Self-employed individuals now have access to low rates and excellent mortgage options. Even if you have been declined in the past, you can still receive fast mortgage approval. These mortgage options take into consideration the reduced taxable income from claimed expenses, making it easier for self-employed individuals to qualify.

One useful option for those with expenses that impact their qualifying income is the Stated Income mortgage. This allows individuals to state their income without having to provide extensive documentation. It can be a great solution for self-employed borrowers who have a lot of expenses that reduce their taxable income.

One advantage of these mortgage options is that dividend and investment income are accepted, as long as they can be proven and are stable. This provides flexibility for self-employed individuals who have additional income sources.

When applying for these mortgages, there are certain documents that 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. Having these documents ready will help speed up the approval process.

By working with a mortgage broker, you can gain access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are open to accepting reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

If you are a self-employed individual looking for a mortgage, there are options tailored specifically for Business For Self (BFS) borrowers. These options take into consideration the unique needs and circumstances of self-employed individuals. Give me a call to discuss your mortgage options and find the best solution for you.