Self-employed individuals have the opportunity to benefit from low mortgage rates and excellent options specifically designed for their unique circumstances. These mortgage options are perfect for individuals who are self-employed and may have experienced previous declines in their applications. With a fast approval process, self-employed individuals can gain access to the mortgage they need without delay.

One of the key factors considered in self-employed mortgage options is the reduced taxable income resulting from claimed expenses. This recognition allows self-employed borrowers to qualify for a mortgage based on their actual income, taking into account the expenses they have incurred in running their business. As a result, self-employed individuals can secure a mortgage that accurately reflects their financial situation.

The Stated Income mortgage option is particularly useful for self-employed individuals whose qualifying income is impacted by their expenses. With this option, borrowers can state their income without the need for extensive documentation, making the application process more convenient and straightforward.

In addition, self-employed individuals can also take advantage of the acceptance of dividend and investment income as part of their mortgage qualification. However, stability and proof requirements are necessary to ensure the reliability and consistency of these income sources.

To apply for these self-employed 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. By providing these documents, self-employed individuals can showcase their financial situation to lenders.

Furthermore, access to a wide range of top Canadian lenders is available, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are open to accepting reasonable income estimates, providing additional flexibility for self-employed borrowers.

Overall, tailored mortgage options are available specifically for Business for Self (BFS) borrowers. If you are self-employed and interested in exploring these mortgage options, feel free to contact me.