For self-employed individuals in need of mortgages, there are advantageous options available. These options offer low rates and excellent mortgage terms, designed specifically for those who work for themselves. Even if someone has been previously declined for a mortgage, these options ensure a fast approval process.

One major benefit of these self-employed mortgage options is that they take into account the reduced taxable income resulting from claimed business expenses. Many self-employed individuals have various expenses that affect their qualifying income and, as a result, their ability to obtain a mortgage. However, with these options, this reduced income is considered, allowing self-employed individuals to still qualify for a mortgage.

One type of mortgage that is particularly useful for those with expenses impacting their qualifying income is the Stated Income mortgage. With this type of mortgage, applicants can state their income without needing to provide extensive proof. This can be especially beneficial for self-employed individuals who may not have traditional income documentation readily available.

When applying for these self-employed mortgage options, certain documents are typically 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 help lenders verify the applicant's income and business ownership, ensuring a smooth approval process.

One advantage of these self-employed mortgage options is that they provide access to some of the top lenders in Canada. This includes large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to work with self-employed individuals and accept reasonable estimated income figures, making it easier for self-employed individuals to secure a mortgage.

Additionally, there are options specifically tailored for Business For Self (BFS) borrowers. These options take into account the unique needs and circumstances of self-employed individuals, providing them with the best possible mortgage terms and rates.

If you are a self-employed individual looking for a mortgage, these options could be your solution. With low rates, fast approval, and consideration for your reduced taxable income, these self-employed mortgage options offer excellent terms. Contact me today to discuss your options and find the mortgage that best suits your needs.