Self-employed individuals can benefit from low rates and excellent mortgage options specifically designed for their unique financial situations. Even if previous mortgage applications have been declined, fast approval is possible. These mortgage options take into consideration the reduced taxable income that self-employed individuals may have due to claimed business expenses.

One useful option is the Stated Income mortgage, which is ideal for those who have significant expenses that impact their qualifying income. This allows borrowers to state their income without extensive documentation, making it easier for self-employed individuals to qualify for a mortgage.

Another advantage is that dividend and investment income can also be accepted as qualifying income, as long as it can be proven stable and reliable. Self-employed individuals will need to provide specific required 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.

Access to top Canadian lenders is also available, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are willing to work with self-employed individuals and accept reasonable income estimates when determining mortgage eligibility.

Lastly, options are specifically tailored for Business For Self (BFS) borrowers. These options are designed to meet the unique needs of self-employed individuals and provide them with the flexibility and affordability they require.

If you are self-employed and are in need of a mortgage, it is worth exploring these options. Give us a call to discuss your specific situation and find out how we can help you secure a mortgage that meets your needs.