AI news brief
Self-employed Toronto condo buyer, 42, rejigged her finances to fund her dream
Globe and Mail - Business - 2026-09-06
AI Summary
A self-employed Toronto resident secured a 3.85% variable-rate mortgage by adjusting her income reporting and utilizing personal business loans for her down payment. Lenders typically assess self-employed borrowers based on a two-year income average, requiring her to increase her salary to qualify. Homeownership has also provided her with access to a home equity line of credit for further business financing.
Key takeaways
- Self-employed income averaging impacts mortgage qualification.
- Personal business loans can fund down payments.
- Homeownership enables access to lower-interest HELOCs.
What this could mean for homebuyers
Mortgage news can affect fixed rates, variable-rate expectations, affordability, and buyer timing. Use this article as context, then compare today's rates or ask the AI Mortgage Advisor how it applies to your situation.