If you are a self-employed individual looking for a mortgage, you will be pleased to know that there are low rates and excellent options available to you. Even if you have been declined for a mortgage in the past, there is still a possibility of fast approval when working with the right lender.

One advantage of self-employed mortgage options is that they take into consideration the reduced taxable income that may result from claimed expenses. This is particularly useful for individuals who have a significant amount of expenses that impact their qualifying income. By considering the stated income rather than the actual taxable income, it allows for a more accurate representation of the borrower's financial situation.

When applying for a self-employed mortgage, you can also include dividend and investment income as part of your overall income. However, stability and proof requirements are necessary for these types of income to be accepted. This ensures that lenders have confidence in your ability to meet your mortgage payments.

There are several documents that you will need to provide when applying for a self-employed mortgage. These include the Notice of Assessment, which is a document issued by the Canada Revenue Agency that confirms your income and tax owed. You will also need to provide your T1 Tax Statement, which provides a detailed breakdown of your income and expenses. Additionally, proof of principal ownership in your business, such as contracts or financial statements, will be required. Finally, you will need to provide a copy of the Article of Incorporation or business license to verify the legitimacy of your business.

By working with a reputable lender, you will have access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates, allowing you to secure the mortgage that you need.

For self-employed individuals, there are also options tailored specifically for Business For Self (BFS) borrowers. These options are designed to meet the unique needs of self-employed individuals and provide them with the best possible mortgage terms and rates.

If you are interested in exploring your self-employed mortgage options, it is recommended that you give a mortgage professional a call. They will be able to guide you through the process and help you find the best mortgage solution for your specific situation.