Self-employed individuals often struggle to find low rates and excellent mortgage options that cater to their unique financial circumstances. However, there are solutions available that can provide fast mortgage approval, even for those who have been previously declined.

One key advantage for self-employed individuals is the ability to consider their reduced taxable income from claimed expenses when applying for a mortgage. This means that they may be able to qualify for a higher loan amount based on their actual income, rather than the income reported on their tax returns.

For those with significant expenses impacting their qualifying income, a Stated Income mortgage can be particularly useful. With this option, borrowers can provide an estimate of their income without having to provide detailed documentation. This allows individuals to qualify for a mortgage based on their ability to make the monthly payments, rather than solely relying on their tax returns.

In addition to considering regular income, mortgage lenders also accept dividend and investment income from self-employed individuals. However, stability and proof of this income are typically required. Lenders want to ensure that the income can be relied upon consistently over time before approving a mortgage application.

When applying for a mortgage as a self-employed individual, there are several required documents that lenders typically request. 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 documents help lenders verify the legitimacy and financial stability of the business.

Self-employed individuals have access to a wide range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and can provide competitive rates and mortgage options tailored to the needs of self-employed borrowers.

If you are a self-employed individual in need of a mortgage, there are options available that can meet your needs. Consider reaching out to me, and together we can explore the options and find the best mortgage solution for you. Don't let your self-employment status hinder your ability to achieve your homeownership goals.