Highline Mortgage

Kelowna Mortgage Broker

Want to know the options available for easy financing of real estate loans in Kelowna? Here’s a roundup of what you can expect from mortgage brokers in the region.

When you’re investing in something as important as a new home in Kelowna, financing the property is perhaps the most critical phase. 

After all, there are lots of considerations to make, and you need to be careful at every step to ensure there’s no difficulty in obtaining the ownership. Most importantly, you don’t want to incur any loss while getting into a property ownership deal. 

But don’t you worry, as our effective and reliable mortgage solutions can help you procure a home smoothly and securely.  

Why Choose
Mortgage Brokers In Kelowna?

When it comes to financing a property, many people might think of consulting a real estate agent or a bank for quality financial advice. However, what they often tend to overlook is that a good Kelowna mortgage broker can provide the most suitable interest rates.

Yes, you heard that right — while you might assume that the bank or real estate agent is offering an ideal price, the real picture is different. Those entities will always attempt to promote their services while you’re left unaware of the more profitable rates offered by certified mortgage lenders. 

In fact, that’s why more and more homeowners are opting for mortgage broker services to access the mortgage market. And thanks to our vast experience in the mortgage industry, we have a network of suitable lenders who can offer a range of flexible solutions in this regard. 

As such, we try to match our buyers with many lenders to get the most profitable rates. So, contact us today to get the best mortgage solution suited for your needs. 

Rest assured, we’re a transparent company and ensure openness about all the details of the mortgage process to our esteemed clients. That said, you will be fully aware of all aspects related to the deal, including the liabilities.

About Our Mortgage Broker Services

Our founder is a serial entrepreneur based in Kelowna who is well-versed with the nitty-gritty of the real estate finance industry. Having decades of experience in the mortgage market under his belt, he can provide you with untethered advice regarding a varied range of alternatives for a mortgage. 

With us representing your interests in significant investments, such as your very first mortgage, the availability of diverse options allows you to compare and obtain the best price. 

Plus, the terms will be customized to match your mortgage needs to make them increasingly agreeable. We also attend to the needs of each client one-on-one, which is essential to get the best possible broker service for any kind of mortgage.

Now, here are some brief insights into how we attend to the different needs of customers with regard to procuring a mortgage:

1. Customized Brokerage Services

Firstly, an important concern for a lot of clients is the monthly costs. 

This is observed in the case of all people, no matter whether they’re opting for a holiday home, a first-time home, or any other kind of real estate investment. In fact, monthly costs are a significant cause of concern, especially when a buyer is willing to put in a down payment below 20%. 

Note that the minimum down payment on $500,000 is 5%, and then 10% on the portion above that. As such, for down payments below 20%, you will require mortgage default insurance that will add to your costs monthly. This insurance added by the mortgage lenders is frequently called CHMC and typically costs between 2.8-4%. 

Also, the higher is the down payment, the lower will be the premium of the insurance. You’ll just need to factor the CHMC insurance into your costs per month, akin to other additional premiums for the mortgage stress tests. That way, you’ll be able to afford repayments on a monthly basis. 

The interest rate is another major concern apart from the amortization period. Notably, the majority of mortgages with loan-to-value of more than 80% have amortization periods of around 25 years. Also, note that even a difference of half percentage points can imply the buyer has to pay for years longer.

All these considerations are taken into account by our Kelowna mortgage brokers, as they discuss the financial standing of buyers in detail. Thereafter, the specialists will provide suitable advice and the best course of action accordingly. 

Furthermore, the availability of more lenders offering several mortgage options implies you have a number of better choices. In the end, it also increases the likelihood of saving thousands over the lifespan of the mortgage term. 

2. Insured Mortgage Advice

From July 2020, the reformed rules for an insured mortgage from the mainstream lenders increased the required credit score of applicants from 600 to 680. Plus, the gross debt ratio, including all housing expenses, will be decreased from 39% to 35%. Another noteworthy change is a decrease in the total debt ratios from 44% to 42%. These changes would apply to the portfolio and the homeowner mortgage insurances. 

