Mortgages Burnaby 2019

Purchasing and owning a home is both a life goal and a financial goal for some people. However, these can often cost hundreds of thousands of dollars, money that most people simply don’t have. While home prices have dropped in areas like Burnaby, most people still need a mortgage to afford a home. A mortgage is essentially an installment loan that is spread out over anywhere from about 20-35 years.

Avoid these common mortgage application mistakes, click here.

How to Compare Mortgage Offers

Whether you are in Burnaby or any other city across this country, there are likely multiple different lenders that can help you secure a mortgage. But with so many options, how do you compare one mortgage offer to another? Of course, you need to consider the interest rate. An interest rate difference of even one single percentage point could make your mortgage thousands of dollars cheaper or more expensive.

However, if you believe the interest rate is the only thing to consider, you are wrong. You also need to compare and consider a number of other things such as:

  • The term
  • The amortization period
  • Is the mortgage closed or open?
  • Is the interest rate fixed or variable?
  • Are any prepayment options available?
  • What sorts of penalties there might be

As a result, be sure to take your time and really put in the research when it comes to getting a mortgage. If you simply work with the first place you visit, you could be missing out on some amazing deals or offers from other providers. Not all mortgages are created equally, and it is always important to keep that in mind.

Is the lowest mortgage rate always the best option? Find out here.

Mortgage Pre-Approval

When looking for a home, there are many different options at your disposal. As a result, it can feel very overwhelming. One way to help focus yourself and know what you should be looking for is getting a mortgage pre-approval. A mortgage pre-approval is when the bank has agreed to give you a specific amount of money at a specific rate based on you as a potential home buyer. This means they trust you to be able to afford the home and make the down payment.

They will look at your credit, verify your income, and do a number of other things before pre-approving you for a certain amount. Not only will this help you understand how much you can afford, but having a mortgage pre-approval can also make you a more attractive option for sellers. It means you are serious and have actually taken steps beyond simply house shopping and browsing.

Being pre-approved also means you can act quickly, which is something many sellers will appreciate. While a pre-approval is not a guarantee that you will get the loan no matter what, it is a large step in the right direction. A mortgage pre-approval is typically good for between 60-120 days, depending on the lender. So be sure to not sit on your approval for too long, or it may no longer be valid.

Cost of Buying a House in CanadaInterested in the cost of buying a house in the rest of Canada? Click here.

How to Save Up For a Down Payment in Burnaby?

While you will likely need a mortgage to buy a home in Burnaby, you will likely also need a down payment. This down payment can range, but the minimum down payment in Canada is 5%. Depending on the price of your home, a down payment can be thousands and thousands of dollars.

While this can be tough for people to save up for, there are some things you can do to better save up for a down payment. These include:

  • Spending less on consumer purchases
  • Cut down expenses
  • Find more ways to make money (more shifts, second job, sell things)
  • Prioritize correctly
  • Have a budget and stick to it
  • Use automatic transfers if you have difficulty saving

So why is it good to save for a large down payment if possible? Well, the benefits are plentiful. First of all, having a large down payment will lower the amount of money that you need to borrow, which will make the home much more affordable in the long run. Next, having a down payment of over 20% will ensure that you don’t need to pay for mortgage insurance, which is usually a specific percentage of the overall price of the home. Of course, a down payment will also mean smaller payments, which are much easier to manage and fit into any budget.

How much you save for a down payment is up to you, but we recommend saving at least 20% to avoid mortgage insurance. Of course, this isn’t always possible, so feel free to save up as much as you deem appropriate.

Finding The Right Mortgage

Getting a mortgage is essential for most people to purchase a home. If you’re in the market for one, don’t hesitate to reach out to Loans Canada. We will be able to help you find a quality mortgage lender in your local area.

How useful was this post?

Click on a star to rate it!

Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Ka...

