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Andrew Libera | Founder, VictoriasBestMortgage.com

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We’re Your Mortgage Broker Victoria

Looking for a low rate flexible mortgage in Victoria BC?. We are your local Victoria Mortgage Broker experts. You are unique and deserve a personalized mortgage solution. Don’t settle for the limited offerings of a single financial institution. We are specialists dedicated to matching you with the ideal mortgage product, with the best rate, and flexibility. From new home purchase, to refinancing an existing mortgage, buying a commercial property, or consolidating high interest loans we have an answer. If you have any questions or concerns, you can contact us directly via email or by phone at 250-483-5558. Call us today to make an appointment for a private consultation in our office. Our expert advice will surely be of great help in finding you the right mortgage that offers true value for your money. As part of TMG The Mortgage Group we have direct access to high quality banks and lenders mortgage products. Whether it is negotiating for the lowest rate, ensuring pre-payment flexibility, or planning for the future growth of your investment property portfolio, you can relax while we take care of everything.

GET VICTORIA’S LOWEST RATE!

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October 15 2017 // 4:00PM PST

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GET THE LOWEST RATE IN VICTORIA!

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Mortgage Pre-Approval

Getting Pre-Approved for a mortgage is the best 1st step you can make when buying a home. Knowing what you can afford involves way less stress.

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First Time Home Buyer

Let us help you with one of the biggest financial and lifestyle decisions you will make with a review of your mortgage options

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Are You Self Employed?

Managing a business is a challenge.  We make your mortgage process easy, with many options for self-employed trades-people and professionals.

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Renovation Refinance

Want to turn your home into the home of your dreams? Consider using home equity to access the money you need to make your dreams come true.

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New To Canada Info

Now that you’re ready to settle in Canada, we have mortgage and real estate info to help you make decisions to find a safe, affordable home.

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Investment Properties

Investment properties come in many shapes and sizes. If you are looking to invest in a second piece of property, we can definitely help.

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Mortgage Renewal

It’s most likely that your current lender will offer you a rate that isn’t the best one for you. We’ll show you how to obtain the best rate and options for your unique situation.

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Mortgage Portability

Flexibility is the key when owning a home and having the ability to port your mortgage from home to home if you need to relocate can be a huge advantage.

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Mortgage Insurance

Purchasing your home is one of the most important investments you will ever make. Mortgage insurance provides financial security.  Find out how Victoria’s Best Mortgage can help!

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The In’s and Out’s of Mortgage Pre-Approvals

When you’re house hunting anywhere in the greater Victoria area; from James Bay to Oak Bay, from Saanich to Langford, it’s a great idea to know the mortgage amount you qualify for, your monthly payments, and that your interest rate will be held for a specified period of time i.e. 90 to 120 days. In some cases the pre-approval and rate-hold period can be even longer.  This way you can shop within your price range, you don't have to worry about rates rising, and both realtors and sellers will know you're a serious buyer. This is particularly important in a tight market where inventory is low and there is competition between several buyers. Be realistic and make sure you can afford that pre-approved amount; review all of your home ownership expenses and your monthly budget including property taxes and regular upkeep. Keep in mind that not all pre-approvals are the [...]

Look behind Deeply Discounted Rates…

Look behind Deeply Discounted Rates and Understand the Possible Penalties. Have you found a deeply discounted rate in Victoria, BC?  Is the broker local in Victoria or in another city?  Is it a national bank or and can they clearly explain the penalty structure?  We pride ourselves on offering the best rates, on mortgage products that are client-friendly.  We have heard of national 'rate sites' promoting rates that are ultimately not available, and people have wasted a lot of time and created more stress than is required, at an already stressful time. Talk to us first.  You can make an appointment to come in and sit down with for a no cost, no obligation discussion.  We'll help you find the right mortgage with the rate, flexibility, and freedom you need to be a happy homeowner. A large number of Canadians are forced to terminate their mortgage contracts early due to [...]

Buying a fixer upper? Looking to renovate?

