Self-employed individuals often face difficulties when it comes to securing a mortgage, but there are solutions available that offer low rates and excellent mortgage options specifically designed for them. One of the main advantages is the fast mortgage approval process, even for those who have been previously declined.

These mortgage options take into consideration the reduced taxable income that self-employed individuals often face due to claimed expenses. This is especially beneficial for those who may have high expenses impacting their qualifying income. A stated income mortgage is designed to cater to these individuals, allowing them to qualify for a mortgage based on their stated income instead of their taxable income.

Furthermore, these mortgage options also take into account dividend and investment income, as long as stability and proof requirements are met. This is particularly advantageous for self-employed individuals who may have income from investments or receive dividends.

When applying for these mortgage options, there are certain documents that are 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.

Additionally, individuals have access to a range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and provide mortgage options tailored specifically for self-employed individuals.

If you are a self-employed individual looking for mortgage options, there are solutions available to you. Give us a call today and we can help you explore the best options tailored for business owners.