Self-employed individuals can benefit from low rates and excellent mortgage options. Even if they have been previously declined, they can still obtain fast mortgage approval. One advantage of these mortgage options is that they take into consideration the reduced taxable income that self-employed individuals might have due to claimed expenses. This is where the Stated Income mortgage comes in handy, as it is designed for those whose qualifying income is affected by expenses.

Dividend and investment income are also accepted as valid sources of income as long as stability and proof requirements are met. This opens up more possibilities for self-employed individuals who generate income through these means.

To apply for these mortgage options, several 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. Having these documents ready will facilitate the mortgage application process.

When it comes to lenders, self-employed individuals have access to top Canadian lenders. This includes not only large banks but also mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates, making it easier for self-employed individuals to qualify for a mortgage.

For self-employed individuals specifically, there are options tailored for Business For Self (BFS) borrowers. These options are designed to meet the unique needs of self-employed individuals, taking into consideration their business structure and financial situation.

If you are a self-employed individual looking for a mortgage, it is worth exploring these options. Give us a call to discuss your specific situation and find the best mortgage solution for you.