So, if you intend to go for an insured mortgage, the first step will be to find out whether you qualify for the same. Our experts can also help you figure that out. Just get in touch with us on our helpline number, and we’ll assist you with all that you need to know.

3. Achieving Full Home
Equity Faster

Statistic data shows that while most homeowners opt for 25-year amortization periods, extending it sometimes, the average mortgage lifespan is 21.2 years. Notably, lenders are well-accustomed to this and can stipulate the limits to an overpayment, with the fees being applied in case you decide to make many.

Note that the higher your premiums are, along with penalty fees, the longer will be the amortization time. This implies it will take you more time to reach full home equity. On that note, our mortgage experts will act as your representatives to find suitable rates and initiate a negotiation directly with the underwriters for the best repayment terms. 

Keep in mind that the terms must be in line with your circumstances and might include the flexibility to repay the desired amount without exorbitant penalties. Ultimately, we aim to help you save as much money as possible over the mortgage term. 

Now, below is a list of the different kinds of mortgages we offer to our buyers:

  • Commercial mortgages
  • Refinancing
  • First-time home mortgages
  • Reverse mortgages
  • Bridging finance
  • Self-employed mortgages
  • Construction mortgages
  • Renewals
  • HELOC Finance (Home Equity Line Of Credit) 
  • Hard-Money Loans

Also, you should know that we work using a lender panel, pooling every accessible mortgage product suited for every type of borrower. These include services on all properties, including townhouses, condominiums, triplex, fourplex, and duplex apartments. 

We can even provide a tailored solution for commercial investors through an independent mortgage broker. You can get such a facility irrespective of whether there’s a construction project or a fix-and-flip loan.

In case you’re already thinking of a particular property and imagining if the rate can be afforded, use our mortgage calculator and apply for a mortgage accordingly. 

4. Assistance At Every Step

Irrespective of whether you’ve found a home or need assistance to discover a suitable option at a realistic range, we will provide you with all the help throughout. Thus, even people who want to know the amount that can be borrowed before scouring the real estate market can get the required assistance. 

You can find several mortgage products from different lenders that are fit for different circumstances, with the rates depending on how much you can pay.

We’ll help you with the stress tests applicable for the different kinds of mortgages and can also help you understand the criteria of different mortgages in detail. Moreover, our transparent policies ensure that you will be informed about the expectable interest rates on all deals. 

5. Three Common Mortgage Rates

The most common mortgage rates are variable, hybrid, and fixed rates. While a fixed mortgage rate is consistent throughout the term, a variable one fluctuates. In the latter case, the sum that the borrower pays can be altered depending on the national current interest rate when the payment is scheduled. 

Note that this might be lower initially than a fixed rate, but it may rise and cost much more towards the end of the term. 

As for a hybrid mortgage rate, it’s a combination of variable and fixed mortgage interest rates. It is offered in the form of a definite rate for an agreed duration, typically ten years. The interest rates might be adjusted yearly, monthly, or every few years in such cases. 

However, if you are on an existing mortgage, there are several home equity lines of credit available, whereby you can easily access additional funds. 

Note that these may even offer a more flexible and competitive rate. Particularly for homeowners seeking to downsize the property or port their mortgage to another provider with a higher down payment, CHMC premiums can be eliminated through a downpayment of more than 20%. 

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
  • Refinancing
  • Self-employed Mortgages
  • Renewals
  • 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.

Contact Us

Reach out to our experts to know everything about the technicalities associated with the mortgage industry and how we can help you with all the essentials. So, visit our website or give us a call today to realize the dream of owning a home you love. 

Having successfully helped lots of customers get through the process most effectively, we’ll be able to resolve all queries that you might have regarding owning a Kelowna property. Moreover, we’ll be there right from start to end until your home sweet home is rightfully yours.

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!