Self-employed individuals can now take advantage of low interest rates and excellent mortgage options. Even if they have been previously declined, fast mortgage approval is still possible. One of the benefits of these mortgage options is that they consider the reduced taxable income resulting from claimed expenses. This means that individuals can still qualify for a mortgage even if their taxable income is not as high as it would be if they were a salaried employee.

For those with expenses that significantly impact their qualifying income, the Stated Income mortgage option is particularly useful. This option allows individuals to state their income without needing to provide extensive documentation. Instead, reasonable income estimates are accepted.

Not only do these mortgage options consider income from the self-employed individual's business, but they also take into account dividend and investment income. However, stability and proof of these earnings are required in order for them to be considered.

When applying for these mortgage options, there are several documents that will need to be provided. 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. Gathering these documents can help streamline the mortgage approval process.

Access to top Canadian lenders is available for self-employed individuals, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to accept reasonable income estimates and offer competitive mortgage options.

If you are a Business For Self (BFS) borrower, tailored mortgage options are also available to meet your specific needs. Whether you have claimed expenses impacting your qualifying income or you have dividend and investment income, these options can help you secure the mortgage you need.

For more information about these self-employed mortgage options, give us a call and we will be happy to assist you in finding the best solution for your mortgage needs.