Self-employed individuals often face challenges when trying to secure a mortgage due to the nature of their income. However, there are options available that offer low rates and excellent mortgage options specifically tailored for self-employed individuals. One of the key advantages of these mortgage options is the fast approval process, even for those who have been previously declined.

These self-employed mortgage options take into consideration the reduced taxable income that is often a result of claimed expenses. For individuals whose qualifying income is impacted by their expenses, a Stated Income mortgage can be particularly useful. This type of mortgage allows individuals to state their income without the need for extensive documentation, making it easier to qualify.

In addition to considering claimed expenses, these mortgage options also accept dividend and investment income. However, stability and proof of this income are typically required in order to qualify. To apply for these mortgages, several documents are typically required, 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.

One of the advantages of these mortgage options is access to top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

For self-employed borrowers, there are also options specifically tailored for Business For Self (BFS) borrowers. These options take into account the unique needs and challenges faced by self-employed individuals and offer more flexible terms and conditions.

If you are self-employed and are interested in exploring these mortgage options, it is recommended to reach out and inquire about your specific situation. By giving a call to a mortgage specialist, you can get more information about the available options and find the best mortgage solution for your needs.