Mortgage Broker in Port Coquitlam, BC

The minimum on an owner-occupied home is 5% of the first $500,000 and 10% of anything above that, up to a purchase price of $1.5 million. Above that figure a mortgage cannot be insured and 20% down becomes the minimum. Below 20% the mortgage must be insured, and that premium is added to your balance rather than paid up front. On a typical Port Coquitlam townhouse the minimum is often smaller than people assume, which is worth checking before you rule yourself out.

Yes, and it is very common. Lenders accept gifted down payments from an immediate family member, but they need a signed gift letter confirming it is a gift and not a loan, plus evidence the funds were transferred and have been in your account. Getting that paperwork right early avoids a scramble near completion.

Most prime lenders look for around 680 for the best rates, though options exist below that. Score is only part of it — lenders also look at how long you have had credit, how much of your available limit you are using and any recent missed payments. If your score is the obstacle, there are usually specific, fixable reasons, and I will point them out rather than just declining.

From a financing point of view the process is the same; both are strata, so fees and the building's finances affect your approval. The practical difference is that townhouse fees are often lower per square foot while the purchase price is higher. I can run both through the calculation so you compare total monthly cost rather than sticker price.

A pre-approval is usually ready within two business days of your documents arriving. From an accepted offer to funding is commonly two to three weeks, driven mainly by the appraisal and, for a strata, how quickly the building documents come through.

The federal and provincial programs apply throughout British Columbia, Port Coquitlam included. The three worth knowing are the First Home Savings Account, which lets you contribute up to $8,000 a year to a lifetime limit of $40,000 with the contribution deductible and the withdrawal tax-free; the RRSP Home Buyers' Plan, which lets you borrow from your own RRSP toward a down payment and repay it over time; and the BC property transfer tax exemption, which can remove that cost entirely below a set purchase price. First-time buyers can also take a 30-year amortization on an insured mortgage, which lowers the monthly payment and can lift what you qualify for. Note that the older shared-equity First-Time Home Buyer Incentive stopped taking applications in 2024, so ignore any guide that still recommends it.

A decline at one bank is one lender's view under one set of rules, not a verdict. Different lenders weigh income type, credit history and property differently, and there are alternative lenders for files that do not fit the prime template. It is worth understanding exactly why the decline happened, because that determines where the file should go next.

Coquitlam, Port Moody, Pitt Meadows, Maple Ridge, Burnaby, New Westminster, Surrey, Langley and the wider Fraser Valley, plus Vancouver and the North Shore. Licensed in British Columbia and Alberta.