Self-employed individuals often face challenges when it comes to getting a mortgage. However, there are options available that offer low rates and excellent mortgage terms specifically designed for self-employed borrowers. One of the main advantages of these mortgage options is the fast approval process, even for individuals who have been previously declined.

One key aspect considered when offering mortgages to self-employed individuals is their reduced taxable income resulting from claimed expenses. This is where Stated Income mortgages come into play, as they allow borrowers to provide proof of their income without necessarily having to show high taxable income. This is particularly beneficial for individuals who have significant expenses that impact their qualifying income.

Moreover, self-employed individuals who receive dividend and investment income can also qualify for mortgages, provided they can provide stability and proof of such income. Documents required to apply for these mortgages 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.

Furthermore, these mortgage options provide access to a wide range of Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are open to accepting reasonable income estimates, making it easier for self-employed individuals to secure a mortgage.

For Business For Self (BFS) borrowers, there are also tailored mortgage options available. These options are specifically designed for individuals who operate their own businesses and provide more flexibility and favorable terms.

If you are a self-employed individual looking for a mortgage, do not hesitate to reach out for assistance. With the variety of options available and the support of professionals, you can find a mortgage that suits your needs and financial situation. Call today to explore the possibilities.