I’m self-employed. Don’t I have to stay with my current lender to renew my mortgage?

Marci • March 12, 2012

Being self-employed doesn’t mean you’re shackled to your current lender. There are options to explore and ways to expand those options if you know how to approach your renewal.

 

Long before your mortgage comes up, you need a plan. The process for self-employed individuals takes longer and is more extensive than it is for salaried employees so the more time we have to get things in order, the better.

 

The main thing is to keep good records. You should be doing this for your business anyway, but it becomes essential when you are looking at your mortgage. Within the first few years of business, we can sometimes do a “stated-income” deal, where we state, rather than prove, your income. This is effective providing we are not excessively over-stating your income based on the earning potential in your industry. There is less reliance on your records in this phase of business.

 

After three years of business, having a good accountant helps the process along with the good record keeping. Lenders will require financial statements and copies of tax returns to prove your income. If your income fluctuates from year to year we can do a two-year average.

 

If income is still a challenge, we can look for a lender who will provide a non-income qualifying (NIQ) deal. While this might sound like an easy way out, NIQ deals often have a higher rate and still require access to your full tax return. We can do “add-backs” to your income for certain expenses to bolster the amount and in this case, that good record keeping is even more important.

 

Self-employed options are changing all the time. I stay on top of developments with both traditional and non-traditional lenders so that you have access to all the product options possible to find the right fit.

 

Whether you are renewing, or getting a new mortgage, being self-employed isn’t a sentence that ties you to your financial institution. Give yourself the most flexibility possible. Be prepared: know when you started your business, keep good records including your stated income, show an increase in what you pay yourself each year, make consistent payments to creditors to ensure an attractive credit score and if you’re looking at a new mortgage save for a larger down payment.

 

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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.