Self-employed individuals now have access to low rates and excellent mortgage options. Even if they have been previously declined for a mortgage, fast approval is still possible. These mortgage options take into consideration the reduced taxable income that self-employed individuals may have due to claimed expenses.

One useful mortgage option for self-employed individuals is the Stated Income mortgage. This type of mortgage is especially beneficial for those who have expenses that impact their qualifying income. With a Stated Income mortgage, self-employed individuals can provide an estimate of their income without the need for extensive documentation.

Self-employed individuals who receive dividend and investment income can also qualify for a mortgage. However, there are stability and proof requirements for this type of income. Lenders will typically require documents such as 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.

Access to top Canadian lenders is available for self-employed individuals seeking a mortgage. This includes large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to accept reasonable income estimates from self-employed individuals.

There are also mortgage options specifically tailored for Business For Self (BFS) borrowers. These options take into consideration the unique financial circumstances of self-employed individuals and provide them with mortgage solutions that meet their needs. If you are self-employed and in need of a mortgage, it is recommended to reach out and give a call to explore the available options.

In conclusion, self-employed individuals now have access to low rates and excellent mortgage options. Fast approval is possible even after previous declines. These mortgage options consider the reduced taxable income from claimed expenses and accept dividend and investment income with proof requirements. Required documents include the Notice of Assessment, T1 Tax Statement, proof of principal ownership, contracts or financial statements, and a copy of the Article of Incorporation or business license. There are options tailored specifically for self-employed borrowers, so it is advised to contact the relevant parties for further information.