So you’re one of those buyers who absolutely loves older homes: the character, the unique architecture, the settled neighbourhood… and maybe the great value.  Maybe its James Bay, or Fairfield or Oak Bay.  Sometimes older homes with “great bones” sometimes need a little renovation to turn them into the home of your dreams. The Victoria market has many older homes that can benefit from a great renovation and there is the very real possibility of turning your hard work and vision into increased home equity.  Unfortunately, sometimes on top of the home purchase price, a few costly renovations can be a big burden on your savings or even worse, your credit cards. We have good news.  We can bundle the cost of those immediate renovations right into the mortgage: so instead of sky-high credit card and line of credit bills… you’ve got your mortgage and renovations looked after in one [...]

Understanding the “Collateral Charge” Mortgage

What is a collateral charge mortgage?  Here’s how it works: the bank registers the mortgage for more than the value of the home at closing.  So if you have a $400,000 mortgage and a $700,000 home, the bank will register a charge up to $875,000.  This has several side-effects, including locking you in to the lender, their limited products an their rates. We’re not big fans of the collateral charge mortgage – because we’re all about keeping your options open. Collateral charge mortgages are very difficult to transfer to another lender. So you might see a great rate or mortgage feature at another lender, but it’ll cost you to switch.  Generally, you would need to start from the beginning of the process all over again, including time and paperwork, and pay new legal fees. There are some lenders who only offer collateral charge mortgages, with catchy marketing terms they like [...]

A Changing and Complex Mortgage World!

Canada Mortgage and Housing Corp. (CMHC) recently announced that as of May 30th, it will stop insuring both second homes and self-employed borrowers who don’t have standard documents to prove their income. Canada’s private mortgage insurers did not follow suit, although putting limitations on their second-home programs. Other new rules currently under review could mean the complete elimination of cash-back down payments. There have been many changes to the mortgage landscape in the last few years, making it more important than ever to get expert and timely mortgage advice and access to as many options as possible. If you’re concerned about how changing rules might impact your home ownership goals, let’s talk!

Victoria makes it easier and cheaper for homeowners to build garden suites

The Canadian Press Posted: Apr 15, 2017 10:10 PM PT Victoria makes it easier and cheaper for homeowners to build garden suites: Previously garden suite applications were evaluated by council on case-by-case basis Victoria city councilors have voted to allow garden suites in all single-family homes in a move to increase rental housing options. The city says there are 6,700 single family homes in Victoria and allowing more garden suites could alleviate the very tight rental market. "It has the potential to be a very large step, we hope homeowners will consider it," said Victoria mayor Lisa Helps. Until now, garden suite applications were evaluated by council on a case-by-case basis. Only 18 garden suites have been built in Victoria since 2011, far fewer compared to cities such as Vancouver. The city says the change doesn't override regulations for privacy and safety for building garden suites, but it will make [...]

April 18th, 2017|Mortgage Broker Victoria BC|

Gifted Down Payment and CMHC

March 14, 2017 The Bank of Canada left their overnight rate unchanged at 0.50% as Canada’s economy continues to operate with excess capacity. Recent changes by the government to stabilize our housing market will temper residential investment and our broader economy. This will help keep inflation low and bodes well for continued low interest rates in the foreseeable future. After trending higher in the last few months, bond yields have stabilized with mortgage interest rates now hovering in the 2.24% – 2.94% range OAC. In the USA the US Federal Reserve signaled they may raise their overnight lending rate March 15th. 77% of analysts are expecting an increase unless last minute data from non-farm payrolls and average hourly wages fall dramatically this week. This should drive the US Dollar higher and help Canada’s exports as long as trade negotiations with the Trump administration don’t cause a disruption. This uncertainty remains [...]

