Self-employed individuals can now benefit from low mortgage rates and excellent mortgage options. Even if they have been previously declined for a mortgage, they can still obtain fast approval through these mortgage options. One advantage of these options is that they consider the reduced taxable income resulting from claimed business expenses. This is especially useful for those who have a significant amount of expenses that impact their qualifying income.

Another benefit is the acceptance of dividend and investment income. However, in order to be eligible, stability and proof requirements must be met. These requirements ensure that the income is consistent and reliable.

To apply 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. These documents help verify the legitimacy of the self-employed individual's business and income.

Being able to access top Canadian lenders is another advantage of these mortgage options. These lenders include large banks, mortgage finance companies, credit unions, and alternative financers. They are willing to accept reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

Furthermore, there are options specifically tailored for Business For Self (BFS) borrowers. These options are designed to meet the unique needs and challenges faced by self-employed individuals. If you are interested in these mortgage options, do not hesitate to give me a call. I can provide you with more information and assistance in obtaining a mortgage that suits your specific situation as a self-employed individual.