Darryl Kraemer
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5 Ways Self-Employed Individuals Can Secure a Mortgage
April 15, 2025
Being self-employed offers flexibility and independence but can also make securing a mortgage a bit more complex. With sometimes inconsistent income and fewer traditional employment records, many business owners find it challenging to meet conventional mortgage requirements. But don’t worry—there are proven strategies to help you navigate the process.
1. Get Organized Early Lenders need to see proof of income and stability. Gather at least two years’ worth of financial statements, Notices of Assessment, and bank records. Having these documents on hand shows you’re prepared and demonstrates financial reliability.
2. Work with a Mortgage Broker A mortgage broker experienced with self-employed clients can guide you to lenders who specialize in non-traditional income scenarios. They can also explain which lenders will accept your full income, including retained earnings and one-time contracts.
3. Consider Stated Income Mortgages If your income is hard to document, some lenders offer stated income mortgages or bank statement mortgages. These loans also consider your credit history and assets instead of relying solely on tax returns. While rates may be slightly higher, these loans can bridge the gap if traditional underwriting methods don’t reflect your earning power.
4. Build a Strong Credit Profile A high credit score and clean credit history make you more appealing to lenders. Pay down high-interest debts, maintain consistent credit card payments, and avoid taking on new debt during the mortgage application process.
5. Increase Your Down Payment The more you can put down, the less risk the lender assumes. If you’re self-employed, offering a larger down payment can make lenders more willing to approve your mortgage application.
Being your own boss shouldn’t keep you from owning your dream home. By staying organized, working with the right experts, and exploring alternative mortgage products, you can successfully navigate the lending landscape and secure a mortgage that fits your needs.

5 Smart Strategies for First-Time Homebuyers in Ontario
April 07, 2025
Entering the housing market for the first time can feel overwhelming. With soaring property values, stricter lending guidelines, and so many mortgage options, it’s hard to know where to begin. But armed with the right strategies, first-time homebuyers in Ontario can navigate the process with confidence.
1. Get Pre-Approved for Your Mortgage First A pre-approval not only helps you understand your price range, but it also shows sellers you’re a serious buyer. Knowing your budget upfront allows you to narrow your search to homes you can comfortably afford, avoiding disappointments down the road.
2. Consider All Down Payment Options While many buyers aim for a 20% down payment to avoid CMHC mortgage insurance, don’t overlook other options. You might qualify for the First-Time Home Buyer Incentive or use RRSP savings through the Home Buyers’ Plan. Even a smaller down payment can work, as long as you’re mindful of the overall cost of borrowing.
3. Factor in Closing Costs Beyond the purchase price, there are additional expenses such as land transfer taxes, legal fees, and home inspections. First-time buyers are often eligible for rebates or credits, so explore these to reduce your out-of-pocket expenses and budget 1.5% of the purchase price for closing costs.
4. Work with a Mortgage Broker Instead of relying solely on one lender, consider working with a mortgage broker who can shop multiple lenders to find you the best rates and terms. Brokers can also explain complex mortgage products, like fixed vs. variable rates, helping you choose the right fit for your financial situation.
5. Be Flexible and Patient The Ontario housing market can be competitive. Finding the right home at the right price may take time. By being patient and willing to adjust your expectations, you can avoid rushing into a purchase that doesn’t fully meet your needs.
For first-time homebuyers, preparation is key. With a clear budget, knowledge of available assistance programs, and expert guidance from a mortgage broker, you can secure your first home without unnecessary stress. Remember, this is one of the most significant financial decisions you’ll make—take your time, ask questions, and stay informed.

