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Securing a mortgage as a self-employed individual in Canada requires extensive documentation, such as tax returns, Notices of Assessment, financial statements, and proof of business ownership. A strong credit score above 680 is important. Challenges include higher down payment requirements and longer approval times. Options include traditional and stated income mortgages, and specialized programs. A knowledgeable mortgage broker can assist with these complexities.

To find a good mortgage broker, comparing options is crucial. Brokers save time and money by handling the process efficiently. Seeking second opinions can lead to significant savings. It can be challenging to identify a reliable broker, but checking reviews and backgrounds can help. Look for brokers with experience, who shop around for rates, and understand your financial goals. A competent broker should have closed substantial mortgages, possess years of experience, and prioritize your best interests.

There are key differences between HBP RRSP withdrawals and FHSA withdrawals that may favor the FHSA for home buying. FHSA contribution room does not carry forward after purchasing a home, and once withdrawn, there is no repayment requirement. In contrast, HBP withdrawals require repayment over 15 years, with tax implications for any unpaid amounts. Both withdrawals can be used for eligible home purchases, but funds can also be allocated for renovations. Prioritizing FHSA contributions and then RRSPs is advisable, with any remaining funds going into TFSAs.