As a self-employed individual, finding affordable home financing options can be quite daunting. However, there are solutions available to help self-employed individuals achieve their dream of homeownership. This article discusses some of the available options that cater to self-employed individuals looking for low rates and excellent mortgage options.

One of the main concerns for self-employed individuals is the speed of mortgage approvals. Fortunately, there are lenders who are more accommodating and provide fast mortgage approval for self-employed individuals. Even if you have previously been declined for a mortgage, you may still be eligible for a new loan.

Self-employed mortgage options are available that take into consideration the reduced taxable income resulting from claimed expenses. A stated income mortgage may be useful for those who have expenses that impact their qualifying income. This type of mortgage considers the income stated on your application as opposed to requiring proof of income.

Dividend and investment income can also be considered as alternative sources of income when applying for a mortgage. However, there are certain stability and proof requirements that must be met before they can be credited as income.

To apply for a mortgage as a self-employed individual, certain documents are required. These include a 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.

Self-employed individuals have access to a variety of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers that accept reasonable income estimates. These lenders offer competitive rates and flexible mortgage options tailored specifically for Business For Self (BFS) borrowers.

In conclusion, the dream of homeownership is achievable for self-employed individuals. With fast mortgage approvals, flexible mortgage options, and access to a variety of lenders, there is no reason why self-employed individuals should be held back from owning their own home. Contact us to discuss the mortgage options available to you as a self-employed borrower.