Collaborative Mortgage Solutions

While we are licensed to provide mortgage broker services all across BC, we focus primarily on Vancouver Island serving you in Nanaimo, Victoria, The Cowichan Valley, Parksville, Qualicum, and beyond.

Negotiate a client’s mortgage application with several financial institutions. Get you the best mortgage conditions available on the market, depending on your financial situation and credit history. Advise you on the best products and financial institutions available for your particular circumstances.

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, a loan to value of or less than 80%, and does not normally require mortgage loan insurance.

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Canada Guaranty and Sagen, approved private corporations. This insurance is required by law to insure lenders against default on mortgages with a High Ratio. The insurance premiums are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.

The interest rate on a fixed-rate mortgage is set for a pre-determined term - usually between 6 months to 5 years. This offers the security of knowing what you will be paying for the term selected.

A mortgage in which payments are fixed for a period of one to two years although interest rates may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest. Open variable rate mortgages allow prepayment of any amount (with certain minimums) on any payment date.

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the money for a down payment. The down payment is that portion of the purchase price you furnish yourself. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting. The larger the down payment, the less your home costs in the long run. With a smaller mortgage, interest costs will be lower and over time this will add up to significant savings.