Self Employed

If you are self-employed and in need of a mortgage, you will be pleased to know that there are low rates and excellent mortgage options available to you. These options are specifically designed to cater to the unique needs of self-employed individuals.

One of the standout features of these mortgage options is the fast approval process, even for those who have been declined in the past. This is great news as it means you have a higher chance of securing the mortgage you need, regardless of any previous setbacks.

These mortgage options also take into consideration the reduced taxable income that comes from claimed expenses. This is important because as a self-employed individual, you often have many expenses related to your business that can affect your qualifying income.

If you are someone who has a lot of expenses impacting your qualifying income, the Stated Income mortgage option may be particularly useful for you. This type of mortgage allows you to state your income without having to provide extensive documentation.

Furthermore, the mortgage options for self-employed individuals also accept dividend and investment income. However, there are stability and proof requirements to ensure that the income is reliable.

In order to apply for these mortgage options, you will need to provide several documents. These include your 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 also available, including large banks, mortgage finance companies, credit unions, and alternative financiers. These lenders are open to accepting reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

If you are a self-employed individual and interested in exploring the mortgage options available to you, it is highly recommended that you give us a call. We have options tailored specifically for Business For Self (BFS) borrowers and are here to assist you in finding the best mortgage solution for your needs.

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