- Simpson Mortgage Corp. BC Mortgage Broker - Consultant

Banks have upped their 5yr fixed to about 3.85%, or more, but some have started to drop their rates again. This is independent of the Bank of Canada's prime rate. Most lenders will let you switch during your term from a fixed/closed rate to a variable mortgage rate with a penalty. They will also let you early renew to a new lower blended fixed rate mortgage with no penalty. So if your fixed interest rate is over 4.5% on a 5yr term, it may be worthwhile to either pay a penalty, or blend. Let us help you decide.

Approx. Pyts on a $300k mtg over 30yrs at 2.2% variable = $1140/mo

Principal $590 , Interest $550

Approx. Pyts on a $300k mtg over 30yrs at 3.85% fixed = $1400/mo

Principal $440, Interest $960

New Lending Rules Mar 18th, 2011

You can still buy properties with as little as 5% down after mar 18th, but it may be harder to qualify as CMHC (the gov't crown corporation) dropped the amortization on mortgages from 35yrs to 30yrs. Also after Mar 18th, you can only borrow up to 85% of the equity in your home with a refinance. CMHC will no longer insure mortgages that have a line of credit attached (Helocs). In response some lenders have reduced the limits on all Helocs (line of credit mortgage). Give us a call if you need clarification.

100% Financing

There is no true zero down financing available. You can get close to it by having 5% down and then take cash back from one or two lenders & pay yourself back or use the money for renos. Problem is the interest rates are higher by about 1%, -it will add about $4000 to the cost per annum on a 300k mortgage which makes the payment too high. The mortgage insurance fees are higher too. Also if you have to sell or pay out the mortgage within 3yrs, you have to pay back all or part of the cash back with heavy interest penalties as well. On a 300k mortgage, the interest differential penalties could be as high as 20k in the first 3yrs of a 5yr term. It's usually best to have 5% down and not take cash back.

HST -CRA site

The Humungus Sales Tax of 12% (7$ Provincial & 5% Federal) was introduced July 1st. It's payable on just about everything including new homes which have a sliding scale. One of the few exemptions are used homes, which still have the old BC Property Transfer Tax. On new homes, after rebates (if you qualify) expect to pay 13k (5k more)on a 250k home, 35k ( 15k more) on a 500k home, and 46k (20k more) on a 600k home.

BC. PTT (Property Transfer Tax) - Tax Site

First Time Buyer Exemption Limit : $425K

Feb. 20th, 2008 ** First Time Buyers in the BC Lower Mainland & parts of Vancouver Island can now buy a home up to $425k (previously $375k) without having to pay the BC Property Transfer Tax. Between $425K & $450k, the tax is reduced.

Foreclosures

We added this section as there seems to be more interest in foreclosures. We have extensive experience in the foreclosure business. Foreclosures can be very appealing to buy, but you really need to know what you are doing, or you can easily lose on them.

If you are facing Foreclosure, don't go it alone. We can help you get to know your rights, and we can help you in dealing with the lender, or their lawyers. Don't assume there is no hope, and don't believe everything anyone tells you. Give us a call and let's talk.

♣ If anyone offers you a mortgage you don't like or you aren't getting answers - DON'T DO IT

Self Employed

Can't prove income? If you have good credit, and don't owe Revenue Canada, you can get great low rates if you have 10% down. Conditions are a bit tougher now, so each application is rated on an individual basis. If you can prove income, you may qualify with 5% down.

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If You Have A Question, Ask Me, The Mortgage Guy

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Mortgage Types

Different situations call for different types of financing. Choosing the right terms and conditions can make a big difference to your investment now and in the future.

Are You A First Time Buyer?

Buying a house is an important decision. The BC Mortgage Guy is ready to give you the additional help necessary to get you, and your family, the best deal possible in today’s competitive market.

Refer To Our Mortgage and Real Estate Glossary!

Know what an “Acceleration Clause” is? Mortgage and Real Estate lingo can be hard to understand. We have supplied a glossary to help you do just that. If you are still unsure, send The BC Mortgage Guy a note and you will get the proper answer sent to your e-mail!

Check Out Our Calculators & Resources!

Another great set of tools! Find out how much house you can buy and a lot more with our easy to use calculators. You may be surprised at the results! Give them a try!!.

Financial News

Read the BC Mortgage guy's Financial news updates. This special page is updated frequently, so check back often.

Our Fees Are Usually Paid By The Lender,
Some Conditions. Rates Are Subject To Change Without Notice
© 2003 The BC Mortgage Guy - ... for friendly and courteous financial assistance.

Simpson Mortgage Corp. &/or Robert Simpson make no representations or warranties regarding the foregoing. The above is a compilation of information from various unconfirmed sources, and is subject to change without notice.

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