Self Employed

Self-employed individuals often struggle to find affordable mortgage options due to their fluctuating income. However, there are lenders who offer low rates and excellent mortgage options specifically designed for self-employed individuals. These lenders understand the unique financial situations of self-employed borrowers and are able to provide fast mortgage approval, even if the borrower has been previously declined by other lenders.

One benefit of these self-employed mortgage options is that they take into consideration the reduced taxable income that self-employed individuals may have due to claimed expenses. This means that borrowers can still qualify for a mortgage even if their taxable income does not accurately reflect their true earnings.

For those who have significant expenses that impact their qualifying income, a Stated Income mortgage may be a suitable option. This type of mortgage allows borrowers to state their income without providing extensive documentation to verify it. However, it is important to note that lenders may require proof of stability and a track record of income from dividends and investments.

When applying for a self-employed mortgage, there are several documents that will be 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. These documents are necessary for lenders to assess the financial stability and viability of the borrower's business.

One advantage of working with lenders who offer self-employed mortgage options is that they have access to top Canadian lenders. This includes large banks, mortgage finance companies, credit unions, and alternative financers who are willing to accept reasonable income estimates from self-employed borrowers.

Overall, self-employed individuals have options when it comes to getting a mortgage. By working with lenders who specialize in self-employed mortgage options, borrowers can find affordable rates and fast approval. If you are a self-employed borrower in need of a mortgage, it is recommended to reach out to a mortgage professional who can tailor a solution that fits your unique needs. Give them a call and explore your options today.

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