3015 Discovery Street, Vancouver, BC V6R 3Y8 | Phone: 604-221-2322
Today's Rate [Feb, 09, 2012]
Prime Rate: 3.00%
GOC 5-yr Bond Yield: 2.358%
Prime Rate: 3.00%
GOC 5-yr Bond Yield: 2.358%
| Term | Our Rate | Bank Rate |
| 1 year closed | 2.75 | 3.50 | 2 year closed | 2.84 | 3.55 | 3 year closed | 2.99 | 4.05 | 4 year closed | 3.19 | 4.79 | 5 year closed | 3.25 | 5.29 | 7 year closed | 3.99 | 6.35 | 10 year closed | 4.49 | 6.75 | Vars.(5yrs) | P-0.20 | Prime | Vars.(5yrs open) | - | - | Line of Credit | P+0.50 | - |
Purchase
Generally speaking, success of a mortgage application will depend on a combination of factors including the applicant's income, existing obligations, previous loan payment history (credit rating), and quality of the property being pledged as security. But every borrower is unique. We at Advanced Design Mortgages identify right lenders with appropriate programs for our clients. We will simplify the process that can often be daunting for many. Pre-approvals - Whether you are a first time or repeat home buyer, it is useful to know how much you can borrow before you go shopping. Do you need a mortgage pre-approval? It can be the difference between prompt action leading to a successful purchase and losing it to another buyer. But be aware that many pre-approvals are “rate holds” only, and not really loan commitments. Let us help you clarify.
Refinance
Is your mortgage is coming up for renewal? Or do you want to take out equity in your home? Do you stay with your existing lender or do you shop around for a better deal? How do you know your lender will give you the best available rate if you don't ask? What if you want to break your mortgage and move to another lender before maturity? How much is the penalty and what are the savings? Is it worth to switch? Let us help you make the right decision.
Investment
You believe in long term potential of real estate investment. But how do you obtain financing to help you realize your dream? If you have built up sufficient equity in your principal residence, it could be utilized for a down payment, and let income from the investment property carry the new mortgage. Own multiple rental properties? There are a variety of programs in the market. Depending on the number of properties you own, the loan could be treated as a commercial mortgage, meaning higher rates and fees. Identifying the right lender will be crucial. Let us help you crunch the numbers and find the right financing solution.
Vacation Property
You have worked hard all these years and now decide to reward yourself with a recreational property for family enjoyment, legacy, and long term investment. But your bank doesn’t seem too keen to help? Many lenders offer programs for vacation property purchase. We can identify and customize a solution for your requirement.
Construction Loan
You are thinking of building a new family home. You may first have to buy the land. Do lenders finance land purchase? What is the process of construction financing and what are the funding stages? How do you convert the short term construction loan into a longer term mortgage? What is the best way to structure financing based on your circumstance and requirement? We will advise you with the most sensible solution.
Debt Consolidation
You are having difficulty coping with your existing debt load. Your problem is compounded by double digit interest rates on your consumer credits. But if you have built up some equity in your home, you may be able to consolidate your financial liabilities into one mortgage, lowering the overall cost of borrowing considerably. Ask us how.
Required Information for Mortgage Application
In most cases, the following information will be required by the lender to adjudicate your mortgage application.
Income verification:
- most recent pay stub with year-to-date earnings showing;
- last year's CRA notice of assessments;
- employment letter;
Down payment verification:
- proof of savings (3 months' bank statements);
- gift letter;
- RRSP statement;
- current mortgage statement (for refinancing);
- current property assessment (for refinancing);
Programs for self-employed borrowers may waive some of the traditional information requirements. Please enquire.
Generally speaking, success of a mortgage application will depend on a combination of factors including the applicant's income, existing obligations, previous loan payment history (credit rating), and quality of the property being pledged as security. But every borrower is unique. We at Advanced Design Mortgages identify right lenders with appropriate programs for our clients. We will simplify the process that can often be daunting for many. Pre-approvals - Whether you are a first time or repeat home buyer, it is useful to know how much you can borrow before you go shopping. Do you need a mortgage pre-approval? It can be the difference between prompt action leading to a successful purchase and losing it to another buyer. But be aware that many pre-approvals are “rate holds” only, and not really loan commitments. Let us help you clarify.
Refinance
Is your mortgage is coming up for renewal? Or do you want to take out equity in your home? Do you stay with your existing lender or do you shop around for a better deal? How do you know your lender will give you the best available rate if you don't ask? What if you want to break your mortgage and move to another lender before maturity? How much is the penalty and what are the savings? Is it worth to switch? Let us help you make the right decision.
Investment
You believe in long term potential of real estate investment. But how do you obtain financing to help you realize your dream? If you have built up sufficient equity in your principal residence, it could be utilized for a down payment, and let income from the investment property carry the new mortgage. Own multiple rental properties? There are a variety of programs in the market. Depending on the number of properties you own, the loan could be treated as a commercial mortgage, meaning higher rates and fees. Identifying the right lender will be crucial. Let us help you crunch the numbers and find the right financing solution.
Vacation Property
You have worked hard all these years and now decide to reward yourself with a recreational property for family enjoyment, legacy, and long term investment. But your bank doesn’t seem too keen to help? Many lenders offer programs for vacation property purchase. We can identify and customize a solution for your requirement.
Construction Loan
You are thinking of building a new family home. You may first have to buy the land. Do lenders finance land purchase? What is the process of construction financing and what are the funding stages? How do you convert the short term construction loan into a longer term mortgage? What is the best way to structure financing based on your circumstance and requirement? We will advise you with the most sensible solution.
Debt Consolidation
You are having difficulty coping with your existing debt load. Your problem is compounded by double digit interest rates on your consumer credits. But if you have built up some equity in your home, you may be able to consolidate your financial liabilities into one mortgage, lowering the overall cost of borrowing considerably. Ask us how.
Required Information for Mortgage Application
In most cases, the following information will be required by the lender to adjudicate your mortgage application.
Income verification:
- most recent pay stub with year-to-date earnings showing;
- last year's CRA notice of assessments;
- employment letter;
Down payment verification:
- proof of savings (3 months' bank statements);
- gift letter;
- RRSP statement;
- current mortgage statement (for refinancing);
- current property assessment (for refinancing);
Programs for self-employed borrowers may waive some of the traditional information requirements. Please enquire.
TestimonialsWe had applied for financing with a major bank. They took two weeks just to say no. We decided to contact Sunny and received an answer within two days and had the financing completed shortly thereafter. The service was timely and results were excellent.
- C. Gervacio, Delta -