BC Mortgage Information
Options
Everyone's situation will differ so there are many options that need to be considered: Here are some of options and mortgages I deal with.
What type of mortgage do you require?
- New Home Mortgage
- Pre-approval
- Mortgage Renewal/Refinancing
- Second Mortgages
- Debt Consolidation
- Mortgage Transfer
- Equity Takeout
- Construction Mortgage
- Commercial Mortgage
- Interalia Mortgage (i.e. one mortgage on two properties)
Fixed vs. Variable
Fixed Rate MortgageThe mortgage rate stays the same for the whole term and the mortgage payments are consistent during the term of the mortgage.
Variable Rate MortgageThe mortgage rate varies with fluctuations in the bank prime rate. As a result, mortgage payments may vary during the term of the mortgage. A minimum term commitment is often required (usually 3 years). You may have the option to "lock-in" the mortgage at a fixed rate during the term.
The mortgage contract is written for terms ranging from 6 months to 10 years. Penalties may be triggered if the borrower wishes to end the contract before the term expires (early repayment).
The mortgage contract is written for a short term (usually 6 months or 1 year). No penalties are triggered if the borrower wishes to end the contract before the term expires.
