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Residential mortgages · British Columbia
Residential mortgages for the home you live in
Buying a home, moving, switching lenders or refinancing: I compare banks, credit unions and other lenders so your mortgage fits your plans, not just the lender's.
Service in English, Punjabi and Hindi · ਪੰਜਾਬੀ · हिन्दी
What I help with
Residential mortgages
- Buying a home: detached, townhouse, condo or a home with a suite. See first home if it's your first.
- Pre-approvals so you can shop with a budget and a held rate.
- Switching at renewal to a lender with better terms. See renewals.
- Refinancing to lower your payments, pay off debt or renovate. See refinancing.
- Porting or moving your mortgage when you sell and buy.
What lenders look at
How you qualify
- Income you can show, and your monthly debts.
- Credit history and score.
- Down payment or equity: as little as 5% down on homes under $1.5 million with mortgage insurance.
- The stress test: you qualify at the higher of 5.25% or your rate plus 2%.
Not sure where you stand? Try the How much can I borrow? calculator.
Why use a Mortgage Advisor
More choice, one application
A bank can only offer its own products. I compare many lenders, explain the trade-offs in plain language (rate, penalties, prepayment, portability) and handle the paperwork with the lender and your lawyer.
Questions
Frequently asked questions
How much down payment do I need?
At least 5% of the first $500,000 and 10% of the portion above that, for homes under $1.5 million. Homes of $1.5 million or more need 20%. With less than 20% down, mortgage default insurance is added.
Fixed or variable?
It depends on your budget and how much payment change you can handle. I will show you both side by side, including the penalty rules, before you decide.
Does it cost me anything to use you?
For most residential mortgages the lender pays me, so there is no cost to you. If a fee ever applies, for example on some private mortgages, you will see it in writing before you sign.
Ready to talk about your home?
Tell me what you are planning and I will show you your options. Service in English, Punjabi and Hindi.