Self Employed

For self-employed individuals looking for a mortgage, there are low rates and excellent options available. These mortgage options are specifically designed to meet the needs of self-employed individuals, providing them with fast approval, even if they have been declined in the past.

One key benefit of these mortgage options is that they consider the reduced taxable income that self-employed individuals may have due to claimed expenses. This means that individuals can qualify for a mortgage based on their actual income, rather than just their taxable income.

For those who have significant expenses impacting their qualifying income, a Stated Income mortgage may be a useful option. This type of mortgage allows individuals to state their income, taking into account their expenses, and use it to qualify for a mortgage.

In addition to income from their business, self-employed individuals can also include dividend and investment income when applying for a mortgage. However, stability and proof of this income may be required.

When applying for these mortgage options, there are several documents that will be 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.

These mortgage options provide access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. They are willing to accept reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

If you are a self-employed individual and are interested in exploring these mortgage options, give me a call. There are tailored options available specifically for Business For Self borrowers.

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