Self-employed individuals often face difficulties when it comes to obtaining mortgages due to their unique financial circumstances. However, there are low rate and excellent mortgage options available specifically for self-employed individuals. These options ensure that self-employed borrowers are not left behind and are able to obtain the financing they need.

One advantage of these mortgage options is the fast approval process. Even if self-employed individuals have been previously declined for a mortgage, they can still get approved quickly. This is a great benefit for those who need financing urgently.

Furthermore, these mortgage options take into consideration the reduced taxable income that self-employed individuals often claim as business expenses. This means that their qualifying income is not solely based on their taxable income, which could be significantly lower than their actual income.

For self-employed individuals who have significant expenses impacting their qualifying income, a Stated Income mortgage can be highly useful. This type of mortgage allows borrowers to state their income without providing detailed documentation.

In addition to considering taxable income and stated income, these mortgage options also accept dividend and investment income. However, stability and proof requirements are necessary to ensure the reliability of this additional income.

To apply for these self-employed mortgage options, certain documents are 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 financial stability and viability of the borrower's business.

Fortunately, self-employed borrowers have access to a wide range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to consider reasonable income estimates provided by self-employed individuals.

If you are a self-employed individual looking for mortgage options tailored specifically for Business For Self (BFS) borrowers, give us a call! We will guide you through the process and help you find the best mortgage option that suits your unique financial situation.