Mortgage Broker in Maple Ridge, BC

Two numbers stop being the same number. Most lenders finance the house plus a limited area of land — commonly in the range of five to ten acres — and attribute nothing to the balance, so a property can appraise at one figure while supporting borrowing against a much smaller one. Barns, shops and riding arenas tend to fall on the wrong side of that line too. Add Agricultural Land Reserve status, a farm classification for assessment purposes, or income being produced from the land, and the panel of willing lenders narrows again. The purchase is still perfectly achievable; it just needs the gap between those two numbers established before you commit to a price.

Two separate tests on the water: potability, and a flow or quantity test showing the well actually produces enough for the house. On the septic side the lender wants proof the system is legitimate — for anything installed or repaired since 2005 that is the filing held with Fraser Health, while older systems in the Whonnock and Ruskin housing stock usually rest on a health authority permit instead, which is worth locating early because it can take time to dig out. The practical consequences are a shorter list of lenders and a slower appraisal. Neither is a problem if you know before agreeing your subject dates.

No, but it changes the documentation. Expect two years of personal returns with matching notices of assessment, plus business financials or bank statements depending on the lender. Because business owners legitimately write income down, your return often understates what you earn. Some lenders will work from deposits instead, which usually produces a considerably better answer for a trades business or an owner-operator.

No. Lenders assess income, credit and debts, not distance. Maple Ridge does attract people who commute — the West Coast Express runs into Vancouver, and the Golden Ears Bridge connects south to Langley and Surrey — but none of that enters the calculation.

Five per cent of the first $500,000 and ten per cent of anything above, up to a $1.5 million purchase price; above that a mortgage cannot be insured and twenty per cent applies. Below twenty per cent the premium is normally added to your balance rather than paid in cash. Worth checking before you rule yourself out: the First Home Savings Account, the RRSP Home Buyers' Plan and the BC property transfer tax exemption each have their own conditions, and first-time buyers can also access a thirty-year amortization on an insured mortgage.

Yes. New construction is arranged under the rules in force at completion, with an appraisal at the end. Whether your rate is protected in the meantime depends on securing an extended hold, which some lenders offer on new builds and others do not. Start the conversation early and that option stays open.

Not on a standard residential mortgage — the lender that funds the deal pays the commission. Private or alternative lending can involve a fee, and that number is agreed with you before any work is done.

Pitt Meadows, Port Coquitlam, Coquitlam, Port Moody, Langley, Surrey and the wider Fraser Valley, along with Vancouver and the North Shore. Licensed in British Columbia and Alberta.