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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!

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!

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...

What You'll Get...

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

Bank of Canada to maintain current level rate policy

Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ %

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2020 Thoughts on Fixed vs Variable

Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great

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Affordability and Alternative Lending Options Part 1

Motions within the rental market are excellent signs of the state of housing affordability. When folks cannot find the money to purchase, they rent, and also when there is an influx of renters in a field with constrained housing supply, landlords are in a position to demand more. In Victoria

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Mortgage Stress Test Rate Drops to 4.79%

The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above

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Canadian & U.S. Central Banks Respond to Covid-19

On Friday afternoon March 13, 2020, Canadian policymakers from the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a coordinated response to alleviate economic stress caused by the COVID-19 pandemic. The emergency measures, which are intended to ensure that the

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Hey Let's Get Started!

Start your pre-approval today and we’ll send you a $500US Hotel Savings Card*. You can use this to get discounts from the lowest wholesale hotel rates around the world. They don’t expire! Just click the button below to get started.

* Limit one $500 voucher per person. Application must be complete and you must have a pre-approval consultation.