Self Employed

Self-employed individuals often face unique challenges when it comes to getting a mortgage. However, there are low rates and excellent mortgage options available specifically designed for self-employed borrowers. These options provide a solution for those who have struggled to get mortgage approval in the past.

One of the main advantages of these options is the fast approval process. Even if you have been declined for a mortgage in the past, you can still qualify for a mortgage specifically tailored for self-employed individuals. These options take into consideration your reduced taxable income resulting from claimed expenses, making it easier for you to qualify.

Stated Income mortgages are particularly useful for self-employed individuals with expenses that impact their qualifying income. These mortgages require you to state your income without the need for extensive documentation. This is beneficial for those who may have difficulty providing traditional income verification.

When applying for a self-employed mortgage, you will be required to provide certain documents. 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. These documents are essential for lenders to assess your financial situation accurately.

Furthermore, accessing top Canadian lenders is made possible through these mortgage options. This includes large banks, mortgage finance companies, credit unions, and even alternative financers. These lenders are willing to accept reasonable income estimates provided by self-employed individuals.

In addition to the general self-employed mortgage options, there are also options specifically tailored for Business For Self (BFS) borrowers. These options cater to the unique needs and circumstances of self-employed individuals with a business structure.

If you are self-employed and interested in exploring the mortgage options available to you, it is recommended to reach out for more information. By contacting a professional in this field, you can receive personalized advice and find the best mortgage option that suits your needs.

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