Self-employed individuals looking for low rates and excellent mortgage options will find that they have a range of choices available to them. Even if they have been declined for a mortgage in the past, there are fast approval options that cater specifically to self-employed borrowers. One advantage of these mortgage options is that they take into account the reduced taxable income that often comes with claiming business expenses. This is important because it means that those who are self-employed can still qualify for a mortgage even if their reported income is not as high as it might otherwise be.

For self-employed individuals who have expenses that impact their qualifying income, the Stated Income mortgage option can be particularly useful. This type of mortgage allows borrowers to provide a statement of their income without having to provide extensive documentation. In addition to this, those who receive dividend or investment income may also be able to use this to qualify for a mortgage, provided they can show stability and proof of this income.

When applying for a mortgage as a self-employed individual, there are several key 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 related to the business, and a copy of the Article of Incorporation or business license. By gathering these documents ahead of time, borrowers can streamline the application process and increase their chances of approval.

To access these mortgage options, self-employed individuals can turn to a variety of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to work with reasonable income estimates and can provide tailored options for Business For Self (BFS) borrowers. For more information on the mortgage options available for self-employed individuals, it is recommended to reach out to a mortgage adviser who can provide guidance on the best options for individual circumstances.