Self-employed individuals can now benefit from low rates and excellent mortgage options specifically designed for their unique needs. These options provide fast approval for self-employed individuals, even if they have previously been declined by other lenders.

One key advantage of these self-employed mortgage options is that they consider the reduced taxable income resulting from claimed expenses. Many self-employed individuals have various expenses related to running their business, which often leads to a lower taxable income. With these mortgage options, this reduced income can still be taken into account when determining eligibility.

One particularly useful option available is the Stated Income mortgage. This mortgage is designed for individuals whose qualifying income is impacted by their expenses. With a Stated Income mortgage, applicants can provide an estimate of their income that takes into consideration their claimed expenses.

Furthermore, these mortgage options also accept dividend and investment income, as long as it can be proven to be stable and reliable. This provides additional flexibility for self-employed individuals who may have income from various sources.

When applying for these mortgages, certain documents are 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 help lenders assess the applicant's financial situation and determine their eligibility.

Another advantage of these self-employed mortgage options is the access to a variety of top Canadian lenders. This includes large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to work with self-employed individuals and accept reasonable income estimates.

If you are a self-employed individual looking for a mortgage, there are options tailored specifically for borrowers like you. Give us a call today to explore these options and find the best mortgage solution for your needs.