Self-employed individuals can benefit from low rates and excellent mortgage options that are specifically designed for their unique financial situation. These mortgage options cater to those who may have a reduced taxable income due to claimed expenses, making it easier for self-employed individuals to qualify for a mortgage. Additionally, these mortgage options can be a great solution for those who have experienced previous declines in mortgage approval, as fast approval is offered even after previous declines.

One useful mortgage option for self-employed individuals is the Stated Income mortgage, which takes into consideration expenses that impact qualifying income. This can be particularly helpful for those who have a fluctuating income or irregular income streams. Furthermore, dividend and investment income can be accepted as part of the overall income calculation, but stability and proof of income requirements may apply.

To apply for these self-employed mortgage options, certain documents are required such as 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 verify income and ensure that the borrower meets the lender's criteria.

Self-employed individuals can also benefit from access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers who are willing to work with reasonable income estimates. There are options tailored specifically for Business For Self (BFS) borrowers, ensuring that self-employed individuals have a variety of mortgage options to choose from. For more information on these self-employed mortgage options, individuals are encouraged to reach out for personalized assistance and guidance.