Self-employed individuals often face challenges when it comes to obtaining a mortgage, but there are excellent options available at low rates. These mortgage options cater specifically to self-employed individuals, offering them fast approval even if they have faced previous declines.

One advantage of these self-employed mortgage options is that they take into consideration the reduced taxable income that comes from claimed expenses. This is important because self-employed individuals typically have higher expenses than traditional salaried employees. By considering this reduced taxable income, the mortgage options are able to provide a more accurate picture of the borrower's financial situation.

For those with expenses that significantly impact their qualifying income, a Stated Income mortgage can be particularly useful. With this type of mortgage, the borrower provides an estimate of their income without needing to provide extensive documentation. This allows self-employed individuals to qualify for a mortgage based on their estimated income rather than their taxable income.

Another benefit is the acceptance of dividend and investment income, as long as there is stability and proof of this income. This is important because many self-employed individuals rely on these additional sources of income to support themselves.

To apply for these self-employed mortgage options, several documents are 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. These documents are necessary to verify the borrower's income and ownership of the business.

Access to a variety of top Canadian lenders is also provided, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to accept reasonable income estimates and provide mortgage options tailored specifically for self-employed borrowers.

If you are self-employed and interested in exploring these mortgage options, it is recommended to reach out and request more information. A phone call can provide you with the necessary details and guidance to help you make an informed decision.