Mortgages for Self Employed/ Business for Self (BFS)
Today more and more Canadians are opting to work for themselves or go on contract with their existing companies rather than receive a salary. There are certainly some advantages to being Business-For-Self (BFS). Perhaps the greatest being the ability to write-off many personal expenses and ultimately pay less income tax.
As you may have experienced it may often be difficult to get a mortgage through the chartered banks as they typically will not “read between the lines” or evaluate Self-employed individuals with a common sense approach. This does not have to be the case.
I have seen tremendous changes to the guidelines regarding self employed clients over the past few years, and it is one product that needs constant monitoring, as different Lenders approach it differently.
Fortunately, I have access to options and programs specifically for the Self Employed - through Provable and/or Stated Income Mortgages. Approvals are based on factors such as good credit, length of time in business, and the property type and location rather than business financials or tax returns alone.
I pride myself when it comes to arranging self employed or business-for-self mortgages. If you are Self employed, I have mortgage options for you!