Spring Market Outlook: What Buyers and Homeowners Need to Know
March 24, 2025
options. Even with the latest rate drops, rates have risen since the low rate COVID years, meaning you may be facing higher payments than before. However, lenders are competitive, and there maybe opportunities to restructure your mortgage to better fit your financial goals.
A mortgage review can help you determine whether refinancing, switching lenders, or adjusting your term length makes sense. Even if you’re not renewing yet, it’s a good idea to plan ahead and explore options before you’re locked into a higher rate.
SELLERS: SETTING REALISTIC EXPECTATIONS
If you’re considering selling this spring, the key is to price your home correctly. Overpriced homes tend to sit on the market longer, while competitively priced properties attract serious buyers. Work with a knowledgeable real estate agent to assess recent comparable sales and set a fair asking price.
Presentation matters, too. With more homes hitting the market, staging and curb appeal can make a big difference in attracting buyers. Small upgrades, decluttering, and professional photos can help showcase your home in the best light.
PLANNING AHEAD IS KEY
Spring is an exciting time in real estate, but it’s also a season that requires careful planning. Whether you’re buying, selling, or refinancing, having a strategy in place will help you make informed decisions and get the best outcome.
As your mortgage advisor, I’m here to help you navigate these choices. If you have questions about mortgage options, pre-approvals, or refinancing strategies, let’s chat. The right advice now can set you up for financial success in the months and years ahead.
Renewing Your Mortgage in a Higher-Rate Environment: What You Need to Know
March 05, 2025
If your mortgage renewal is coming up and you’re facing significantly higher interest rates than when you first secured your loan, you’re not alone. Many Canadian homeowners are encountering a more expensive borrowing environment, which can impact monthly payments and overall financial stability. However, with the right strategy, you can minimize the impact of rising rates and make informed decisions for your financial future.
Why Are Mortgage Rates Higher?
Over the past few years, the Bank of Canada has increased its benchmark interest rates to combat inflation, and the 5-year Government of Canada bond yield has increased. As a result, lenders have raised their fixed rates, and variable mortgage rates have increased as the prime rate increased, leading to higher costs for borrowers. While rates may fluctuate, the trend has been towards more expensive borrowing compared to the historically low rates seen in previous years.
What to Expect When Renewing Your Mortgage
When your mortgage term ends, your lender will typically offer a renewal agreement. However, it’s important not to accept the first offer without evaluating your options. In a higher-rate environment, careful planning and negotiation are essential to securing the best terms.
Here are a few key factors to consider:
1. Assess Your Current Financial Situation
Before committing to a new mortgage term, take stock of your finances. Consider:
- How much your monthly payments will increase at a higher rate
- Whether you have any additional debt that needs to be managed
- Your long-term financial goals and budget
2. Shop Around for the Best Rate
Many homeowners simply renew with their existing lender, but this can be costly. It’s wise to explore offers from different lenders, including banks, credit unions, and mortgage brokers. A mortgage broker can help you access competitive rates and special promotions that may not be widely advertised.
3. Consider a Shorter Term
If you believe interest rates might decrease in the next few years, you may want to opt for a shorter-term mortgage (e.g., a 1- to 3-year term) instead of locking into a 5-year fixed rate. This gives you the flexibility to renew at a potentially lower rate in the near future.
4. Explore Fixed vs. Variable Rates
- Fixed-rate mortgages provide stability, ensuring your payments remain consistent throughout your term. This is a good choice if you want certainty in your budgeting.
- Variable-rate mortgages can be riskier but may offer lower initial rates. Historically, variable rates have been advantageous over the long term, but this depends on market conditions.
5. Increase Your Payments (If Possible)
If you can afford it, increasing your mortgage payments or making lump-sum payments can help reduce your principal faster, ultimately saving you interest costs over time.
6. Consider Refinancing or Extending Your Amortization
If higher rates are causing financial strain, refinancing might be an option. This could involve extending your amortization period to lower your monthly payments or consolidating high-interest debt into your mortgage. However, this means paying more interest in the long run, so weigh the pros and cons carefully.
Final Thoughts
Renewing your mortgage in a higher-rate environment can be challenging, but with careful planning and expert guidance, you can navigate this transition effectively. Avoid rushing into a renewal without exploring your options, negotiating with lenders, and considering alternative strategies that align with your financial goals.
If you’re looking for tailored advice on your mortgage renewal, contact me so I can assist you in securing the best terms and reducing the impact of rising rates.

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