Are you looking for the First Time Home Buyers Mortgage in Surrey, BC?
Your first home is likely the biggest investment you’ll ever make. Pretty exciting, right?
But let’s face it – home buying throughout Greater Vancouver, Fraser Valley and the Interior isn’t all fun and games. Scouring through listings, hitting up open houses and submitting offers can be stressful – and you haven’t even applied for a mortgage yet.
We are Mortgage specialist providing Commercial, Residential and Private Mortgages in Surrey and throughout the Lower Mainland British Columbia. We cover Surrey, Langley, Cloverdale, Abbotsford, Burnaby, Maple Ridge, White Rock areas in BC.
We also offer high quality mortgage services from second mortgages and refinancing to transfers and new construction, we do it all and at a great rate. Call today and see how we can help your mortgage needs.
Our Mortgage Philosophy
Our Mortgage Philosophy is simple; Understanding client’s needs and providing them with innovative mortgage solutions to meet their goals for the future.
At Lakhvinder Gill – Mortgage Consultant we’re committed to helping first time home buyers get the mortgage they need, without any stress, hassles or slimy sales tactics.
Based in Surrey, we serve clients throughout B.C. including Langley, Abbotsford and the Tri-Cities. We’re the local mortgage broker you can count on for expert advice, honest answers and competitive rates.
Buying your first home in Surrey, Vancouver BC is quite an exciting proposition but before you can know whether home ownership is right for you, it’s important to know what is involved. Lakhvinder Gill – Mortgage Consultant would like to make your experience of first-time home buyers mortgage in Surrey, Vancouver BC very simple, easy and at the same time educational.
There are essentially two main types of home mortgages in Surrey BC:
A high ratio mortgage and a conventional mortgage.
High ratio mortgages are mortgages that must be insured by the lenders through one of the three mortgage insurance companies in Canada which include Canada Mortgage Housing Corporation (CMHC), Genworth Financial & Canada Guarantee Company.
Conventional mortgages are mortgages that are not insured by the lenders. Any mortgage with less than a 20% down payment is considered a high ratio mortgage and any mortgage with 20% down payment, or more is considered a conventional mortgage.
Since high ratio mortgages are insured, borrowers have to pay an insurance premium which gets added/financed into the mortgage amount. The lower the down payment, the higher the premium. A minimum down payment of 5% is required when purchasing a principal residence and a minimum down payment of 20% is required when purchasing a rental or investment property.
Qualifying for first time home buyer’s mortgage:
Some of the key factors lenders look to qualify you for a first time home mortgage in Surrey, Vancouver BC include your annual income, down payment and your credit history to qualify for a mortgage. Since every borrower’s situation may be different, we advise you to contact us so that we may be able to discuss the options you may have and match you with a product that best fits your needs and lifestyle. Lakhvinder helps you in pre-approving for first time home buyers mortgage in Surrey, Vancouver BC.
Mortgage Loan type:
The two most popular mortgage options are – Fixed rate or Variable rate.
A Fixed rate mortgage is a mortgage loan that carries a guaranteed fixed interest rate and payments throughout the life of the loan. A Variable rate mortgage loan, also referred to as an Adjustable Rate, is a mortgage where the interest rate is adjusted, generally monthly, based on fluctuations in the prime lending rate. The fixed rate option provides stability but has historically cost more in interest than the variable rate option. The fixed rate mortgage is based on changes in the bond market, while the variable rate mortgage fluctuates along with the prime lending rate
Making the decision on whether to choose a fixed rate mortgage or a variable rate mortgage for first time home buyers in Surrey, Vancouver BC depends on your tolerance to changes in your payment amount throughout the term of your mortgage. Once again, we can help you make that decision and provide you with all the pros and cons specific to your situation.
The worst mistake you can make as a new homeowner is to get a mortgage for buying a house in Surrey, Vancouver BC that ends up over-extending you financially. The key is to make sure that you can comfortably afford the mortgage payment and other monthly expenses that come with homeownership.
Mortgage Services we provide:
- Mortgage for New Immigrants
- First Time Home Buyer Mortgages
- Mortgage Pre-Approval
- Re-Financing Your Property
- Renew Your Mortgage
- Self Employed Mortgage
- Private Mortgage
- Debt Consolidation
- Commercial Mortgage
- Second Mortgage
We deal with all types of mortgages in Surrey and throughout Lower Mainland BC. Our mortgage experts will look beyond your challenges and use a make-sense approach when approving your first-time home buyers mortgage in Surrey or elsewhere in the Lower Mainland. Want to explore your options regarding a first-time home buyers mortgage program? Get in touch with us today and hear back within 24 hours.