Mortgage rules have drastically changed in the last few years meaning if someone qualified a few years ago they may have a hard time qualifying now under the new regulations.
For the self-employed, approvals have become increasing more challenging requiring additional documentation and guidelines. That being said, there are broker only lenders that do have custom products for the owner/professional.
Prime Rate is now sitting at 2.85%, with Prime -.65% variable rates as low as 2.15%. However while very attractive, variable rates are not for everyone.
Fixed Rates are now under 3% and have dropped as low as 2.69% on a 5 year however watch very closely what the restrictions are for the penalty to pay off the mortgage, to refinance, pre-payment and frequency privileges as the deep discounted rates have terms and conditions that are not always favorable depending on your objectives.