Residential mortgages
Residential mortgages in BC: purchase, renewal and refinance.
A mortgage choice can involve rate, term, penalty structure, qualification, property type, lender rules and the borrower's longer-term plan. The goal of this section is to make those tradeoffs easier to understand.
What does a mortgage broker do? In general, a mortgage broker helps a borrower understand and arrange mortgage financing by gathering relevant information, explaining options and working with available lenders or mortgage providers. The exact services, lender relationships, fees and regulatory representation depend on the specific licensed brokerage and transaction.
Four common starting points
Where are you in the mortgage lifecycle?
Buying
Purchase planning, pre-approval, down payment, closing costs and mortgage structure.
Renewing
Compare the renewal offer with switching or refinancing before simply signing back.
Refinancing
Review the purpose, equity, costs, payment impact and alternatives such as a HELOC.
Complex situations
Self-employed, alternative-lending and property-specific files often need more context than a rate table.
Compare the full mortgage
Rate matters. So do the rules attached to the mortgage.
Useful comparisons can include payment, term, fixed or variable structure, prepayment privileges, portability, penalties, refinancing flexibility and qualification requirements.
Good questions to ask
- How is the rate determined and for what product?
- What happens if I sell or refinance before maturity?
- What prepayment privileges apply?
- Is the mortgage portable?
- What fees or compensation apply in my situation?