Over twenty percent of British Columbians are now business for self, self employed or 100% commissioned. Because such a large section of the population in BC working for themselves, you would think the mortgage banks in BC are finally starting to take notice. They have opened up Business for Self Employed mortgage programs with discounted mortgage rates.

Most Self- Employed in BC have a hard time proving their income. The benefits of writing off expenses are why you go in business for yourself, but at the end of the day, we are sometimes only able to show only a nominal amount of net income earned. The low net income, on line 150 of your tax return, makes it impossible for you to obtain a mortgage you can afford and want. We can now help making your dream a reality.

Getting a mortgage approved on a Stated Income or Low Documentation Mortgage is getting easier in today's increasing property market. We can help you purchase a new property or re-finance your existing mortgage in BC up to 90% of your homes appraised value with a Self Employed mortgage. BC Self Employed Mortgage lenders base their underwriting and BC mortgage approvals on your credit history instead of your income. Business-for-self applicants are required to prove at least two full years of operation of their business. This can be done by producing one or more of the following: Articles of Incorporation, Business License, GST Return etc. Currently, the minimum requirement for down payment is only 5% for down for purchases, and for refinances, we can use up to 85% of your homes equity.

TEAMREFINANCE.com has access to Stated Income programs for those finding themselves in this very position. The income stated must be reasonable based on your industry type, length of operation, and type of business.