Lenders in this region:
Provider Rating
Pylo Finance 4/5
Fresh Start Finance 4/5
Marble Finance 5/5
Money Mart 4/5
Speedy Cash 5/5
Private Loan Shop 5/5
Progressa 5/5
My Canada Payday 4/5
Mr. Payday 4/5
Money Provider 5/5
Loan Express 3/5
Loan Away 5/5
Lendful 3/5
LendDirect 5/5
Health Smart Financial Services -
GoDay 5/5
iCash 5/5
Focus Financial Inc. 2/5
FlexFi 5/5
Eastern Loans 5/5
DMO Credit 5/5
Capital Cash 2/5
Credit 700 2/5
Credit Club 5/5
Credit2Go 3/5
Ledn 5/5
Amber Financial 5/5
Affirm Financial 5/5
310 Loan 2/5
Newstart Canada 4/5
Ferratum 5/5
SkyCap Financial 3/5
Fairstone 2/5
Lending Mate 5/5
Consumer Capital Canada 2/5
Lamina 3/5
Loans SOS -
514 Loans 5/5
CashCo 5/5
UrLoan 5/5
Loan Me Now 4/5
Captain Cash 3/5
BC Loans 4/5
Urgent Loans 4/5
Easy Financial 3/5
Mogo Finance 4/5
Cash Money 5/5
Borrowell 5/5
Magical Credit 5/5
Provider Rating
SharpShooter Funding 5/5
First West Credit Union 5/5
Meridian Credit Union 5/5
Laurentian Bank of Canada 5/5
HSBC Bank Canada 5/5
National Bank 5/5
Canadian Imperial Bank of Commerce (CIBC) 5/5
Scotiabank 3/5
Bank of Montreal (BMO) 3/5
Royal Bank of Canada (RBC) 5/5
CWB National Leasing 5/5
Money in Motion 5/5
Lease Link 5/5
FundThrough 5/5
Econolease Financial Services Inc. 5/5
Easylease Corp 5/5
Dynamic Capital 5/5
Capify 5/5
Canadian Equipment Finance 5/5
Capital Key 5/5
Cashbloom 5/5
BFS Captial 5/5
BDC 5/5
Baron Finance 5/5
B2B Bank 5/5
AOne Financial Solutions 5/5
Borrowell 5/5
iCapital 5/5
Lendified -
IOU Financial 5/5
Company Capital 5/5
OnDeck 5/5
Evolocity 5/5
Lending Loop 5/5
Thinking Capital 5/5
Provider Rating
Car Creditex -
Auto Capital Canada 5/5
Carfinco 5/5
Canada Drives 5/5
Prefera Finance 5/5
Approve Canada 5/5
2nd Chance Automotive 5/5
Newstart Canada 4/5
SkyCap Financial 3/5
Splash Auto Finance by Rifco 5/5
Carloans411 5/5
AutoArriba 5/5
Provider Rating
Newstart Canada 4/5
BHM Financial 2/5
Provider Rating
Centum 5/5
Broker Financial Group Inc. 5/5
Bridgewater Bank 5/5
Alpine Credits 5/5
From the blog...
Can I Use a Personal Loan For Emergencies?
Posted on July 24, 2019
Can I Use a Personal Loan For Emergencies?

For this blog, we’ve teamed up with our partners at Fairstone Almost half of Canadians are $200 away from not meeting their financial obligations each month. You’re not alone if you fall into this category, but being cash strapped can make it difficult to tackle unexpected expenses. … Read More

Have You Made These Mistakes on a Personal Loan Application? 
Posted on April 24, 2019
Have You Made These Mistakes on a Personal Loan Application? 

Applications for personal loans can be daunting, sometimes there is so much to read and interpret. For this reason, many applicants make mistakes on their application. Unfortunately, filling out an application incorrectly can result in your loan being rejected, regardless of how minuscule the error is. To better your chances… Read More

What is Negative Equity? 
Posted on April 19, 2019
What is Negative Equity? 

Equity is defined as the total value of an asset less the owed obligations. Individuals want equity in their assets to be positive because it means they will make money if they were to sell the asset. Sometimes individuals do not have the fortune of positive equity, instead, they have… Read More

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation
Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.