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 | - |
Q. Why use a mortgage consultant?
A. The mortgage consultant works for the client, not the bank. With unbiased advice and access to many lenders and products, the mortgage consultant will save time and money for the borrower in many cases.
Q. What are the fees of using a mortgage consultant?
A. For most conventional residential mortgages, there are no broker fees. For some difficult transactions and commercial mortgages, broker fees will apply.
Q. What are general requirements to qualify for a mortgage?
A. - Stable income from employment or business.
- Proof of income.
- Good credit rating.
- Verifiable down payment.
- Property acceptable to the lender.
Q. What are examples of income proof?
A. Job letter, pay stub, T4, T1 General, Notice of Assessment (NOA), Financial statements of business (for self employed).
Q. What affects the borrower’s credit rating?
A. Repayment track record (approx 35%), amount of debt relative to credit limit (approx 30%), length of credit history (approx 15%), and other factors such as frequency of credit checks and number of accounts opened (20%).
Q. What are possible sources of down payment?
A. Savings, proceeds from sale of existing home, gift from family. RRSP can be used up to $20,000 if the borrower has not owned a principal residence within the past 5 years, but must be repaid in 15 years.
Q. What is reasonable time frame for applying and receiving approval for a mortgage?
A. If the applicant provides required information on time, 2-3 weeks will be required in most cases.
Q. What are costs associated with obtaining a mortgage?
A. Costs of obtaining a mortgage include appraisal, CMHC fee (if applicable), title insurance, home inspection, legal fees and property transfer tax (if applicable). These costs can be roughly 1.5% of the purchase price.
Q. What is Property Transfer Tax?
A. This is paid to the provincial government and is collected by the lawyer at closing. In British Columbia, the amount is 1% of the first $200,000 of the purchase price plus 2% of the remainder. The borrower is exempt from PTT in BC if he is the first time buyer and at least 70% of the purchase price is financed and the price does not exceed $300,000.
A. The mortgage consultant works for the client, not the bank. With unbiased advice and access to many lenders and products, the mortgage consultant will save time and money for the borrower in many cases.
Q. What are the fees of using a mortgage consultant?
A. For most conventional residential mortgages, there are no broker fees. For some difficult transactions and commercial mortgages, broker fees will apply.
Q. What are general requirements to qualify for a mortgage?
A. - Stable income from employment or business.
- Proof of income.
- Good credit rating.
- Verifiable down payment.
- Property acceptable to the lender.
Q. What are examples of income proof?
A. Job letter, pay stub, T4, T1 General, Notice of Assessment (NOA), Financial statements of business (for self employed).
Q. What affects the borrower’s credit rating?
A. Repayment track record (approx 35%), amount of debt relative to credit limit (approx 30%), length of credit history (approx 15%), and other factors such as frequency of credit checks and number of accounts opened (20%).
Q. What are possible sources of down payment?
A. Savings, proceeds from sale of existing home, gift from family. RRSP can be used up to $20,000 if the borrower has not owned a principal residence within the past 5 years, but must be repaid in 15 years.
Q. What is reasonable time frame for applying and receiving approval for a mortgage?
A. If the applicant provides required information on time, 2-3 weeks will be required in most cases.
Q. What are costs associated with obtaining a mortgage?
A. Costs of obtaining a mortgage include appraisal, CMHC fee (if applicable), title insurance, home inspection, legal fees and property transfer tax (if applicable). These costs can be roughly 1.5% of the purchase price.
Q. What is Property Transfer Tax?
A. This is paid to the provincial government and is collected by the lawyer at closing. In British Columbia, the amount is 1% of the first $200,000 of the purchase price plus 2% of the remainder. The borrower is exempt from PTT in BC if he is the first time buyer and at least 70% of the purchase price is financed and the price does not exceed $300,000.
TestimonialsSunny was easy to talk to and made us feel like valuable clients. When our local bank told us obtaining a loan was impossible, Sunny helped us acquire the mortgage at the best possible interest rate. We will refer her to our friends and family.
- P. Calcitas, Burnaby -