Self-employed individuals can take advantage of low rates and excellent mortgage options specifically designed for them. These options cater to their unique financial circumstances and offer competitive interest rates.

One of the key benefits of these mortgage options is fast approval, even for those who have been declined for a mortgage in the past. This means that self-employed individuals can quickly obtain the financing they need without the hassle and uncertainty of a lengthy approval process.

These mortgage options also take into account the reduced taxable income that self-employed individuals may have due to claimed expenses. This is particularly important for those who have higher expenses that impact their qualifying income. By considering this reduced taxable income, self-employed individuals can still qualify for a mortgage that suits their needs.

Another useful mortgage option for self-employed individuals is the Stated Income mortgage. This type of mortgage takes into account the borrower's stated income rather than relying solely on tax documents. This is particularly beneficial for those who may have significant expenses that impact their qualifying income but still have sufficient funds to make mortgage payments.

Lenders also accept dividend and investment income as a valid source of income for self-employed individuals. However, they may require stability and proof of this income to ensure that it is reliable and consistent.

To apply for these mortgage options, self-employed individuals 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. These documents help lenders assess the financial health and stability of the self-employed borrower.

Self-employed individuals can access these mortgage options from top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are open to accepting reasonable income estimates and work with self-employed individuals to find the best mortgage option for their needs.

If you are a self-employed individual looking for a mortgage, tailored options are available specifically for borrowers like you. Give us a call to explore the mortgage options that suit your unique financial circumstances.