Home Mortgage Rates

Term Rate
Prime 3.00%
Variable 2.90%
1 Year 2.89%
3 Year 2.89%
4 Year 3.19%
5 Year 3.19%
10 Year 3.99%

Qualifying Rate

Feb 22 5.14%

Current Inflation

Jan 2.5%

5 Year Bond Yield

Feb 22 1.49%

Next Bank of Canada Meeting
Mar 8th, 2012

Special conditions apply
Mortgage Rates subject to change.

start your mortgage

media section

Real Estate Stats:

  • Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market
  • Residential property sales of detached, attached and apartment properties on the region’s MLS ® reached 2,246 in September
  • A 1.2 per cent increase compared to the 2,220 sales in September 2010
  • Those sales also rank as the third lowest total for September over the last 10 years
  • New listings for detached, attached and apartment properties in Greater Vancouver totaled 5,680 in September
  • The third highest volume for September in 17 years

Source: REBGV

No down payment to purchase a home?

Are you renting or an existing owner and you would like to purchase a home but simply don’t have the down payment? There are a number of solutions to this problem to share with you but first we should suggest what not to do. Yes there still are a few options to get you a zero down mortgage immediately but they are not in your best interest.The government of Canada made it illegal for lenders to provide a mortgage with no down payment. The minimum down payment in Canada is still 5%. There are however a few lenders still “creatively” offering a zero down mortgage but many people (and brokers) don’t understand the negative implications of this. Not only is it a danger purchase a home that is already leveraged as high as it can possibly go but the cost to do this is huge.

How this program (that we don’t recommend) works is as follows:

  • The lender literally gives you 5% as a way around the new government rules
  • They increase your mortgage interest rate on the entire amount to a rate they equates to you playing 100% interest on that 5% down payment
  • Essentially you have to pay $20,000 in order to get $20,000
  • You are not allowed to cancel this mortgage before the end of the 5 year term or you have to pay all the money back and a penalty

Instead we offer much better solutions:

  1. LOC (line of credit) advancement: Obtain a LOC (line of credit) from your branch for the required amount and immediately place the funds into a savings account. You will begin to pay the interest payments. This total is added to your liabilities and does work against your ability to qualify but technically after 3 months, this money is considered yours and can be used for down payment
  2. Forced savings account: Figure out how much you need to purchase your home, divide it by the amount of months for your goal to purchase (12, 24?) and set up a forced savings account to automatically draw the funds from your pay cheque. I suggest setting up the forced savings account in a way that you can’t withdraw the funds until 7 or more days has passed from your request. This will avoid any unnecessary withdraws while in Las Vegas ;)
  3. Gifted funds from a family member: Probably the quickest and easiest solution if you have this available

I hope that helps!

Source: ownyourlife.ca



Do you know someone who needs helping finding a mortgage? Our business thrives from referrals and the best way to thank us for doing a good job is referring people who would benefit from our services. With every contact you send us (including yourself) that goes to application, your name goes into a monthly draw to win a trip for two to Las Vegas! Each month names are refreshed and we draw a new winner. Airfare and hotel included. The trip is valued at $800 – $1,200 depending on the time of year you travel.

Simply add your name here and each time your referral goes to application, your name goes in: REGISTER HERE

Choice of selected hotels with check-in valid Sunday, Monday or Tuesday:

  • Luxor
  • Excalibur
  • Stratosphere
  • Imperial Palace
  • Riviera
  • Circus Circus
  • Bally’s
  • Tropicana

Las Vegas Getaway Details:

  • Roundtrip airfare and 3 days/2 nights hotel accommodations for two adults
  • Air travel from approved international airports selected by Travel America
  • Travel arrangements must be made 60 – 90 days in advance
  • Excludes travel on major holidays
  • Travelers pay hotel and airport taxes

Please click here for the full contest terms and conditions within the promotion.

Maybe it’s the hair. Or the fact that he can talk intelligently about interest rates. Or that he’ll make himself available on a moment’s notice for an interview.

Whatever the reason, Vancouver mortgage broker Jessi Johnson has been selected to appear on a new reality series about finances. He’s not giving away any details about the show, except to say it will hit “North American television” in 2012. And he’s pretty thrilled about it.

Jessi won’t even tell us who’s behind it. Is it the Donald? He has a thing for hairstyles, you know. How about Mark Burnett? A third big fish in the reality-TV world is Pilgrim Films & Television, which relies heavily on Whitecap Alpine Adventures owner Lars Andrews. When he’s not running his B.C. ski lodge, Andrews is the coordinating producer of the Emmy-winning Out of the Wild.

Here’s one thing you can bet on: Jessi won’t be appearing on Celebrity Rehab With Dr. Drew. Gary Busey and Dennis Rodman can relax—they don’t have to worry about being upstaged by a local mortgage broker.

CLICK HERE to view the story on Georgia Straight’s website

By Charlie Smith (Georgia Straight)

Follow Charlie Smith on Twitter at twitter.com/csmithstraight