Self-employed individuals can benefit from low rates and excellent mortgage options through specialized programs designed to cater to their unique financial situation. These programs offer fast approval, even for those who may have been previously declined for a mortgage. One of the key factors considered in these self-employed mortgage options is the reduced taxable income resulting from claimed expenses. This allows self-employed borrowers to qualify for a mortgage based on their actual income, rather than just their taxable income.

For individuals whose qualifying income is impacted by expenses, a Stated Income mortgage may be a suitable solution. This type of mortgage allows borrowers to state their income without the need for extensive documentation, making it ideal for those with fluctuating or reduced income levels. Additionally, dividend and investment income can be accepted as part of the borrower's overall income, provided there is stability and sufficient proof of this income.

When applying for a self-employed mortgage, borrowers will need to provide a range of documents to support their loan application. These documents typically 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. By ensuring that all necessary documentation is in order, self-employed individuals can increase their chances of securing a mortgage that meets their needs.

Self-employed borrowers have access to a variety of lenders in Canada, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to work with self-employed individuals by accepting reasonable income estimates and offering tailored mortgage options specifically designed for Business For Self (BFS) borrowers. To explore these options further and find the best mortgage solution for your self-employed status, it is recommended to reach out to a mortgage professional who can guide you through the process and help you secure the financing you need.