For self-employed individuals, there are excellent mortgage options available with low rates. These options are specifically designed to meet the needs of self-employed individuals who may have lower taxable income due to claimed expenses.

One of the advantages of these mortgage options is the fast approval process, even for individuals who have previously been declined for a mortgage. This means that even if you have faced rejection in the past, there is still a chance of getting approved for a mortgage as a self-employed individual.

One option that can be particularly useful for self-employed individuals is the Stated Income mortgage. This option takes into consideration the impact of claimed expenses on qualifying income. This means that your taxable income does not have to be the only factor taken into account when determining your eligibility for a mortgage. Instead, your stated income, which factors in your expenses, can be used to assess your ability to handle mortgage payments.

Furthermore, if you receive dividend or investment income as a self-employed individual, this can also be accepted as a source of income for mortgage qualification. However, it is important to note that stability and proof requirements are usually necessary in order to determine the reliability of this income.

When applying for a mortgage as a self-employed individual, there are several 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 are necessary to provide evidence of your financial situation and business ownership.

Access to a variety of lenders is also available for self-employed individuals, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and are experienced in working with self-employed individuals.

In addition to these general mortgage options, there are also specific options tailored for Business For Self (BFS) borrowers. These options are designed to meet the unique needs and challenges that self-employed individuals face when applying for a mortgage.

If you are a self-employed individual looking for a mortgage, it is advisable to contact a mortgage professional who can provide guidance and assistance in finding the best mortgage option for your specific situation.