Kelowna Mortgage Broker
Found a property you need to finance in Kelowna? Highline Mortgage is a Kelowna mortgage broker that works with an experienced team of mortgage brokers who are knowledgeable on all aspects of property finance.
Did you know that in 2019, just over half (54%) of new mortgages were issued by a Canadian bank? That’s down from 62% in 2018. More homeowners are tapping into the benefits of mortgage broker services to access the whole of the mortgage market. The difference between working with Kelowna mortgage brokers and directly with a bank is that at the bank, you deal with a loan officer who can only advise on their own products. A Kelowna mortgage broker, however, can work with the new home buyer and match them with hundreds of different lenders to get the best rates possible.
The home buyer may be left in the dark about the better options available elsewhere if they work with the bank, but our Kelowna mortgage brokers will be open about their process and get you the best mortgage rate possible.
Mortgage Broker Services
Reilly Renwick is a serial entrepreneur, born in Kelowna, BC, who has an in-depth knowledge of the real estate investment industry.
With a wealth of knowledge across the mortgage market, he is uniquely positioned to provide you with untethered advice on a broad range of mortgage options.
By having Reilly Renwick represent your financial interests in the largest investment you’ll make in your life, such as obtaining your first mortgage, you’ll benefit from accessing an extremely diverse range of lenders. This will make it much easier to get the best rate available and agree to terms that are customized to your mortgage needs.
Every client gets the one-on-one attention required to receive the best mortgage broker service for any type of mortgage.
Talk to one of our Kelowna mortgage brokers today to help you find the right home financing option for you!
Customized Services from
a Local Mortgage Broker in Kelowna
A key concern for many clients, whether it’s a first time home, a holiday home, or any other type of real estate investment, is the monthly costs. In particular, those looking to finance a property with a down payment under 20%.
The minimum down payment is 5% on the first $500,000 then 10% of the portion above that. For down payments under 20%, mortgage default insurance will be required, adding to your monthly costs. Mortgage default insurance is often referred to as CHMC and it’s added by lenders, typically costing between 2.8% to 4%.
The higher your down payment, the lower the insurance premium. CHMC insurance is just one of several additional monthly premiums that need to be factored into your monthly costs for the purposes of the mortgage stress test to ensure you can afford the monthly repayments.
Interest rates are the primary concern of clients, right next to amortization periods. Most mortgages with a loan-to-value (LTV) higher than 80% have amortization periods of 25-years. Just a half percentage point difference can mean paying a mortgage for years longer, making it extremely worthwhile to work with a broker who can help you determine the best rate from lenders across the whole of the market, rather than just one lender with multiple products.
More lenders with more products will give you far better choices while increasing the likelihood that you’ll save thousands over the lifespan of your mortgage term.
Want to refinance? Find out how much you can borrow using our mortgage calculator.
Meeting the Qualification Criteria for Mortgage Approval
With effect from July 1st. 2020, new rules for an insured mortgage from mainstream lenders require one applicant to have a credit score of 680, up from 600. Gross debt ratios (which include all housing costs including heating) will also be reduced from 39% to 35%. Another change is a reduction of total debt service ratios, down from 44% to 42%. These changes apply to homeowner mortgage insurance and portfolio mortgage insurance.
If you need help finding out if you’d qualify for an insured mortgage
Helping You Reach 100%
Home Equity Faster
Statistics show that while the majority of new homeowners opt for amortization periods of 25-years, sometimes extending it for longer, the average lifespan of a mortgage is actually 21.2 years. Lenders know this and can stipulate limits to overpayments with fees being applied if you choose to make too many of them.
The higher your premiums, including penalty fees, the longer the amortization period will be, meaning it takes you longer to reach 100% home equity.
The better a deal you can get for your home finance, the faster you increase your home equity which puts you on a sound financial footing for the long-term sooner.
Reilly Renwick works as your representative to find the best rates and negotiate directly with the underwriters to secure the best terms suited to your circumstances, which can include the flexibility to overpay without exorbitant penalty fees. The ultimate aim is to save you as much money possible over your mortgage term.
Get unbiased advice from a trusted mortgage broker: Kelowna BC specialist!
