Self-employed individuals often face challenges when it comes to securing mortgage loans. However, there are several options available that can help make the process easier and more favorable for these borrowers.

One of the key advantages of these mortgage options for the self-employed is the low rates offered. Despite their unconventional income structure, self-employed individuals can access excellent mortgage rates that are competitive with those offered to traditional borrowers.

Another notable benefit is the fast approval process. Even if a self-employed borrower has been declined for a mortgage in the past, there are still options available that can lead to a fast approval. This is particularly beneficial for those who need to secure a mortgage quickly for various reasons, such as purchasing a new home or refinancing an existing loan.

A major consideration when it comes to self-employed mortgages is the ability to take advantage of claimed business expenses. These expenses can reduce taxable income, which is taken into account when determining the borrower's eligibility and affordability. This allows self-employed individuals to have a more accurate representation of their income and increases their chances of qualifying for a mortgage.

For those whose qualifying income is impacted by expenses, a Stated Income mortgage can be a suitable option. This type of mortgage allows borrowers to state their income without providing detailed income verification documentation, making it suitable for those with higher expenses.

When applying for a self-employed mortgage, there are several required documents that borrowers need to provide. 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. These documents help lenders assess the borrower's financial stability and ability to repay the loan.

Moreover, self-employed individuals have access to a wide range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are open to considering reasonable income estimates provided by self-employed borrowers, increasing the chances of securing a favorable mortgage option.

Overall, there are tailored mortgage options available for self-employed borrowers, known as Business For Self (BFS) mortgages. These options are designed specifically to meet the needs and requirements of self-employed individuals and provide them with a suitable mortgage solution. For more information and assistance in navigating these options, it is recommended to reach out and consult with a mortgage professional.