Refinancing when you’re self-employed: two years of notices of assessment set your income, and the appraisal sets the ceiling. What each lender adds back.
Equity can fix a cash-flow problem or only postpone it. Debt folded into the mortgage brings the payment down. But a balance you’d clear in three years, spread over twenty-five, costs more in total interest.
Know the total before deciding
Compare the penalty, the fees and the new term with the monthly saving. Divide the penalty by the saving. A result above the months left on your term means the move loses money.
Check the next renewal
A refinance must leave a payment you can carry at the next renewal, not just now. What happens to it if rates are higher when the new term ends?
Documents to gather
What the lender will ask for.
Current mortgage balance
Property value
Debts or project to finance
Mortgage penalty
New payment
Available equity
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add two years of financial statements and your business records. Ready before you make an offer, they keep a short financing window realistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
