Self-employed individuals often face challenges when it comes to obtaining a mortgage. However, there are excellent mortgage options available with low rates specifically designed for self-employed individuals. These options take into account the reduced taxable income that may result from claimed expenses, allowing self-employed individuals to qualify for favorable mortgage terms.

One of the advantages of these mortgage options is the fast approval process, even for individuals who have been previously declined for a mortgage. This is great news for self-employed workers who may have faced difficulties in the past when trying to secure a mortgage.

For those with significant expenses impacting their qualifying income, a Stated Income mortgage can be particularly useful. This mortgage option allows individuals to state their income without providing extensive documentation, making it easier for self-employed individuals to qualify for a mortgage.

Another benefit of these mortgage options is that they accept dividend and investment income, as long as there is stability and proof of this income. This gives self-employed individuals more flexibility in demonstrating their financial stability and income potential.

To apply for these 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. Providing these documents helps lenders assess the borrower's financial situation accurately.

Furthermore, accessing these mortgage options means having access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are open to considering reasonable income estimates and tailoring mortgage options to the unique needs of self-employed individuals.

If you are a self-employed individual looking for a mortgage, I am here to help. Reach out to me for a discussion and to explore the tailored mortgage options available for Business For Self (BFS) borrowers. With low rates and fast approvals, you can confidently take the step towards homeownership.