Self-employed individuals often face difficulty when applying for a mortgage due to their fluctuating income and claimed expenses. However, there are now low rates and excellent mortgage options specifically designed for self-employed individuals, making it easier for them to secure the financing they need.

One of the key advantages of these mortgage options is the fast approval process, even for those who have been previously declined by traditional lenders. This means that self-employed individuals can quickly obtain the funds they need to purchase a property or refinance their existing mortgage.

These mortgage options also take into consideration the reduced taxable income that self-employed individuals often face due to their claimed expenses. This means that the qualifying income used for mortgage approval is adjusted to reflect their actual financial situation, making it easier for them to meet the necessary criteria.

For those who have significant expenses impacting their qualifying income, a Stated Income mortgage option is available. This option allows individuals to state their income without providing detailed documentation, which can be particularly useful for self-employed individuals with complex financial situations.

Another advantage of these mortgage options is the acceptance of dividend and investment income, provided that stability and proof requirements are met. This means that self-employed individuals can include these sources of income when applying for a mortgage, further increasing their chances of approval.

To apply for these mortgage options, self-employed individuals will generally need to provide certain documents, including 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 financial stability and viability of the self-employed individual's business.

Fortunately, self-employed individuals have access to a wide range of lenders in Canada, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are open to considering reasonable income estimates and can tailor mortgage options specifically for Business For Self (BFS) borrowers.

If you are self-employed and in need of a mortgage, it is recommended to reach out and explore these tailored mortgage options that are available to you. With low rates, flexible requirements, and fast approval, these options can help make your dream of homeownership a reality. Give us a call today to find out more!