There are low rates and excellent mortgage options available for self-employed individuals. These options are specifically designed to cater to the unique circumstances of self-employed borrowers. One of the key benefits is fast mortgage approval, even for individuals who may have been previously declined for a mortgage.

One of the factors taken into consideration with self-employed mortgage options is the reduced taxable income that results from claimed expenses. This is important because self-employed individuals often have various expenses related to their business that can impact their qualifying income. To address this, there are Stated Income mortgages available which are useful for those who have expenses that may affect their qualifying income.

Additionally, these mortgage options also accept dividend and investment income. However, there are stability and proof requirements in place for these types of income sources. This ensures that the income is reliable and can be used for mortgage qualification purposes.

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 provide the necessary information to verify income and the legitimacy of the business.

Access to top Canadian lenders is also available for self-employed individuals. This includes large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and offer mortgage options tailored specifically for Business For Self (BFS) borrowers.

If you are a self-employed individual looking for a mortgage, it is important to explore the options available to you. By contacting a professional who specializes in mortgages for self-employed individuals, you can gain a better understanding of the options that are tailored to your unique needs. With low rates, fast approval, and flexible mortgage options, it is possible for self-employed individuals to achieve their homeownership goals.