Self-employed individuals often face challenges when it comes to securing a mortgage. However, there are excellent options available with low rates to meet their specific needs. One of the key benefits is the fast mortgage approval process, even for those who have previously been declined.

Mortgage options for self-employed individuals take into consideration the reduced taxable income that often occurs due to the claiming of various expenses. This is where the Stated Income mortgage option comes in handy. It is designed for individuals who have significant expenses impacting their qualifying income. With this option, borrowers can provide a statement of their income without needing to provide detailed documentation.

Another advantage for self-employed individuals is that their dividend and investment income is taken into consideration as well. However, there are stability and proof requirements to ensure the legitimacy of this income source.

When applying for a mortgage as a self-employed individual, there are several required documents that must 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. These documents are necessary to assess the financial stability and legitimacy of the borrower's income.

Access to top Canadian lenders is also available for self-employed individuals. This includes large banks, mortgage finance companies, credit unions, and alternative financiers who are willing to accept reasonable income estimates. This provides borrowers with a variety of choices and allows them to find the best mortgage option that suits their needs.

For self-employed borrowers who own their own businesses, there are additional options tailored specifically for them. These Business For Self (BFS) borrowers can benefit from mortgage options that take into consideration their unique financial circumstances. To explore these options and find the best mortgage solution, it is recommended to seek professional advice and give them a call.

In conclusion, self-employed individuals no longer need to worry about the challenges of securing a mortgage. With excellent mortgage options and low rates, fast mortgage approval, and tailored options for business owners, there are solutions available to meet their needs. By providing the required documents and working with top lenders, self-employed individuals can successfully obtain a mortgage that suits their financial situation.