What is the self-employed mortgage program?

The Self-Employed Mortgage program is a program under which Self-Employed homeowners and home buyers can apply for a Mortgage with a B Lender. Also known as Bank statement Mortgage program, borrowers can qualify for this program using their business bank statements as their declared income for the year.

A Self-Employed Mortgage can be obtained and used by the borrower as a First Mortgage on their new Home Purchase or to Refinance their existing First Mortgage. Basically transitioning from a Private lender over to a B Lender in order to obtain a lower rate of interest. Generally Self-Employed Mortgages are First Mortgages. They can help the borrower Debt Consolidate high interest creditor debts, pay for travel/educational expenses, Home Renovations and many other expenses.

If Refinancing, this type of Mortgage is generally used to help the borrower transition from a Private lender over to a B Lender. This will help the borrower obtain a lower rate of interest which consists of principal and interest payments as opposed to interest only payments that Private Mortgage lenders offer.

Generally, Self-Employed Mortgages are First Mortgages. They can help the borrower Debt Consolidate high interest creditor debts, pay for travel/educational expenses, cover the cost of Home Renovations expenses and can be obtained for many other purposes.


Borrowers seeking a Mortgage under the Self-Employed Mortgage scheme need to provide their Financial Business Bank deposit Statements for the last 3 to 6 months. These Bank statements will be annualized by the Mortgage Broker/lender and used for income confirmation. Under this program, a minimum down payment of at least 20% or more is required in order to purchase a home.


The Self-Employed Mortgage can also be used by the borrower to Refinance his/her home. The borrower’s business Bank statements for the last 3 to 6 months need to be provided to the lender. The lender will annualize these bank statements and use them to calculate the annual income of the borrower. The maximum loan to value (LTV) for Self-Employed Refinancing is 80%.


The Self-Employed Mortgage rates for Purchasing a home or Refinancing start from 3.59%. Factors including the borrower’s income, credit score and debt servicing ratios (GDS) and (TDS) are taken into consideration by the lenders in order to determine the rate of interest provided to the borrower.


A Self-Employed Mortgage lender might require the following documents for qualification:

  • Income Tax returns for the past 1 or 2 years.
  • Statements outlining Business Finances
  • Copy of the business license or articles of incorporation
  • Any contracts demonstrating future income
  • Notice of Assessment from CRA as proof that personal Taxes are being paid
  • Proof that HST and/or GST is paid in full
  • Personal Bank statements showing additional income going into the borrowers account from other sources
  • Credit check if required
  • Proof that you are a principal owner/resident of the business/home
  • Have a down payment available of at least 20%

If you’re Self-Employed individual and thinking about buying a house, you’ll need to jump through a few extra hoops, but it is possible. Gather all of your financial documents before getting started, and engage the services of a Mortgage Broker who can guide you through the entire process of your Mortgage loan.

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Hamilton, Ontario

I had a very pleasant experience working with Shawn Sef at Equity Mainly Matters Loans. We contacted Shawn looking for help in order to pay off our high interest credit card debts. Shawn made the process very easy for us by explaining the Mortgage loan details for the Debt Consolidation Mortgage Solution which he recommended for us. Shawn was actively present every step of the way and was very knowledgeable. I will definitely recommend Shawn to my peers due to his knowledge, professionalism and expertise.

Brampton, Ontario

Shawn is extremely passionate about his job. Shawn always demonstrates a positive and professional attitude. His easy going and friendly personality always makes the experience of working with him fun and stress free. Shawn made the entire Mortgage loan process very simple for me to which I’m thankful for. Shawn is very proactive and updates me on a regular basis in regards to my file.

Markham, Ontario

Me and my husband had never worked with a Mortgage Broker before. I needed to consolidate all of my debts. I was paying high monthly interest fees to my creditors and my bank informed me that I couldn’t get approved with them because of my low credit score. Shawn did an excellent job by helping me consolidate and pay off all of my various high interest debts. I’m now debt free. My credit score has improved and I don’t owe creditors any monthly high interest payments. We went from paying $1,650 month towards our credit card debts and loans, to now paying only $520 month which helped us build up a good savings. Shawn rescued us from our creditors and helped us save an extensive amount of money for our families future.


As a first time home buyer, we required a Mortgage broker who was willing to be very patient with us and to explain every detail of the Mortgage loan process and provide us with as much information as possible. Shawn informed us of the exact required down payment amount (based on the types of lenders that we qualified for), fees, closing costs, Land Transfer tax etc. Shawn was very good in providing us with accurate rates, figures and calculations which we realized we could afford the monthly Mortgage payments and make the Home Purchase work. One other important factor was that Shawn kept on top of our file by updating the progress every step of the way which was very important to us. Shawn is very proactive which we appreciated!

Toronto, Ontario

Shawn helped our family obtain a low rate 2nd Mortgage from a Private Lender. Banks turned us down as we failed to meet their requirements for the stress test, income and credit criteria. However, Shawn was able to find various Private Lenders/Investors that were interested in making us an offer and we ended up taking a great offer for a 2nd Mortgage which made the most sense for us. We will definitely refer our family and friends to Shawn in the near future. I can’t say how much I appreciate all the time and effort Shawn put into our file.

Mississauga, Ontario

Shawn demonstrates excellent customer service skills. He’s always very quick to respond to my emails and calls. Shawn helped me get approved twice in the past year alone and I hope to work with him again in the near future. Shawn was very friendly, attentive and dedicated his time and effort by providing me with solid knowledge, expertise and advice which in return helped the process of purchasing my first home very easy and stress free. Shawn even followed up on my behalf with my lawyer in order to finalize all the details. I would highly recommend his services.

Ottawa, Ontario

From the first time I spoke with Shawn Sef, I felt comfortable and at ease which was due to his calm and patient personality and attitude. He was also very understanding and caring to our current situation and needs by providing the best course of action for us to take which made the most sense for our family. Shawn is very knowledgeable within the mortgage field and delivered exactly what he said he would. He even provided us with accurate closing/funding dates from day one. I would definitely recommend Shawn Sef to any borrower looking for a good
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Toronto, Ontario

Shawn had helped my wife and I obtain a 2nd Mortgage from a Private Lender last year. We used the majority of the Mortgage loan proceeds to help renovate/upgrade our home. Once the refurbishments had concluded, we ordered a new appraisal and noticed that our house value had increased substantially. The following year, Shawn helped us refinance both our Institutional and Private Mortgages into a new low rate, 1st Mortgage with an A Lender (Bank) which is going to help us save an extensive amount of money in monthly payments moving forward. I’m very thankful for Shawn’s knowledge, skills and expertise within the mortgage industry which ended up helping us save thousands of dollars.