Question 1

Who qualifies for a self-employed mortgages in St. John's?

Accepted Answer

Any Canadian resident in St. John's who meets the standard self-employed mortgages criteria — we help borrowers from Downtown, Quidi Vidi, Kenmount Terrace and surrounding Atlantic. NL capital. Strong commission-income and offshore-worker flow.

Question 2

What's the average self-employed file size in St. John's?

Accepted Answer

St. John's's benchmark home price is approximately $345,000, so the median self-employed file we see here sits in the $293,250–$396,750 band. Your specific neighbourhood and property type can move that materially.

Question 3

How long do I need to be self-employed?

Accepted Answer

Most A-lenders want 2 full years with 2 years of T1s and Notices of Assessment. Some go 1 year with offsetting strengths (large down payment, prior salaried history in same field). Private lenders have no minimum.

Question 4

What is 'stated income'?

Accepted Answer

An A-lender program where the lender accepts a reasonable stated income for your industry instead of using your line-150 net. Common at major banks for BFS borrowers with 35%+ down and clean credit (700+).

Question 5

Can I include dividend income?

Accepted Answer

Yes — most A-lenders accept 2 years of T5 dividend income. Some gross-up dividends by 25-30% to reflect tax-equivalent salary. If you take both, we layer them.

Question 6

Will my rate be higher because I'm self-employed?

Accepted Answer

On A-lender stated/full-doc: rates are essentially the same. On B-lender alt-A: +50-150 bps for flexibility. On private: +200-500 bps. Most BFS clients refinance to A-pricing within 1-2 years.

Question 7

How long does a self-employed take to close in St. John's?

Accepted Answer

Most St. John's files close in 21-35 days from approval. Faster on clean A-lender transfers; slower on alt-A or files requiring an appraisal in a fast-moving Atlantic market.

Question 8

What documents do I need for a self-employed in St. John's?

Accepted Answer

Standard package: two pieces of government photo ID, two years of T4s/NOAs, recent pay stubs, 90-day proof of down-payment funds, and the property documents (MLS listing or current mortgage statement). Self-employed and newcomer files have additional requirements — we send a precise list after a 5-minute intake.

Question 9

Is Mortgage Squad Advisors licensed to operate in Newfoundland and Labrador?

Accepted Answer

Yes — Mortgage Squad Advisors holds FSRA Brokerage License #13737. We hold or partner under the appropriate provincial regulator in every market we serve, including Newfoundland and Labrador. All advisors are licensed and FINTRAC-trained.

Self-employed mortgages in St. John's.

Self-employed mortgages — built for St. John's.

Self-employed mortgages across St. John's

Self-employed mortgages in St. John's — common questions.

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