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★★★★★ 5/5
Tiff - Victoria BC
Andrew helped my husband and I purchase our first home! He was very attentive and great at explaining our options and helped us get a great rate. We had a lot of questions and he always responded quickly and thoroughly. I definitely recommend the team at Victoria’s Best Mortgage and will be using them in the future! Thanks again, Andrew!
★★★★★ 5/5
Paul - Victoria BC
I had a superb experience in dealing with Andrew Libera he is a true professional, very knowledgeable, relaxed, honest, courteous, great listener/adviser, prompt at returning calls/e-mails he’s got everything you’re looking when trying to find a Great Mortgage Broker! I would be happy to recommend him to any family member or friend of mine without hesitation. Look no further you’ve found your Broker!
★★★★★ 5/5
Kevin - Victoria BC
Andrew provided top notch service. We were first home buyers and he went above and beyond the call to explain and make sure everything was crystal clear and easily understood. The myriad of forms and requests were handled quickly and courteously, more than once coming to our home in person to pick up or deliver documents. We wouldn’t hesitate to recommend Andrew to anyone searching for personal service with a very approachable and knowledgeable background. We literally wouldn’t have gotten our new home without him.
Your Mortgage Pre-Approval
(...what you need to know)
Need a mortgage pre-approval before you go house hunting? Find out how much you can afford well in advance. This will keep you focused on shopping for homes within your price range. When you qualify for a pre-approved mortgage, you’ll be certain of the size of mortgage for which you qualify. Often you can lock-in your rate for a specific period of time up to 120 days. And even if you don’t qualify for a pre-approved mortgage initially, we work with you to assist with your financial strategy and budgeting. All at no cost to you. Everyone deserves a home. Let’s work together to make it happen for you.
Your Victoria Mortgage
Pre-Approval Experts:
Your Best Deal...
- Lenders Fighting For Your Business
- Lower Rates Than Your Bank
- Save Thousands in Payments
- Make An Offer With Confidence
What You'll Get...
- Professional Local Service
- Impartial Advice
- Comprehensive Needs Analysis
- Access to the Absolute Best Rates
How It Works:
Step 1: Your Mortgage Needs
Our initial consultation is all about you. We can meet in person or schedule a short phone call. We know the questions to ask to get the heart of your pre-approval requirements quickly. Will this home be your primary residence? Will there be rental income from a suite? Or will this property be an investment rental property? Each home purchase and pre-approval situation is unique. We take the time to understand what your immediate and long term goals are so that you are purchasing with confidence.
Step 2: Your Application
Many clients are well-prepared and can easily complete our secure online form. But some have a more complex application and require a more consultative experience. We have the flexibility to receive documents via email, fax, off-site meeting or in person in our office in order to expedite the application processing. The goal is to get you pre-approved and we have the flexibility in our process to accommodate your schedule. We walk you through income qualification, and your credit report so you can understand how they tie together to create the basis of your application.
Step 3: Your Pre-Approval
Once you have your pre-approval you can search for your new home with confidence. You’ll know the type of property, the price range and whether there must be an income suite. As the property is the asset that is securing the financing, the property itself plays a very large role in the final approval. In general you will want a thorough home inspection, and the lender may need a full appraisal of the property in order to meet the final mortgage approval criteria.
Important Factors for Your Mortgage Pre-Approval
Income Qualification
Income qualification is different for everyone. It might be as simple as your last 2 years T4’s or Notice of Assessments. If you are self-employed it may require your full T1 General tax returns. And if you own a corporation we may need the corporate returns as well. In some cases it may be difficult for you to prove your income so we will have to find a suitable mortgage product that can accommodate your stated income situation.
Credit Score
Did you know that there are millions of errors on credit reports? And in some cases there is old data that is critically affecting your ability to borrow. We approach your credit report in logical way and do a thorough assessment so you can ensure the accuracy of the data. This is the number one reason we like to see people well in advance of their home purchase. Sometimes it can take months to repair a credit mistake. See us early and let’s make sure your credit is accurate. And what about the conventional wisdom that says your score goes down every time your credit report is accessed? It is quite possible that repeated credit access by potential creditors can affect your score. Since we only access your credit once and have access to dozens of lenders, we minimize this possibility.
Down Payment Verification
Are you planning to use savings for your down payment? You will need 90 days of account history. Are you planning to use a gifted down payment? You will need the proper gift form. What about using RRSP’s for your down payment? Yes you can do that as well. There are certain rules that allow you to access your RRSP funds without penalty, essentially loaning the money to yourself. The funds have to be paid back on a set schedule and you cannot have owned a home in 4 years. What if your co-applicant or spouse has not owned a home in 4 years, but you have? Well you can still use the $25,000 allowance from your co-applicant or spouse. Call us for details!
Closing Costs Verification
Most lenders will want to see about 1.5% of the purchase price available for closing costs. Closing costs are made up primarily of legal fees – budget around $1000 – and Property Transfer Tax. If you are a First Time Home Buyer and the property meets specific criteria this can save you thousands of dollars and the requirement for these funds to be available on closing can be waived. Call us at 250-483-5558 for more details.
Victoria BC Mortgage News and Trends
Mortgage Co-Signer vs Guarantor
Mortgage Broker Victoria BC
June 2, 2021
The recent tighter mortgage qualification rules reducing purchasing power by 20% combined with the higher prices of real estate, particularly in Victoria and Vancouver, can make it difficult for a person, or even a couple, to qualify for a mortgage on their own. But with home prices rising and inflation
New June 1 Stress-Test Mortgage Rules Confirmed
Mortgage Broker Victoria BC
May 21, 2021
OFSI confirmed that all Conventional Mortgages with 20% down or more will as of June 1st be stress tested at 5.25%. The Deputy Prime Minister and Minister of Finance, Chrystia Freeland also issued a statement of her own, announcing the alignment of the insured stress test with the uninsured stress
A Very Basic Overview of Mortgage Qualification in BC
Mortgage Broker Victoria BC
May 6, 2021
It doesn’t matter if you’re buying a new home or your first one, home buyers are always looking for the best deal! But it can be easy to focus on the rate before you even know if you’ll qualify. Online calculators never show the whole story. Even if you’ve been
OSFI to Re-Examine Stress-Test Policy
Mortgage Broker Victoria BC
April 8, 2021
According to the Canadian Mortgage Brokers Association BC, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of
Bank of Canada Policy Rate Announcement – March 2021
Mortgage Broker Victoria BC
March 11, 2021
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing. The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate