For self-employed individuals looking for a mortgage, there are low rates and excellent options available. These options are designed to cater specifically to the unique financial situation of self-employed individuals. Even if you have been previously declined for a mortgage, there is still a chance for fast approval.

One advantage of self-employed mortgage options is that they take into consideration the reduced taxable income that comes from claimed expenses. This means that even if your net income is lower due to expenses, you can still qualify for a mortgage based on your actual income. This is especially helpful for those who have a lot of expenses that impact their qualifying income.

If you have dividend or investment income, this can also be accepted as part of your overall income. However, you will need to provide stability and proof of this income in order to be considered. This is to ensure that your income is reliable and will continue in the future.

When applying for a mortgage as a self-employed individual, there are several required documents that you will need to provide. 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 will help lenders assess your financial situation and determine your eligibility for a mortgage.

By working with a mortgage broker, you will have access to a wide range of lenders. This includes large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and work with self-employed individuals to find the right mortgage solution.

If you are a business for self (BFS) borrower, there are specific options tailored to your needs. To explore these options and find the best mortgage for your situation, it is recommended to give a mortgage broker a call. They will be able to guide you through the process and help you find the best mortgage option for your self-employed status.