Self-employed individuals can take advantage of low rates and excellent mortgage options through a variety of lenders in Canada. These options are especially beneficial for those who have been previously declined for a mortgage or have a fluctuating income due to claimed expenses. Even with reduced taxable income, self-employed individuals can still secure fast mortgage approval with the right documentation.

One useful option for individuals with expenses that impact their qualifying income is the Stated Income mortgage. This type of mortgage allows borrowers to state their income without providing traditional proof of employment income, making it a great option for self-employed individuals. Additionally, lenders may accept dividend and investment income as part of the borrower's overall income, as long as there is stability and proper documentation to support these sources of income.

When applying for a mortgage as a self-employed individual, certain documents will be required to prove your income and eligibility. These documents may 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. By providing these necessary documents, self-employed individuals can access top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers who accept reasonable income estimates.

For self-employed borrowers looking for tailored mortgage options, there are specific Business For Self (BFS) options available. These options are designed to meet the unique needs of self-employed individuals and make it easier to secure the right mortgage for their business and financial situation. To learn more about these options and find the best mortgage solution for your self-employment situation, it is recommended to give a mortgage professional a call for personalized assistance.