Self-employed individuals often face challenges when it comes to securing a mortgage. However, there are options available that offer low rates and excellent mortgage solutions for this particular group of borrowers.

One notable advantage of these mortgage options is the fast approval process, even for those who have been declined in the past. This is great news for self-employed individuals who may have struggled to obtain financing previously.

One key consideration for self-employed borrowers is the ability to include reduced taxable income from claimed expenses. These mortgage options take into account the unique financial situation of self-employed individuals, allowing them to qualify for a mortgage based on their actual income after deducting business expenses.

In particular, the Stated Income mortgage is a valuable tool for those who have significant expenses that impact their qualifying income. This option allows borrowers to state their income without the need for extensive documentation, making it easier for self-employed individuals to secure financing.

Self-employed individuals can also benefit from the acceptance of dividend and investment income, provided they meet the stability and proof requirements. This allows borrowers with various sources of income to access mortgage options that suit their specific needs.

To apply for these mortgage options, borrowers will need to provide certain documents. 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 gathering these documents in advance, borrowers can streamline the application process and increase their chances of approval.

These mortgage options also provide access to a diverse range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. This means that self-employed individuals can choose from a variety of options and find the best fit for their unique financial situation.

For self-employed borrowers looking for tailored mortgage solutions, there are specialized options available. These Business For Self (BFS) options are designed specifically for self-employed individuals and provide a range of benefits.

If you are self-employed and in need of a mortgage, give us a call today. We can help you explore the available options and find the right mortgage solution for your needs.