Self-employed individuals often face challenges when seeking a mortgage, as traditional lenders may not be familiar with their unique financial situation. However, there are mortgage options specifically designed for self-employed individuals that offer low rates and excellent terms.

One of the advantages of these mortgage options is that they provide fast approval, even for individuals who have been previously declined. This means that self-employed individuals can quickly secure the financing they need for their home purchase or refinance.

These mortgage options also take into consideration the reduced taxable income that self-employed individuals may have due to claimed expenses. This is particularly beneficial for those who have a significant amount of expenses impacting their qualifying income.

One specific mortgage option that is useful for self-employed individuals is the Stated Income mortgage. This type of mortgage allows borrowers to state their income without providing extensive documentation. Instead of relying solely on tax returns and pay stubs, self-employed individuals can provide estimates of their income, making it easier for them to qualify for a mortgage.

Another advantage of these mortgage options is that they accept dividend and investment income, as long as there is stability and proof of such income. This offers more flexibility for self-employed individuals who may have different types of income sources.

When applying for a self-employed mortgage, certain documents 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 help lenders assess the borrower's financial situation and determine their eligibility for a mortgage.

Self-employed individuals have access to a wide range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers that specialize in working with self-employed individuals. These lenders have experience in understanding the unique financial situations of self-employed borrowers and can provide mortgage options that suit their needs.

If you are a self-employed individual and are in need of a mortgage, consider contacting us. We can assist you in exploring the tailored options available for self-employed borrowers and help you find the mortgage solution that best fits your needs.