Self-employed individuals can benefit from low rates and excellent mortgage options that are specifically designed for their unique financial situation. These mortgage options offer fast approval, even for those who have been declined in the past. The flexibility of self-employed mortgage options takes into account the reduced taxable income that can result from claimed business expenses, making it easier for individuals to qualify for a mortgage.

One useful option for self-employed individuals is the Stated Income mortgage, which allows borrowers to qualify based on their stated income without having to provide extensive proof. This can be helpful for those whose qualifying income is impacted by significant expenses related to their business. Additionally, dividend and investment income are considered as part of the overall income assessment, although stability and proof of these sources may be required.

When applying for a self-employed mortgage, a number of documents are typically required to support the borrower's financial situation. These can include the Notice of Assessment, T1 Tax Statement, proof of ownership in the business, contracts or financial statements, and copies of the Article of Incorporation or business license. By providing these documents, borrowers can demonstrate their financial stability and ability to repay the mortgage.

Self-employed individuals have access to a variety of lenders, including top Canadian banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates from self-employed borrowers and offer competitive mortgage options tailored to their unique needs. Whether you are a Business For Self borrower or have a different self-employment status, there are mortgage options available that can help you achieve your homeownership goals. Contact us today to learn more about how we can help you secure a mortgage that meets your needs as a self-employed individual.