While many Canadians take advantage of self-employment opportunities, those who are self-employed sometimes face roadblocks when they are in the market to obtain personal financing, such as a mortgage or vehicle loan.
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As a self-employed individual, securing a mortgage can pose a challenge, but it doesn't have to be. I'm here to guide you through the process and help you achieve your dream of owning a home.
What is a Self-Employed Mortgage?
A business-for-self (BFS) mortgage is designed for self-employed individuals who may not have traditional income verification documents. Such as a T4 slip or a Notice of Assessment from the Canada Revenue Agency (CRA). Instead, lenders use alternative methods to verify income, such as bank statements, financial statements, and contracts.
To qualify for a BFS mortgage, lenders will typically require proof of income through bank statements and financial statements, as well as a down payment of at least 20% of the purchase price of the property.
Despite these requirements, a BFS mortgage has several benefits. For example, BFS mortgages offer more flexibility in terms of income verification, allowing self-employed individuals to qualify for a mortgage even if they don't have traditional income verification documents. Additionally, as a self-employed individual, you may be able to deduct expenses related to your business, which can help reduce your taxable income. Finally, a BFS mortgage allows self-employed individuals to achieve their dream of homeownership, just like anyone else.
Using a Mortgage Agent
So, how can I help you get a BFS mortgage in Canada? As a mortgage agent, I can guide you through the process from start to finish. Together, we'll take a personalized approach to help you navigate the complex process of obtaining a BFS mortgage. I'll work with you to understand your unique situation and financial goals, and then find a lender that offers the best BFS mortgage options for your specific needs.
Don't let the challenge of securing a mortgage as a self-employed individual discourage you from achieving your dream of homeownership. With me on your side, you can rest assured that you'll have the guidance and support you need to navigate the process of getting a BFS mortgage.
