Self-employed individuals often face challenges when it comes to getting a mortgage. However, there are options available that offer low rates and excellent mortgage terms specifically designed for self-employed individuals.

One of the advantages of these mortgage options is fast approval, even for those who have been previously declined for a mortgage. This is good news for self-employed individuals who may have had difficulty obtaining a mortgage in the past.

Another benefit of these mortgage options is that they take into consideration the reduced taxable income that self-employed individuals may have due to claimed expenses. This is important because self-employed individuals often have higher expenses than those who are employed by a company.

For those who have significant expenses impacting their qualifying income, a Stated Income mortgage may be a useful option. This type of mortgage allows borrowers to state their income without being required to provide extensive proof. This can be helpful for self-employed individuals who may find it difficult to provide traditional income documentation.

The mortgage options for self-employed individuals also accept dividend and investment income, as long as there is stability and proof of this income. This is important for those who generate income through investments or receive dividends from their business.

When applying for these mortgages, 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.

Additionally, these mortgage options provide access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative lenders. These lenders are willing to accept reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

If you are a self-employed individual looking for a mortgage, there are options tailored specifically for Business for Self (BFS) borrowers. To learn more about these options and find the best mortgage for your needs, give us a call.