Self-employed individuals can benefit from low mortgage rates and excellent mortgage options specially designed for their unique financial situations. These mortgage options are ideal for individuals who are self-employed and may not have a traditional income structure. Even if they have been declined for mortgage approval in the past, fast approval is still possible with these specialized mortgage products.

The self-employed mortgage options take into account the reduced taxable income that self-employed individuals may have due to claimed expenses. Stated Income mortgages are particularly useful for those whose qualifying income is impacted by various expenses related to running their business. Additionally, dividend and investment income can also be considered as part of the income assessment, provided that stability and proof requirements are met.

To apply for these mortgages, individuals will need to provide certain documents such as the Notice of Assessment, T1 Tax Statement, proof of principal ownership in their business, contracts or financial statements, and a copy of the Article of Incorporation or business license. These documents help lenders assess the financial health of the business and the individual's ability to repay the mortgage.

These specialized mortgage options are offered by top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. They are willing to accept reasonable income estimates and tailor mortgage solutions specifically for Business For Self (BFS) borrowers. For more information on these mortgage options tailored for self-employed individuals, interested individuals can reach out for a consultation.