With low rates and excellent mortgage options, self-employed individuals can now secure their dream home. In addition, fast mortgage approvals are available for individuals who have been declined in the past. This is good news for those who are self-employed and have struggled to find suitable mortgage options.

One of the advantages of self-employed mortgage options is that they consider the reduced taxable income resulting from claimed expenses. This means that individuals can still qualify for a mortgage even if their taxable income does not accurately reflect their financial capabilities. For those with significant expenses impacting their qualifying income, a Stated Income mortgage can be a useful solution.

Another advantage is that dividend and investment income are accepted as valid sources of income. However, stability and proof requirements must be met in order to be eligible. This offers flexibility for those with business investments or other sources of income outside of traditional employment.

In order to apply for a self-employed mortgage, 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. By providing these documents, individuals can demonstrate their financial stability and eligibility for a mortgage.

When it comes to finding the right mortgage lender, self-employed individuals have access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders accept reasonable income estimates, making it easier for self-employed individuals to secure a mortgage that meets their needs.

For self-employed individuals with unique circumstances, such as Business For Self (BFS) borrowers, tailored mortgage options are available. This means that regardless of their specific financial situation, there are options out there for self-employed individuals.

If you are self-employed and in need of a mortgage, don't hesitate to reach out. With the right mortgage options and a simplified application process, your dream home is within reach.