For self-employed individuals, there are low rates and excellent mortgage options available. Even if you have been declined in the past, there is a fast mortgage approval process specifically designed for self-employed individuals. These mortgage options take into consideration the reduced taxable income resulting from claimed expenses.

One useful option is the Stated Income mortgage, which is designed for those who have expenses that impact their qualifying income. With this type of mortgage, you can state your income without having to provide extensive documentation.

Dividend and investment income are also accepted with stability and proof requirements. This means that if you have income from dividends or investments, you can include it in your mortgage application as long as you can provide proof of stability and ownership.

To apply for these mortgage options, you will need to provide certain documents. These include the Notice of Assessment, which shows your income as declared to the Canadian Revenue Agency, the T1 Tax Statement, proof of your principal ownership in the business, contracts or financial statements to demonstrate the stability of your business, and a copy of the Article of Incorporation or business license.

You will also have access to a variety of lenders, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to accept reasonable income estimates from self-employed individuals.

If you are a Business For Self (BFS) borrower, there are options specifically tailored for you. Whether you are a sole proprietor, partnership, or corporation, there are mortgage solutions available to meet your needs.

If you are interested in these mortgage options, feel free to give me a call. I can provide more information and assist you in finding the best solution for your unique situation.