Self-employed individuals often face challenges when it comes to securing a mortgage. However, there are excellent mortgage options available that offer low rates for those who work for themselves. Furthermore, even if you have been previously declined for a mortgage, these options provide fast approval for self-employed individuals.

One advantage of these mortgage options is that they take into consideration the reduced taxable income that may result from claimed expenses. This is particularly beneficial for those who have a significant amount of expenses that impact their qualifying income. In these cases, a Stated Income mortgage can be very useful.

Additionally, these mortgage options accept dividend and investment income as valid sources of income. However, there are stability and proof requirements that need to be met in order to include this income in your mortgage application.

When applying for these mortgage options, certain documents are required. 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.

One of the great advantages of these mortgage options is that they provide access to top Canadian lenders. These lenders include large banks, mortgage finance companies, credit unions, and alternative financers who are willing to accept reasonable income estimates. This ensures that self-employed individuals have a variety of options to choose from when it comes to securing a mortgage.

If you are a Business For Self (BFS) borrower, there are options specifically tailored for your needs. Whether you have a small business or are a freelance professional, these mortgage options can be customized to suit your requirements.

For more information and to explore these excellent mortgage options for self-employed individuals, give me a call! I can help you find the perfect mortgage solution that meets your unique needs and financial situation.