Being self-employed means being your own boss and doing things your way - certainly an empowering feeling. However, along with the benefits of being self-employed come a few aggravations as well, one of them being the process of acquiring a personal mortgage. While using a mortgage broker certainly improves your chances of securing the best mortgage product at the best terms, you still need to know what you need to prepare a successful mortgage request. Here are some points to think about.

        Plan Ahead. Don't wait until you find your dream house to search around for the documentation you'll need to apply for a mortgage. Check your credit score, know where your business license is, gather two to three years of tax returns, prepare a profit-and-loss statement, organize your bank statements and get your financial papers in order. A broker can help you plan ahead - even by a year or two - for optimum odds of a favourable mortgage.

        Show as Much Income as Possible. Remember that in many cases, by the time self -employed people claim all their tax deductions, their income can look frighteningly low to a lender, distracting the perception of how likely you are to be able to pay back the loan. Talk to your accountant about how to show as much income as possible. Also ask a mortgage broker about mortgage products that allow you to simply "state" your income, as long as you have good credit, a good down payment and have been in business at least 24 months.

        Make Sure You Shop Around. Here's where a mortgage broker can be your best friend. Mortgage Brokers take the time that you can't afford to take away from your business, to shop around for the best mortgage for you.