For self-employed individuals, there are great mortgage options available with low rates and excellent terms. These mortgages are designed specifically for those who work for themselves and offer a fast approval process, even if you have been declined for a mortgage in the past.

One of the main advantages of these self-employed mortgage options is that they take into consideration the reduced taxable income that comes with claiming expenses. Many self-employed individuals have various expenses related to their business, and these mortgages recognize that the qualifying income may be impacted as a result.

If you have significant expenses that affect your income, a Stated Income mortgage may be particularly useful. This type of mortgage allows you to provide an estimate of your income rather than relying solely on your tax returns. This can be a favorable option for self-employed individuals who may not have a high taxable income, but have a stable and reasonable income from their business.

When applying for a self-employed mortgage, there are several documents that will be required. These include your Notice of Assessment, T1 Tax Statement, proof of your ownership in the business, any relevant contracts or financial statements, and a copy of your Article of Incorporation or business license. Providing these documents will help the lender assess your eligibility and determine the terms of your mortgage.

Access to top Canadian lenders is available for self-employed individuals looking for a mortgage. This includes large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable estimates of income and work with self-employed individuals to find the best mortgage option for their needs.

If you are self-employed and interested in exploring mortgage options, there are tailored solutions specifically for business owners. Whether you need a traditional mortgage or a more flexible option, there are choices available to suit your needs. If you have any questions or would like more information, please give me a call.