Self Employed Equity Mortgage BC | Equity Mortgage Programs
Self employed and have trouble providing enough income to qualify under your banks strict guidelines? You seen self employed mortgage videos and read many financial articles on it, but for many BFS income earners providing proof of income can significantly affect their business due to the amount you will be required to pay in personal income tax. Most banks have products that allow you to state income but the income stated must be groused up 15% from your income claimed. For many business owners this just does not provide enough income.
1st & 2nd Home Equity Mortgages BC |Bank Rates up to 65% of Homes Value
I have sourced some unique products for my self employed clients. These products work for many of my clients due to the ease of qualifying documents. If you are self employed and have been for two years or more, owe no personal income tax live in Metro Vancouver you can qualify. You do require to pay for an appraisal to confirm lending value but the process is very basic.
Details & Documents for BC Home Equity Mortgage Self Employed
The Requirements are:
- Owner occupied
- Purchase or Refinancing
- Terms 1-5 ye 7 & 10years, 5 year variable rate
- Amortization 30 years
- No min Beacon Score (must be explainable credit no r2 reporting in the last 2 years)
- No past Bankruptcy
- No income required (lender must be satisfied with clients ability to make monthly payments)
- Self Employed Income Proof: Min 2 years BFS evidence: Articles of Incorporation, Business License min 2 years, Accountant Prepared Financial Statements, T1 General with Statement of Business Activities, two year business bank account statements
- Property Types: SFD, Townhouse & Condo (marketable good salable condition)
- 1st & 2nd Mortgage (2nd mortgage will only be granted to CMHC approved lending institutions)
Call Your BC Mortgage Broker To Help You Navigate Your Financial Future.