Self-employed individuals can benefit from low rates and excellent mortgage options that are specifically designed to meet their needs. These mortgage options are ideal for individuals who are self-employed and may not have a consistent income like traditional employees. Fast mortgage approval is also available for self-employed individuals, even if they have been declined for a mortgage in the past.

When applying for a mortgage as a self-employed individual, lenders will consider the reduced taxable income that may result from claimed expenses. This is where a Stated Income mortgage can be particularly useful, as it takes into account expenses that impact qualifying income. Additionally, lenders may also accept dividend and investment income, but stability and proof of this income will be required.

To apply for a self-employed mortgage, applicants will need to provide various documents including 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 financial stability and income of the self-employed individual.

With access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers, self-employed individuals can benefit from a variety of options tailored for borrowers who are self-employed. These options are designed to help self-employed individuals secure the financing they need to purchase a home or refinance their current mortgage. If you are self-employed and looking for mortgage options, it may be beneficial to give a mortgage specialist a call to discuss the options available to you.