Mortgage Broker in Port Moody, BC

Three to four months before your completion date, and sooner if your income or credit has changed since you signed the contract. Two things drive that timing: the rules and rates that apply are the ones in force at completion, not when you signed, and the lender needs a current appraisal. If that appraisal comes in below your contract price you cover the difference in cash, and finding that out with a month to go leaves very few options.

Often, but not automatically. A number of lenders offer extended rate holds on new construction — commonly twelve to eighteen months, occasionally longer — while others will not commit that far ahead. Whether you get one depends on which lender your file goes to, which is another argument for starting early rather than late.

More than most people assume. Lenders include half your monthly strata fee in the debt-service calculation, alongside the full property tax and a heating allowance. Two units at an identical price can therefore support different mortgage amounts purely because one building charges more. I build that in from the first conversation so your budget does not move later.

Not in the way it once could. Since November 2022 a strata in British Columbia can no longer enforce a bylaw prohibiting rentals or capping the number of rented units — those bylaws stopped being enforceable province-wide, so an older set of bylaws that still contains one carries no weight. Two things did survive: a strata can still prohibit short-term rentals of under thirty days, and a genuine 55-and-over age bylaw remains valid. What lenders look at is different again — not the bylaws but the proportion of the building that is owner-occupied, because a heavily investor-owned complex is assessed more cautiously. Worth checking the bylaws for the short-term rental position if that is part of your plan.

Bridge financing covers the period between your purchase completing and your sale funding. It is arranged with the same lender as the new mortgage and is routine when the sale is firm. It does carry a rate premium and usually an administration fee, so it is worth knowing the cost rather than assuming it is free. Give me both sets of dates as soon as the offers are accepted.

On an owner-occupied home, five per cent of the first $500,000 and ten per cent of the rest, up to a $1.5 million purchase price — above which the mortgage is uninsurable and twenty per cent applies. Below twenty per cent the insurance premium is normally added to the balance. Investment property requires twenty per cent regardless.

None on a standard residential mortgage — the funding lender pays the commission. Where a file genuinely needs private or alternative lending there can be a fee, and you would have the exact figure before anything proceeded.

Across the Tri-Cities — Coquitlam and Port Coquitlam — and the two villages next door, Anmore and Belcarra. Beyond that, Burnaby, New Westminster, Pitt Meadows, Maple Ridge, Vancouver, the North Shore and the wider Fraser Valley. My registration covers British Columbia and Alberta.