By Tony Slavin · October 30, 2026
If you work for yourself and are planning to buy a home in Durham Region, my starting point is simple: prepare your paperwork before you fall in love with a property. A clear picture of your income, debts and savings makes the first mortgage conversation more useful.
Start with the lender’s document checklist
The Financial Consumer Agency of Canada explains that lenders and mortgage brokers review your assets, income and debts during preapproval. If you are self-employed, you may be asked for Canada Revenue Agency Notices of Assessment for the past two years. Recent bank or investment statements may also be requested to help establish your down payment.
Ask for a checklist tailored to your circumstances. Explain whether you operate as a sole proprietor, in a partnership or through a corporation, and ask which personal and business records the lender needs. Do not assume that every lender uses the same documents or treats your business income in the same way.
Talk to your accountant before making changes
If you have questions about business expenses, your tax returns or how you pay yourself, bring your accountant and mortgage professional into the conversation early. Ask how the lender will assess your circumstances. Do not change your tax strategy based on a general article, or assume that business revenue is the same as the income a lender will accept.
Plan for more than the down payment
Your budget needs room for closing costs, moving and ongoing maintenance as well as the mortgage payment. The federal consumer guidance recommends considering properties below your maximum preapproval amount so you do not stretch your budget to its limit. For an entrepreneur, it is also worth discussing how a quieter business month would affect your household budget.
Understand what preapproval does—and does not—mean
A preapproval is not a guarantee that you will receive a mortgage or the full amount discussed. The final decision also depends on the property and your down payment, and lenders have their own criteria. Ask what remains to be verified and what conditions apply before making a purchasing commitment.
Five questions to take to your first appointment
- Which income documents and years do you need for my business structure?
- What evidence do you need for my down payment and other assets?
- How do my existing debts affect the assessment?
- Which conditions still need to be satisfied after preapproval?
- How much should I budget for closing, moving and maintaining the home?
My practical takeaway for Durham buyers: organize your records, ask questions early and build your property search around a budget you understand. Speak with your lender or licensed mortgage professional about financing, and your accountant about tax decisions.
Source and further reading
Financial Consumer Agency of Canada: Getting preapproved for a mortgage (reviewed October 30, 2026). This original article was prompted by an Oshawa Community Credit Union homebuyer-planning newsletter; it is not a reproduction of that newsletter or an endorsement by the credit union.
General educational information, not individualized financial, mortgage, tax or legal advice. Requirements vary by lender and circumstances.