Types of Mortgages You Can Get Help With
- Mortgages for first time home buyers
- Commercial Mortgages
- Reverse Mortgages
- Self-employed Mortgages
- Investment Property Finance
- Construction Mortgages To Build Your Own Home
- Bridging Finance
- Private Morgage Products/ Hard-Money Loans
- HELOC (Home Equity Line of Credit) Finance
We work with a select lender panel, pooling together every mortgage product on the market, suited to every type of borrower, and are open to lending on all types of properties including condominiums, townhouses, duplex, triplex, & fourplex apartments.
Additionally, we can provide a tailored mortgage solution to commercial investors, whether it’s for a construction project, or a fix-and-flip loan, similar to bridging finance.
If you have a property in mind and wondering if you can afford the rate, use our mortgage calculator to find out and apply today!
Kelowna Mortgage Brokers By Your Side Every Step of The Process
Whether you have your sights set on a home or you want assistance in discovering what your realistic price range would be, you’ll get professional assistance from the start from our Kelowna mortgage brokers. We are here every step of the way, no matter how big or small your need is, even if you only need to know how much you can borrow before scouring the market for your dream home.
A number of mortgage products are available from various lenders suited to different circumstances. Rates are dependent on your ability to pay and how much you’re willing to pay. Stress tests will be applied to all types of mortgage products and we can assist in helping you understand the lending criteria of different lending companies, the typical rate you can expect to pay, and the different types of mortgages available.
Main Types of Mortgage Rates: Fixed, Variable, and Hybrid
The three most common types of homeowner mortgages are fixed-rate, variable, and hybrid mortgages. A fixed-rate mortgage is a consistent, fixed-rate throughout the borrower’s term. The borrower will consistently pay the same, agreed-upon amount every month. A variable-rate mortgage, however, fluctuates. The amount the borrower pays changes based on what the current, national interest rate is at the time payment is due. This may be lower at the beginning than a fixed-rate mortgage rate, but it could go up and cost you more by the end of your term. A hybrid mortgage rate is a combination of both a fixed and a variable interest rate mortgage. This is when the mortgage is a fixed-rate for an agreed-upon amount of time, typically ten years. Then, the interest rate can be adjusted either yearly, monthly, or every few years.
For those with an existing mortgage, a number of home equity lines of credit options are available, making it easy to access additional funds and often with a more competitive rate and flexibility. In particular, for homeowners looking to downsize their property, or port a mortgage to another provider with a higher downpayment, it is possible to eliminate CHMC premiums by paying over 20% down payment on your new property.
Get Expert Assistance to Find the Best Mortgage Solution for You
- Arrange a one-on-one consultation to assess your financial circumstances
By booking an impartial and no-obligation consultation with Highline Mortgage, you can benefit from a cumulative 40+ years experience in the financial industry. With a thorough understanding of lender assessment processes and a working knowledge of lender appetite for various lending institutions, we can provide you with a real understanding of your affordability, the interest rate available, and the type of mortgage most suited to your circumstances.
We can also discuss your plans and goals, whether it’s for your first mortgage or fifth. No matter what your financial and mortgage history is, you will receive impartial advice on the most appropriate strategy to lower your overall cost of borrowing.
- Put An Entire Database of Lending Institutions at Your Disposal
With over 100 lenders in Canada, all vying for your business, and offering several products each, it would take you an eternity to go through each one to weigh your options. By working with one of our knowledgeable mortgage brokers who are up-to-date on the latest local market trends, clients get access to the best rates and terms fast. Our mortgage brokers will do all the negotiating for you, taking away the stress and time-commitment necessary from you.
- Fully-Managed Process
With one point of contact, you can submit your paperwork once and have everything handled professionally for you. We will complete your mortgage applications and send it to the best-suited lenders that are most likely to approve you. Negotiations are handled on your behalf and all liaising with the lender to close the deal and manage all the administration is included.
Throughout the entire process, clients have one point of contact with one of our experienced mortgage brokers to receive personal assistance every step of the way. Get questions answered quickly with jargon-free advice.
Access a Mortgage for Any Type of Property
Whether you're buying your first home, a holiday home, or need a mortgage for a manufactured / mobile home, you can benefit from a brokering service to represent your best interests.
First home buyers are frequently overwhelmed by everything that's involved in the mortgage application process and it's not much easier for first time refinancing either or porting a mortgage to a different lending institution. Whatever your financial goals, you can take advantage of Reilly Renwick's impartial advice completely risk-free!
We work with residential clients and can also help with several types of commercial mortgage products too. Get tailored advice from experienced and independent mortgage brokers: Kelowna BC Specialists!