Self Employed Mortgage Rates BC – Mortgage Lenders are not all alike. Call your Vancouver BC Mortgage Broker Today. Self Employed Mortgages Made Easy!

Self Employed Mortgages enable the client to qualify for a mortgage based on income that they can and can’t always provide in the traditional manner. The Best Banks Credit Unions & Trust Companies for the Self Employed have innovative products allowing you to obtain Low Mortgage Rates at high level of your homes equity as well as Stated Income Products to help with Consolidating Debts, home renovation, vacations, Business Capital, automobile purchase or whatever reason you need money. (Bad Credit Options too.)

Equity Loans Kamloops

Vancouver BC Canada Self Employed Mortgages Apply Here

These Banks have flexible terms that may suit your needs. Call your Vancouver BC Mortgage Broker  and speak to us about self employed mortgages and find out about Today’s Mortgage Rates.

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Here are some basic requirements under the recent changes to qualify for Self Employed Mortgages In Vancouver BC Canada.

  1. Mortgage qualifying as a self employed individual, you will have to provide proof that you have been in business for at least the last two years. Proof can be in the form of a business license, GST filing, etc. Anything that will prove you’ve been in business for the last two years will do.
  2.  Depending on the LTV (loan to value ratio) of self employed mortgages, you will also be required to provide your NOA (Notice of Assessment) or T1 General proving that you are current and up to date with Revenue Canada.
  3. If the mortgage is for a new home purchase, you will be required to provide proof of your down payment. The down payment cannot be borrowed or a gift.

April 19th 2010 Changes To CMHC Self-Employed Mortgage:

  • Self-employed borrowers without traditional third-party validation of income submitted to CMHC on or after April 9th, 2010 will include different criteria for Mortgage loan insurance applications.
  • CMHC has reducing the maximum LTV (Loan To Value) for Self-Employed Mortgages without Third-Party Validation of Income as follows: The maximum LTV is being reduced from 95% to 90% for purchase and portability transactions.
  • The maximum LTV is being reduced from 90% to 85% for Refinance.
  • The CMHC Self-Employed Product without Traditional Third-Party Validation of Income is intended for self-employed borrowers who have difficulty providing documentation for their current income level. Typically, these are borrowers who recently became self-employed. Accordingly, self-employed borrowers who have been self-employed in the same business for more than three years will not be eligible under this product. CMHC continues to require that the borrower have a minimum of two years of experience in the same field. This can include time spent working as a non-self-employed worker in the same field.
  • As CMHC has found that commissioned income can be relatively easily substantiated, borrowers who earn income through commission will no longer be eligible for the CMHC Self-Employed Product without Traditional Third-Party Validation of Income.

Self employed mortgages & service areas in British Columbia (BC) Canada’s Lower Mainland of: Surrey BC , Vancouver, Richmond, Burnaby BC, Abbotsford, Chilliwack, Coquitlam BC Port Coquitlam, Pitt Meadows, Maple Ridge, West Vancouver, North Vancouver, Port Moody, New Westminster, Delta, Surrey, White Rock, Langley, Coquitlam, Mission, Or in the BC Okanagan  Armstrong Chase, Penticton, Revelstoke, Kamloops, Kelowna, Merrit, Salmon Arm, Vernon, As well as on the Isalnd Victoria, Saanich, Esquimalt, Oak Bay, Colwood, Langford, Sooke, Campbell River, Chemainus, Comox, Courtenay, Cumberland, Duncan, Ladysmith, Lake Cowichan, Nanaimo, Parksville, Port Alberni, Qualicum, Sidney, Cranbrook, Kimberley, Nelson, Castelgar, Trail, Revelstoke

If you have good or bad credit and are Self Employed call your Vancouver BC Mortgage Broker to discuss your Mortgage options. Great Mortgage Rates are just the begining.