Self-employed individuals can benefit from low rates and excellent mortgage options that are specifically designed for their unique situation. These mortgage options take into consideration the reduced taxable income resulting from claimed expenses, allowing self-employed individuals to qualify for a mortgage based on their actual financial situation.

One notable feature of these mortgages is fast approval, even for individuals who have been previously declined for a mortgage. This provides self-employed individuals with the opportunity to secure a mortgage quickly and move forward with their homeownership goals.

For those whose qualifying income is impacted by their business expenses, there is the Stated Income mortgage option. This type of mortgage allows individuals to provide an estimate of their income without requiring extensive documentation. This can be particularly useful for self-employed individuals who may have fluctuating or unpredictable income.

In addition to considering income from their self-employment, these mortgage options also accept dividend and investment income. However, stability and proof requirements are necessary to demonstrate the reliability of these sources of income.

When applying for one of these mortgages, certain documents 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 provide the necessary evidence of income and business ownership.

Self-employed individuals can access these mortgage options from a range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates for self-employed individuals, ensuring that they have access to a competitive mortgage market.

If you are a self-employed individual and are interested in exploring these tailored mortgage options, it is recommended to reach out to a mortgage professional who can provide guidance and assistance throughout the application process.