Self Employed

For self-employed individuals seeking a mortgage, there are low rates and excellent options available. Even if you have been declined for a mortgage in the past, there is still a fast approval process for self-employed individuals. These mortgage options take into consideration the reduced taxable income that comes with claiming business expenses.

One option that may be useful for those with expenses that impact their qualifying income is the Stated Income mortgage. With this type of mortgage, you can state your income without providing detailed documentation. This can be beneficial for self-employed individuals who may have a harder time proving their income through traditional means.

If you have dividend or investment income, this can also be considered when applying for a mortgage as long as there is stability and proof of this income. This means providing documentation and evidence that your dividend or investment income is consistent and reliable.

When applying for a mortgage as a self-employed individual, there are a few documents that will be 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. Providing these documents will help the lender assess your financial situation and determine the best mortgage options for you.

By working with an experienced mortgage professional, you will have access to top Canadian lenders. This includes large banks, mortgage finance companies, credit unions, and alternative financiers who are willing to accept reasonable income estimates. These lenders understand the unique financial situations of self-employed individuals and can offer tailored mortgage options to suit your needs.

If you are a Business For Self (BFS) borrower, there are options available specifically tailored to your situation. By giving a mortgage professional a call, you can discuss these options and find the best mortgage solution for your needs as a self-employed individual.

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