There are several mortgage options available for self-employed individuals that offer low rates and excellent terms. These options are designed to cater to the unique needs of self-employed borrowers, providing them with fast mortgage approval, even if they have been previously declined.

One advantage of these mortgage options is that they consider the reduced taxable income that often results from claimed expenses for self-employed individuals. This means that self-employed borrowers can take advantage of the stated income mortgage option, which takes into account the expenses that impact their qualifying income.

In addition to considering claimed expenses, these mortgage options also accept dividend and investment income, as long as the income can be proven and is stable. This provides self-employed borrowers with the opportunity to demonstrate that they have a reliable source of income, even if it is not the traditional salary or wages earned by traditional employees.

To apply for these mortgage options, self-employed borrowers will need to provide several required documents. These documents 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.

When applying for a mortgage as a self-employed individual, it is important to have access to top Canadian lenders. These lenders can include large banks, mortgage finance companies, credit unions, and alternative financers. They will consider reasonable income estimates provided by self-employed borrowers.

If you are a self-employed individual looking for mortgage options tailored specifically to your needs, give us a call. We can connect you with the right solution for your mortgage needs, taking into account your unique financial situation and goals.