A Year of being Self Employed- the Challenges and Wins

A year ago, I made the decision to become self-employed after 27 years in the mortgage industry.

As I reflect , it’s been a year of growth, learning, and stepping outside my comfort zone ( trust me, this was not easy) , but also a year filled with some of the most meaningful client outcomes of my career and also the most challenging.

What I’ve learned is this: being self-employed is incredibly rewarding, but it also comes with unique financial challenges, for myself and for my self-employed clients who are looking for advice on their mortgages.

Recently, I helped a self-employed single mom relocate closer to her family, structuring a mortgage solution that allowed her to move into a home that better supported her lifestyle and support system. We got her closer to her village. It wasn’t easy, we had to use stated income, I had to explain the income she was receiving that wasn’t being seen on line 150, we were able to add back income after expenses and make the deal work.

I also worked with a client in the arts who had been told by her bank that her options were limited. By taking a deeper look at her full financial picture i.e assets, net worth, and upcoming contracts, I was able to structure her application in a way that reflected her true affordability, and helped her buy the home of her dreams.

These are the kinds of outcomes that continue to fuel my passion for this work and keep me going.

Self-employed income is not always as straightforward as it looks on paper.

Many borrowers are assessed primarily on Line 150 income, but in reality, there are often additional considerations that can make a difference such as allowable add backs, proof of upcoming contracts , omit some expenses. We can create a case where we can show that you are earning more than what your declared income may state.

Understanding how to position a self-employed application properly can open doors that many people don’t realize are available to them.

I am looking forward to helping more self-employed Canadians, entrepreneurs, and professionals navigate these options with clarity and confidence, so they can make informed decisions and move forward with the right financing strategy for their goals.
It really makes me happy when I can create a better future for my clients , more than what they expected. Building their net worth is my goal.

Sometimes the right strategy and advice makes all the difference.