Self-employed individuals now have access to low mortgage rates and excellent mortgage options. Even if they have been declined in the past, they can still receive fast approval for their mortgage applications. This is because these mortgage options take into consideration the reduced taxable income that self-employed individuals may have due to claimed expenses. One useful option is the Stated Income mortgage, which is ideal for those who have expenses that impact their qualifying income.
In addition, self-employed individuals can also have their dividend and investment income accepted, as long as they can provide stability and proof requirements. To apply for these mortgage options, there are a few required documents that need to be provided. These documents 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.
Luckily, self-employed individuals have access to a wide range of lenders in Canada. This includes not only large banks, but also mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and provide mortgages tailored for Business For Self (BFS) borrowers.
If you are self-employed and looking for a mortgage option that suits your needs, do not hesitate to give us a call. We can assist you in finding the best mortgage option that considers your specific circumstances and provides you with low rates and excellent terms. Why wait? Contact us today and let us help you secure the mortgage you deserve.