Can self-employed borrowers get a mortgage in BC?
Yes. Self-employed borrowers who don't qualify through traditional banks due to low taxable income have real options through alternative lenders like Home Trust, Community Trust, and Equitable Bank. These lenders look at your cash flow and business health, not just your NOA. I specialize in structuring these files for approval.
What is the minimum down payment to buy a home in BC?
5% on homes up to $500,000. For homes between $500,000 and $1,499,999: 5% on the first $500K plus 10% on the remaining amount. Homes $1,500,000 and over require a minimum of 20% down. First-time buyers may also qualify for a full PTT exemption on homes up to $835,000, saving up to $8,000.
What is the Manulife One offset mortgage?
Manulife One combines your chequing, savings, and mortgage into one account. Your idle cash reduces your daily mortgage balance, meaning you pay interest on less every single day. For high-income earners with strong cash flow, this strategy can save tens of thousands in interest and shave years off your mortgage, all without making extra payments.
What is an alternative lender and when would I use one?
Alternative lenders like Home Trust, Community Trust, and Equitable Bank work with borrowers who do not qualify at a traditional bank. That usually means self-employment, bruised credit, or income that does not show up cleanly on a tax return. The rates are a bit higher but you get into a home now, and there is a clear path back to traditional lender rates when you come up for renewal.
How much does a mortgage broker cost in BC?
For most traditional (A lender) mortgages, working with a mortgage broker is completely free. Lenders pay the broker's fee directly. You only pay a fee for certain alternative lending products, typically a 1% lender fee. This is always disclosed upfront before anything is submitted.
Do you serve all of the Fraser Valley and Greater Vancouver?
Yes. I work with clients all across the Lower Mainland and Fraser Valley including Surrey, Langley, Aldergrove, Abbotsford, Chilliwack, Mission, Maple Ridge, Burnaby, Vancouver, and the surrounding area. I am licensed to broker mortgages anywhere in BC.
What credit score do I need to get a mortgage in BC?
Most A lenders (banks and major credit unions) want a minimum credit score of 680. Some go as low as 650 for insured mortgages. If your score is below that, alternative lenders like Home Trust and Equitable Bank typically work with scores from 550 upward. If your score is below 600, improving it before applying is worth the time. Even a small improvement can change what you qualify for.
Can I use my RRSP toward a down payment in Canada?
Yes, through the RRSP Home Buyers' Plan. As of April 2024, the limit increased to $60,000 per person tax-free, or $120,000 per couple. The funds need to have been sitting in your RRSP for at least 90 days, and you repay them over 15 years. If you also have an FHSA, both programs stack — you can use them together.
What is the First Home Savings Account (FHSA)?
The FHSA is a registered account introduced in 2023 that lets first-time buyers save up to $8,000 per year — lifetime max $40,000 — toward a home purchase. Contributions are tax-deductible and qualifying withdrawals are completely tax-free. It combines the best features of an RRSP and a TFSA. If you haven't opened one yet and you're planning to buy, open it now. Even if you aren't contributing much, the room accumulates from the day you open the account.
Fixed or variable rate — which is better right now?
There is no one-size-fits-all answer. Fixed gives you payment certainty for your full term. Variable moves with the Bank of Canada prime rate, which can work in your favour when rates are dropping. Right now, many clients are choosing shorter fixed terms (2-3 year) to lock in stability without being tied in for five years. I look at your specific situation and give you an honest recommendation based on what actually makes sense for you.
How long does mortgage pre-approval take in BC?
Once I have all your documents, I can usually turn around a pre-approval within 24-48 hours. The part that takes the longest is typically gathering the paperwork on your end. I give every client a clear document checklist upfront so nothing gets missed and there are no surprises mid-process.
What happens at renewal after using an alternative lender?
Renewal is a decision point, not an automatic switch. Some clients move to a traditional lender once they've resolved the original issue. Others find that staying with an alternative lender still makes financial sense — especially when write-offs generate tax savings that outweigh the rate premium. I look at the numbers throughout the term so you're ready to make the right call either way.
