Self-employed individuals now have access to low mortgage rates and excellent mortgage options. Whether they have been declined for a mortgage in the past or are simply looking for a fast mortgage approval, there are options available to meet their needs.

One of the advantages of self-employed mortgage options is that they consider the reduced taxable income from claimed expenses. Many self-employed individuals have various expenses related to their business, which can impact their qualifying income. With the stated income mortgage option, individuals can provide proof of their expenses, allowing them to qualify for a mortgage based on their actual income after expenses.

Another benefit for self-employed borrowers is that dividend and investment income are considered. As long as stability and proof requirements are met, self-employed individuals can include this additional income when applying for a mortgage.

When applying for a self-employed mortgage, there are several documents that will be required. These include the Notice of Assessment, which shows the individual's tax filing status and any taxes owed or refunded, and the T1 Tax Statement, which provides a summary of the individual's income. Additionally, proof of principal ownership in the business, such as contracts or financial statements, will be needed. If the individual has incorporated their business, a copy of the Article of Incorporation or business license will also be required.

Individuals seeking a self-employed mortgage have access to a variety of lenders. This includes top Canadian banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

For those who fall into the Business For Self (BFS) category, there are options specifically tailored to their needs. These options recognize the unique financial situations that often come with being self-employed and cater to the specific needs of this type of borrower.

If you are self-employed and in need of a mortgage, do not hesitate to give us a call. We can provide you with more information on the mortgage options available to you and guide you through the application process. With our help, you can secure a mortgage that meets your needs and allows you to achieve your homeownership goals.