For self-employed individuals in search of a mortgage, there are low rates and excellent options available. This is good news for those who have previously been declined for a mortgage, as fast approval is still possible. These mortgage options take into consideration the reduced taxable income that comes with claimed expenses.

One useful option for those with expenses that impact their qualifying income is the Stated Income mortgage. This type of mortgage allows individuals to state their income, taking into account their expenses. This can be especially beneficial for self-employed borrowers as they often have higher expenses associated with running their own business.

In addition to considering stated income, lenders are also accepting dividend and investment income. However, there are stability and proof requirements that must be met in order to qualify. This ensures that borrowers are able to provide evidence of their income from these sources and that it is stable and reliable.

When applying for a mortgage as a self-employed individual, there are a number of documents that will be required. These include the Notice of Assessment, which shows the individual's income as reported to the Canada Revenue Agency, the 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.

One of the advantages of working with a mortgage broker is that they 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, making it easier for self-employed individuals to secure a mortgage.

There are also options specifically tailored for Business For Self (BFS) borrowers. These options take into consideration the unique circumstances of self-employed individuals and offer mortgage solutions that meet their needs. If you are self-employed and interested in exploring your mortgage options, it is recommended to reach out and give a mortgage broker a call. They can provide guidance and assistance in finding the best mortgage solution for your specific situation.