If you are self-employed and looking for a mortgage, you can take advantage of low rates and excellent mortgage options specifically designed for individuals like you. Whether you have been declined for a mortgage previously or not, the process is fast and efficient, ensuring that you can receive approval quickly.

When applying for a self-employed mortgage, one important factor that is taken into consideration is your reduced taxable income due to claimed expenses. This means that your qualifying income is assessed based on your actual income after deducting expenses, rather than just your gross income. This is particularly beneficial for those who have significant expenses impacting their overall income.

If you have a stated income mortgage, it can be highly useful for individuals with substantial expenses that affect their qualifying income. This type of mortgage considers your stated income, rather than the income reported on your tax returns, making it more achievable for self-employed individuals with fluctuating incomes.

Furthermore, self-employed individuals with dividend and investment income can also qualify for a mortgage. However, stability and proof of these income sources are required. Lenders might ask for documentation such as 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.

In addition to flexible income assessment, self-employed individuals have access to a wide range of lenders including major banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates and provide you with the best mortgage options available in the Canadian market.

If you are a Business For Self (BFS) borrower, there are specific mortgage options tailored to your needs. To explore these options and find the best solution for you, feel free to give us a call. We are here to assist you in getting the mortgage you need and helping you achieve your home ownership goals.