There are low rates and excellent mortgage options available for self-employed individuals. These mortgage options are designed to provide fast approval, even for those who have been declined in the past. One of the key benefits is that these mortgage options take into consideration the reduced taxable income that often results from claimed expenses.

For self-employed individuals who have significant expenses that impact their qualifying income, the Stated Income mortgage option can be particularly useful. This type of mortgage allows borrowers to state their income without the need for extensive documentation. It is a great choice for those who have a legitimate source of income but struggle to prove it through traditional means.

One of the big advantages of self-employed mortgage options is that they accept dividend and investment income. However, in order to qualify, borrowers must provide stability and proof of this type of income. This can be done by providing recent financial statements or other relevant documentation.

When applying for a self-employed mortgage, there are certain 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. These documents provide lenders with the necessary information to assess the borrower's financial situation and determine their eligibility for a mortgage.

One of the great advantages of these mortgage options is that they provide access to top Canadian lenders. This includes large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and work with self-employed individuals to find a mortgage option that suits their needs.

For self-employed borrowers, there are also options specifically tailored for them. These Business For Self (BFS) options take into consideration the unique financial situations of self-employed individuals and provide mortgage solutions that are better suited to their needs.

If you are self-employed and looking for a mortgage, give me a call. I can help you explore the various options available and find the best solution for your specific situation. With low rates, fast approval, and tailored options, there is a mortgage option out there that can work for you.