How to increase your odds of securing a mortgage when self-employed.

Original article via Toronto Storeys. Click here to read.

Getting approved for a mortgage can be pretty tough, especially with lender regulations being as stringent as they’ve been. And with the recently-imposed mortgage stress test rule changes, securing a home loan in today’s market can be even more of a challenge.

But when you throw in being self-employed into the mix, the challenge is even greater. That’s because lenders like to see proof of steady, reliable income, which is more typical of a full-time salaried job. If you’ve been working at the same job for the past 10 years and are hired on as full-time staff, for instance, your lender will consider your income stable.

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