Mortgage Broker in Burnaby, BC

Yes, and it is more common than people expect. Lenders review the depreciation report, the contingency reserve fund and recent minutes. A large upcoming special levy, an unresolved building-envelope repair or a very low reserve can cause a lender to decline the property even when the borrower is strong. Different lenders draw the line in different places, which is why checking early and having alternatives matters.

Yes. Presale completion is its own process: the mortgage is arranged close to completion under the rules and rates in force then, not those when you signed. The appraisal is the risk — if it comes in below your contract price, you cover the difference in cash. I start these files well before the completion window so there is time to deal with a shortfall.

A meaningful amount. Lenders include a portion of your monthly strata fee in the debt-service calculation alongside property tax and heat. Two units at the same price can support different mortgage amounts purely because one has higher fees. I include this from the first conversation so your budget does not shift later.

Sometimes. Lenders look closely at leasehold titles, and parts of UniverCity are leasehold rather than freehold. Leasehold is financeable, but fewer lenders will do it and the remaining lease term affects both approval and amortization. It is worth confirming the title type before you make an offer.

Yes — that is bridge financing, and it is common here. It covers the period between your purchase completing and your sale funding. It is straightforward when the sale is firm and arranged in advance, so tell me your dates as soon as you have them.

Usually, but not all of it. Lenders either add a percentage of the rent to your income or subtract the shortfall between rent and carrying costs from it, and the two methods produce noticeably different results on the same property. You will need a lease and often the last few months of deposits. If you are weighing keeping the condo against selling it, this calculation is the one that decides it, and it is worth running before you list.

Three to four months before your completion date, and earlier if your income has changed since you signed. Presale financing cannot simply be arranged at the last minute: the lender needs a current appraisal, and if it lands below your contract price you must cover the gap in cash. Finding that out with a month to go leaves you very few options; finding out with four gives you time to arrange something.

New Westminster, Coquitlam, Port Coquitlam, Vancouver, North Vancouver, Richmond, Surrey and the rest of Metro Vancouver, along with the Fraser Valley. I am licensed in British Columbia and Alberta.