Self-employed individuals have access to competitive mortgage rates and exceptional options when seeking financing for a home. With a focus on fast approval, even for those who have faced previous declines, these mortgage options cater specifically to the needs of self-employed individuals. In particular, the mortgage programs take into consideration the reduced taxable income that often results from claimed business expenses. This can be especially beneficial for individuals who have significant expenses that impact their qualifying income.

One useful option available for self-employed individuals is the Stated Income mortgage, which allows borrowers to declare their income without providing detailed proof. This can be particularly helpful for those whose expenses may reduce their qualifying income on paper. Additionally, individuals with dividend and investment income can also have these sources considered as part of their overall income, provided they meet certain stability and proof requirements.

When applying for a mortgage as a self-employed individual, there are several key documents that will be required. These include the Notice of Assessment, T1 Tax Statement, proof of principal ownership in the business, contracts or financial statements, and a copy of the Article of Incorporation or business license. By providing these documents, borrowers can demonstrate their financial stability and eligibility for a mortgage.

Borrowers can access a range of mortgage options from top Canadian lenders, including major banks, mortgage finance companies, credit unions, and alternative financiers that are willing to work with reasonable income estimates. In addition, there are tailored options available specifically for Business For Self (BFS) borrowers. For more information and to explore the mortgage options available for self-employed individuals, interested individuals are encouraged to contact a mortgage professional for personalized assistance and guidance.