There are low rates and excellent mortgage options available for self-employed individuals. These options can be especially beneficial for those who have been previously declined for a mortgage.

One advantage of these self-employed mortgage options is that they take into consideration the reduced taxable income that may result from claimed expenses. This means that individuals can still qualify for a mortgage even if their taxable income is lower than traditional income requirements would typically allow.

For individuals with significant expenses that impact their qualifying income, a Stated Income mortgage can be particularly useful. With this option, individuals can state their income without the need for extensive proof, making it easier to qualify for a mortgage.

Another advantage of these self-employed mortgage options is that they accept dividend and investment income, as long as it can be proven to be stable and consistent. This provides self-employed individuals with more flexibility in demonstrating their income and can increase their chances of mortgage approval.

To apply for these mortgage options, there are a few required documents that individuals must provide. 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 stability and viability of the individual's business, increasing their chances of mortgage approval.

One of the advantages of these self-employed mortgage options is that they provide access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financiers. This means that individuals can choose from a wide range of lenders and find the option that best suits their needs.

For self-employed individuals who are looking specifically for options tailored to their needs, there are also options available for Business For Self (BFS) borrowers. These options are designed to meet the unique financial circumstances and requirements of self-employed individuals.

If you are self-employed and interested in exploring these mortgage options, it is recommended to get in touch with a mortgage professional who can provide guidance and assistance throughout the application process. By giving them a call, you can take the first step towards securing a mortgage that fits your needs as a self-employed individual.