Self-employed individuals looking for low rates and excellent mortgage options will be pleased to know that there are various choices available to them. One advantage of these options is fast mortgage approval, even for those who have previously been declined. This is particularly beneficial for individuals who work for themselves and need quick access to financing for a mortgage.

When applying for a mortgage as a self-employed individual, it is important to consider the fact that taxable income may be reduced due to claimed expenses. However, self-employed mortgage options take this into account and provide solutions that are suitable for individuals who have lower qualifying income as a result of their expenses.

One option that can be particularly useful for those with significant claimed expenses is the Stated Income mortgage. This type of mortgage allows individuals to state their income without providing extensive documentation to prove it. This can be advantageous for self-employed individuals who may struggle to provide traditional income verification documents.

In addition to considerate treatment of claimed expenses, self-employed individuals can also benefit from the acceptance of dividend and investment income in the mortgage application process. However, stability and proof requirements may be necessary to demonstrate that this income is reliable and can be considered in the mortgage evaluation.

When applying for a mortgage as a self-employed individual, there are certain documents that will be 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 lenders evaluate the financial stability and track record of the business and the individual applying for the mortgage.

It is important to note that self-employed individuals have access to a variety of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are open to accepting reasonable income estimates and will work with borrowers to find a mortgage solution that suits their needs.

For self-employed individuals looking for tailored mortgage options, particularly those classified as Business For Self (BFS) borrowers, contacting a professional in the field is highly recommended. By doing so, individuals can receive personalized advice and guidance that will help them navigate the mortgage application process successfully.