March 14th, 2017|Mortgage Broker Victoria BC|

BC Budget Announcement: First Time Home Buyer Property Transfer Tax Full Exemption Raised to $500,000

BC Budget Announcement: First Time Home Buyer Property Transfer Tax Full Exemption Raised to $500,000 FIRST TIME HOME BUYERS PROPERTY TRANSFER TAX EXEMPTION Property Transfer Tax should not be confused with Property Tax. The Property Transfer Tax is a one time tax paid to the Provincial Government by purchasers of real estate. The Property Tax is the tax paid on an annual basis to the local City/Municipality. “First Time Home Buyers” who qualify, may be exempt from the British Columbia Property Transfer Tax. This tax is normally 1% of the first $200,000.00 of market value and 2% of any amount above $200,000.00. The following are some guidelines to determine if you are eligible for the first time home buyers exemption. Please consider if you meet the following criteria: * You are purchasing a residential property within the province of British Columbia which has a fair market value that does not [...]

Residential Market Commentary – week of February 6, 2017

Residential Market Commentary - week of February 6, 2017 Feb 6, 2017, 11:25 AM by Maria Broekhof - First National Real estate boards across the country are releasing their January numbers and they seem to be telling a story of pain and gain. Government efforts to cool the market appear to be working in the Greater Vancouver Area.  Sales, for all housing types continued to drop, falling nearly 40% compared to January 2016.  The MLS composite benchmark price also continued to slide, dipping 0.2% compared to last January.  Prices are off nearly 4% in the past six months. That’s the pain.  On the gain side Victoria and Toronto may be capitalizing on Vancouver’s loss.   Victoria saw its benchmark price jump more than 24% compared to last January.  Sales slipped 11% on a 39% drop in inventory.  In Toronto, sales jumped nearly 12%, led by condos.  The composite benchmark price [...]

Breaking News: BC Mortgage First Time Buyer Down Payment Loan

Do you qualify for the BC Down Payment Loan Program? You can find all the eligibility details - CLICK here. VICTORIA — The B.C. government will loan first-time home buyers some of the cash they need to afford their down payment, Premier Christy Clark announced Thursday. The program will provide a government-backed loan of up to $37,500, or five per cent, of the purchase price of a home for qualified buyers, starting Jan. 16, 2017. The goal is to match part of a person's down payment to help them afford to buy their first home, as long as they already qualify for a mortgage under federal rules and the home is worth less than $750,000. The 25-year loan is interest-free for the first five years, and does not require the homeowner to even pay down the principal during those first five years, as long as they keep the home as [...]

Victoria, BC: 9 Sensible Strategies to Help you Thrive in 2017

Canadians are definitely talking about the housing market – what do the new mortgage rules mean, is this the right time to buy, have mortgage rates bottomed out, is a lender’s renewal offer the best available, and on and on! For many, it feels like some uncertain times ahead. Often it’s just a few sensible strategies that can help you survive and thrive in the current climate: Take care of your credit. It’s so important to have good credit behaviours so you always qualify for the best mortgage rate. Pay your bills on time. Don’t let your credit accounts exceed 50% of the credit available. Before you cancel any credit cards, get advice.  And don’t apply for a store card just to save on your purchase that day! Let renters help pay your mortgage. A home with a rental suite can be a great option for homebuyers, especially if the [...]

Victoria, BC: Residential Mortgage Market in Canada

From amortization periods to how happy Canadians are with being homeowners, in a recent survey by the Mortgage Professionals of Canada they took a look at the numbers: For homes purchased between 2014 and 2016, the average contracted amortization period is 22.4 years. For homes purchased between 2014 and 2016, 84% have amortization periods of 25 years or less. Each year, more than one-third of mortgage holders take actions that will shorten their amortization periods. When asked why they do not own a home, Canadians aged 18-34 stated they need more time to save for a down payment (43%), while those aged 55+ feel renting is a better option (45%). Among borrowers who took out a mortgage in 2016, 43% used a mortgage broker. The average mortgage interest rate for homeowners is 3.02%, and for homes purchased during 2016 the average rate is 2.76%. On average, first-time buyers make down [...]

Top Mortgage Broker Services in Victoria BC Canada: Victoria Mortgage Broker, providing the Lowest Mortgage Rates in Victoria BC. The Mortgage Group Victoria, not Invis, Dominion Lending, DLC or Verico. Here you’ll find an excellent Mortgage Calculator, First Time Home Buyer Mortgages, Second Mortgage Options, Private Financing, Debt Consolidation Mortgage Loan, Refinance Mortgages