a home doesn’t have to be stressful when you have a plan and someone to guide you through it. If you want to explore your options, talk through your goals, or just get a better sense of what’s possible, I’m here to help. The best place to start? A mortgage pre-approval . It’s free, it doesn’t lock you into anything, and it gives you a clear picture of what you can afford—so you can move forward with confidence, whether that means buying now or waiting. You don’t have to figure this out alone. If you’re curious, let’s talk. Together, we can map out a homebuying plan that works for you.