Self Employed

There are several mortgage options available for self-employed individuals, offering low rates and excellent benefits. These options are specifically designed to accommodate the unique financial circumstances of self-employed borrowers.

One of the standout features of these mortgage options is fast approval, even for individuals who have been previously declined. This is great news for self-employed individuals who may have faced challenges in securing a mortgage in the past.

These mortgage options take into consideration the reduced taxable income that self-employed individuals may have due to claimed expenses. This is important as it recognizes that self-employed individuals may have a lower taxable income but still have the ability to repay a mortgage.

For individuals whose qualifying income has been impacted by expenses, a Stated Income mortgage can be a useful solution. This type of mortgage allows borrowers to state their income without the need for extensive documentation, making it easier to qualify.

Furthermore, these mortgage options also accept dividend and investment income, as long as there is stability and proof requirements. This flexibility recognizes that self-employed individuals may have income from various sources and ensures that they are not excluded from accessing mortgage financing.

When applying for these mortgage options, 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. Gathering these documents will help streamline the application process and improve the chances of approval.

It is worth noting that these mortgage options provide access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. This means borrowers have a wide selection to choose from, increasing the likelihood of finding the best mortgage solution for their needs.

If you are a self-employed individual looking for a mortgage tailored to your unique circumstances, reach out and give us a call. We can provide expert advice and guide you through the process of finding the right mortgage option for you.

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