Jeff Di Lorenzo
Mortgage Specialist
Cell : (778) 839 3963
Email:
Jeff@yourequity.ca
 TMG The Mortgage Group Canada inc.
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Vancouver BC Mortgage Rates - Vancouver The Mortgage Group Canada Inc.
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| The Lowest Mortgage Rates for BC are provided for information purposes only. Posted rates are subject to change without notice. Mortgage Rates are compounded semi-annually, and not in advance. Information on subjects to Mortgage Rates can be provided by calling your Vancouver BC Mortgage Broker. |
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Todays BC Mortgage Rates
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Go to my Maximum Mortgage Calculator, this will give you an idea of how much you might qualify for.
Max Mortgage Calculator
BC Mortgage Rates are provided by Jeff DiLorenzo of Yourequity.ca and TMG The Mortgage Group Canada Inc. I am excited about bringing my expertise, passion, and access to great Canadian Mortgage Rates to all my customers on the West Coast of Canada. The fast paced real estate market in Canada’s great cities, coastal and mountain towns, make it necessary to obtain financing quickly and efficiently. Allow your Vancouver Mortgage Broker to develop your mortgage application for you and shop your mortgage application to over 40 mortgage lenders to obtain you the lowest and best mortgage products the banks offer. Give your Vancouver BC Mortgage Broker a call today at 778-839-3963. online application
New Mortgage Guidelines
The following will be the qualifying interest rate on new high ratio mortgage applications as of April 19th.
For loans with a fixed term of less than 5 years and for all variable rate mortgages, regardless of term, the qualifying interest rate is the greater of:
The benchmark rate
The contract interest rate
For loans with a fixed term of 5 years or more, the qualifying interest rate is:
The contract rate
For mortgages with multiple interest rates, each component must be qualified using the applicable criteria defined above.
CMHC defines the benchmark rate as the chartered bank conventional mortgage 5 year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01 am (Eastern Time) each Monday
What is more important the Interest Rate or the Mortgage Product?
No Frills Mortgage
“No Frills” Yes these products offer the lowest interest rate, but be aware that these mortgage produces also come without certain mortgage features?
Do you need standard pre-payment options? There are lenders that offer "No Frills" mortgages. This allows you to obtain a lower interest rate in exchange for giving up your pre-payment options. These product works for individuals who do not see themselves increasing their mortgage payments or make extra payments over the term of the mortgage. These products do not allow you to port or refinance your mortgage over the term. online application
These “No Frills” mortgage products are intended for live deals and do not qualify for pre-approvals.
Fixed Mortgage Interest rate or Variable mortgage interest rate?
Fixed mortgage interest rates
Fixed interest rates give the borrower the comfort of being locked in with the lenders interest rate for the specified term of the mortgage. This rate will not change during the term of the mortgage but be aware should you decide to break the term of the mortgage for any reason the lender will charge a penalty. Penalties for breaking a mortgage generally are the higher of three month’s interest or the interest rate differential. Please call your Vancouver BC Mortgage broker for more details. 778-839-3963 online application
Variable interest rate mortgage
Variable rate mortgage comes with fixed payments and an interest rate that fluctuates with any changes in the Canadian prime interest rates. If the prime interest rate goes down, more of the payment goes to pay down the principal and if the prime interest rates go up, more of the payment goes towards the interest. online application
Call your BC mortgage broker today to discuss any mortgage questions. 778-839-3963
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