Self-employed individuals often face challenges when it comes to obtaining a mortgage. However, there are mortgage options available that offer low rates and excellent terms specifically designed for self-employed individuals.

One of the advantages of these mortgage options is the fast approval process, even for those who have been declined in the past. This allows self-employed individuals to quickly secure the financing they need for their home purchase or refinancing needs.

These mortgage options take into consideration the reduced taxable income that self-employed individuals may have, as a result of claiming business expenses. This means that the mortgage lenders will not solely rely on the individual's reported income, but will also factor in their business expenses, resulting in a more accurate representation of their true income.

For those self-employed individuals who have high expenses that impact their qualifying income, the Stated Income mortgage option can be especially useful. With this option, the borrower can simply state their income, without the need to provide extensive financial documentation.

In addition, self-employed individuals can also include dividend and investment income as part of their qualifying income, provided they can provide stability and proof of these income sources.

To apply for these mortgage options, self-employed individuals are required to provide specific documentation, including 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.

Access to these mortgage options is available through top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to work with self-employed borrowers and accept reasonable income estimates.

If you are a self-employed individual looking for the best mortgage options tailored for your needs, it is highly recommended to reach out and speak to a mortgage professional who can guide you through the process and help you find the most suitable mortgage solution.