When you arranged your mortgage, you had a regular paycheque. Since then, you’ve started a business, become a contractor, or decided to work for yourself.

Now renewal is approaching, and you’re wondering whether that change will cause a problem.

Becoming self-employed does not automatically prevent you from renewing your mortgage. However, staying with your lender, switching lenders, and refinancing can involve different reviews. Start early so you understand which options fit your current income and documentation.

You’ve changed how you earn a living. Let’s make sure your mortgage plan keeps up.

First, Decide What You Want to Change

Before gathering paperwork, clarify your goal.

Are you looking to:

• Renew the existing balance?
• Compare another lender’s offer?
• Borrow additional money?
• Change the repayment schedule?
• Add or remove a borrower?

These requests are not all assessed in the same way.

Your current lender may offer a straightforward renewal, but ask what information it requires. If you move to another lender, that lender needs to approve your application.

If you want to access equity or make other substantial changes, expect a more detailed qualification conversation.

Separate the Stress Test From Income Approval

Some eligible uninsured mortgage switches between federally regulated lenders can proceed without the prescribed mortgage stress test.

The exemption applies to qualifying straight switches without an increase in the loan amount or remaining contractual amortization, subject to the applicable guidance.

It does not mean the new lender stops reviewing your ability to repay.

That distinction is especially important when your income has changed. “No prescribed stress test” should never be read as “no income assessment.”

Show How Your Business Supports You

Start with a clear explanation of when the business began, what you do, and how you receive income.

Ask for a document checklist tailored to your situation. It may include:

• Personal tax returns and Notices of Assessment.
• Business financial information.
• Proof the business is operating.
• Relevant account statements.
• Details of existing personal and business obligations.

Business revenue and qualifying personal income are different numbers. Strong sales are useful context, but the lender needs to understand the expenses and income behind them.

CMHC’s self-employed mortgage guidance outlines several ways business history and income can be documented.

Compare Your Real Options Before Signing

For a Langley homeowner, convenience can be appealing when the business is already keeping you busy.

Still, compare the payment, fees, flexibility, and borrowing cost of the options you can actually qualify for.

A slightly lower advertised rate is not useful if the lender’s income requirements don’t fit your file. Equally, self-employment alone is not a reason to assume you need a more expensive mortgage.

My renewal service starts with understanding where you are now.

Frequently Asked Questions

Do I automatically need two full years of business income?

Not in every situation. Business history, experience in the same field, documentation, and lender or insurer policies can affect the options.

Should I wait until my lender sends the renewal letter?

Start the conversation several months before maturity. That gives us time to gather information and address questions.

Let’s Build the Renewal Around Your Business

You don’t need to have every document ready before reaching out.

Tell me what has changed, and I’ll help you work through the next steps so renewal feels a little more easy breezy.

Contact Amy to review your renewal.