If you are a self-employed individual in need of a mortgage, you will be happy to know that there are low rates and excellent options available for you. Furthermore, even if you have been declined for a mortgage in the past, you can still receive fast approval through these mortgage options.

One advantage of self-employed mortgage options is that they take into consideration the reduced taxable income that may result from claimed expenses. This means that even if your taxable income appears low, you may still be eligible for a mortgage based on your actual earning potential.

A useful option for those with expenses that impact their qualifying income is the Stated Income mortgage. This type of mortgage allows you to state your income without providing detailed documentation, making it easier for self-employed individuals to qualify.

If you receive dividend or investment income, you will be pleased to know that this can also be accepted by lenders. However, stability and proof requirements may be necessary to demonstrate the reliability of this income.

When applying for a mortgage as a self-employed individual, you will need to provide certain documents. These include the Notice of Assessment, T1 Tax Statement, proof of principal ownership in your business, contracts or financial statements, and a copy of the Article of Incorporation or business license.

In addition to these benefits and requirements, you will also have access to top Canadian lenders. This includes large banks, mortgage finance companies, credit unions, and alternative financiers who are willing to accept reasonable income estimates.

If you are a Business For Self (BFS) borrower, there are options specifically tailored to your needs. To explore these options and find the best mortgage for you, give us a call!