Self Employed Mortgage General Guidelines (BFS)

Self-Employed individuals generally include realtors, contractors, business owners, financial planners, network marketers, stock brokers, and all 100% commissioned jobs…etc.  These individuals do NOT have T4s. Instead, they have T1 General that shows business income (loss).
If a Business-For-Self (BFS) individual has reported sufficient taxable income on Notice of Assessment (NOA), with 2 year working history, lenders [...]

Mortgage Approval Process

Mortgage approval process is more or less the same for all residential mortgages.
1) Purchase Contract – Offer AcceptedThe majority of mortgages are applied when your “offer of purchase contract” is being accepted by the seller. There is usually a “subject removal date”; before this specific date, your mortgage approval should be lined up and confirmed [...]