Self Employed

If you are self-employed and seeking a mortgage, you can benefit from low rates and excellent mortgage options. These options are specifically designed to meet the needs of self-employed individuals like you. Even if you have been declined for a mortgage in the past, you can still obtain fast mortgage approval through these options.

One advantage of self-employed mortgage options is that they consider the reduced taxable income resulting from the expenses you have claimed. This means that your qualifying income for the mortgage can be adjusted to reflect your actual financial situation. If your expenses have had a significant impact on your qualifying income, a Stated Income mortgage might be a useful option for you. With this type of mortgage, you can provide evidence of your income through means other than traditional methods like pay stubs or tax returns.

Another benefit of self-employed mortgage options is that they accept dividend and investment income as valid sources of income. However, you will need to provide proof of the stability of this income, as well as meet certain requirements. This can include documents 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.

When it comes to accessing these mortgage options, you have the advantage of being able to choose from a wide range of lenders in Canada. This includes large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders will accept reasonable estimates of your income, making it easier for you to secure the mortgage you need.

If you are a Business For Self (BFS) borrower, there are options tailored specifically for you. These options take into account the unique needs and financial situations of self-employed individuals. To explore these options and find the right mortgage for you, feel free to give me a call. I am here to help you navigate the mortgage process and find the best possible solution for your specific circumstances.

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