Self-employed individuals can now benefit from low rates and excellent mortgage options. Whether they have been previously declined or require fast approval, there are solutions available. Mortgage options designed specifically for self-employed individuals take into consideration their reduced taxable income resulting from claimed expenses.

The Stated Income mortgage is particularly useful for those whose qualifying income is impacted by expenses. This type of mortgage allows borrowers to state their income without the need for extensive documentation. This is particularly beneficial for self-employed individuals who may have difficulty providing traditional income verification.

Dividend and investment income are also accepted as qualifying income, provided there is stability and proof of these earnings. Lenders will require certain documents to process the mortgage application. 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.

Access to top Canadian lenders is available for self-employed individuals seeking mortgage options. This includes large banks, mortgage finance companies, credit unions, and alternative financers. These lenders understand the unique financial situations of self-employed individuals and are willing to work with reasonable income estimates.

For Business For Self (BFS) borrowers, there are options specifically tailored to their needs. These options recognize the different financial challenges faced by self-employed individuals and offer solutions that best fit their circumstances.

If you are self-employed and in need of a mortgage, it is important to explore all the options available to you. Contact us today to discuss your situation and find out how we can assist you in securing a mortgage that suits your needs.