Self-employed individuals often face unique challenges when it comes to obtaining a mortgage. They may have difficulties proving their income or may have experienced previous declines when applying for a mortgage. However, we offer low rates and excellent mortgage options specifically designed for self-employed individuals.

One of the advantages we provide is fast mortgage approval, even for those who have been declined in the past. We understand that self-employed individuals may have fluctuating income or may have claimed expenses that reduce their taxable income. Our mortgage options take this into consideration, allowing applicants to qualify for a mortgage based on their reduced taxable income.

For those with expenses that significantly impact their qualifying income, we offer a Stated Income mortgage option. This allows individuals to provide an estimate of their income rather than relying solely on their tax returns. This can be particularly useful for self-employed individuals who have legitimate expenses that affect their taxable income.

We also accept dividend and investment income as part of the application process. However, there are stability and proof requirements in place to ensure that this income is reliable and consistent.

When applying for a mortgage as a self-employed individual, there are several documents that 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.

We have access to a wide range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates from self-employed individuals and provide them with suitable mortgage options.

If you are self-employed and looking for a mortgage, our options are tailored specifically for Business For Self (BFS) borrowers. We understand the unique needs and challenges faced by self-employed individuals and can provide you with the guidance and support necessary to secure a mortgage that suits your needs. Give us a call today to discuss your options.