If you are self-employed and looking for mortgage solutions, there are excellent options available with low rates specifically designed to suit your unique financial situation. Even if you have faced mortgage declines in the past, you can benefit from fast approval processes tailored for self-employed individuals. These mortgage products take into account the common challenge of reduced taxable income caused by business expenses, offering flexible qualifying criteria.

One particularly useful option is the Stated Income mortgage, which helps borrowers whose qualifying income is affected by legitimate business expenses. This product allows lenders to consider income stated by the borrower rather than strictly relying on tax returns, making it easier for self-employed individuals to qualify. Additionally, dividend and investment incomes can also be accepted, provided there is adequate proof of stability and supporting documentation to verify these sources.

To apply, borrowers will need to gather several important documents, including their Notice of Assessment, T1 Tax Statement, evidence of principal ownership in the business, contracts or financial statements, and a copy of the Article of Incorporation or a valid business license. Having these documents organized will streamline the mortgage approval process and demonstrate financial legitimacy to lenders.

We have access to top Canadian lenders, including major banks, mortgage finance companies, credit unions, and alternative financing sources that accept reasonable income estimates. This ensures a wide range of competitive mortgage options are available, specifically tailored for Business For Self (BFS) borrowers. If you are self-employed and looking for a mortgage solution that matches your needs, please don’t hesitate to give me a call!