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Compare self-employed mortgage options
General characteristics only. Every lender sets its own criteria, and products change.
| Traditional (2-yr T1 average) | Stated income | Bank statement | Private | |
|---|---|---|---|---|
| Typical lender type | Banks, credit unions (A-lenders) | Mostly alternative (B) lenders, some A-lenders | Alternative lenders | Private lenders and mortgage investment corporations |
| How income is shown | Declared income on NOAs, averaged | Reasonable stated income supported by business history | Deposits over a period, often 6 to 24 months | Equity and exit plan weigh most; income still reviewed |
| Down payment / equity | Standard minimums apply | Generally larger, often 20%+ | Generally larger, often 20%+ | Usually significant equity required |
| Credit expectations | Strongest | Good credit usually needed | Varies by lender | Most flexible |
| Relative cost | Usually lowest | Usually higher than traditional | Usually higher than traditional | Highest; fees common |
| Typical term | 1 to 10 years | Often 1 to 5 years | Often 1 to 3 years | Short, often 1 year |
| Best suited for | Established income that supports the mortgage on paper | Strong cash flow, low taxable income | Consistent deposits, limited tax history | Short-term bridge with a clear exit |
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Test scenarios with your own numbers. This is not a quote or approval.
CAD
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Stated-income and alternative programs often need around 20% or more.
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Example input only, not a quoted or available rate.
years
Illustrative estimate
Mortgage amount
$720,000
Estimated monthly payment
$4,209 / mo
Down payment: $180,000
Simplified estimate for education only. Excludes mortgage default insurance, taxes, fees, lender/broker fees and the stress test, and is not an offer, pre-approval or approval. Actual rates, terms and the amount you qualify for are set by lenders after underwriting.
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