Self-employed individuals often face challenges when it comes to obtaining a mortgage. However, there are now low rates and excellent mortgage options specifically designed for self-employed borrowers. These options aim to provide a fast mortgage approval process, even for those who have been previously declined.

One advantage of these self-employed mortgage options is that they take into consideration the reduced taxable income that comes from claimed expenses. Many self-employed individuals have various expenses related to their business, which can significantly impact their qualifying income. With stated income mortgages, these expenses are taken into account, making it easier for self-employed borrowers to qualify for a mortgage.

Additionally, these mortgage options also accept dividend and investment income, as long as stability and proof requirements are met. This means that self-employed individuals who have income from investments or dividends can still be eligible for a mortgage.

To apply for these mortgages, self-employed borrowers are required to provide certain documents. These include the Notice of Assessment, which proves their taxable income, the T1 Tax Statement, proof of their principal ownership in the business, such as contracts or financial statements, and a copy of the Article of Incorporation or business license.

Moreover, those seeking a mortgage as self-employed individuals have access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders consider reasonable income estimates and offer options tailored specifically for Business For Self (BFS) borrowers.

If you are a self-employed individual looking for a mortgage, it may be beneficial to explore these self-employed mortgage options. With low rates, fast approval, and options that take into account your specific income situation, you can find a mortgage that suits your needs. For more information, give us a call today.