Trusted mortgage services
Your Cloverdale mortgage broker
Townhomes in Clayton, character homes near the fairgrounds and new family homes in between. We compare over 50 lenders for you.
- 5-yr fixed
- 4.69%
- 5-yr variable
- 3.70%
Updated Oct 8 · on approved credit · Compare to bank rates
Cloverdale and Clayton Heights mortgages
Cloverdale is one of Surrey's oldest town centres and one of its fastest-growing areas. The historic main street and the fairgrounds keep a small-town feel, while Clayton Heights to the west has filled with townhomes, row homes and newer detached houses, many with suites or coach houses.
A lot of buyers here are young families buying their first or second home, and a lot of the homes are new or nearly new. We compare lenders on prepayment privileges and penalties as well as rate, so the mortgage still suits you if your plans change.
What Cloverdale buyers ask us about
Newly built homes
Buyers of newly built homes may qualify for a 30-year amortization on an insured mortgage even if it isn't their first home, and BC has a property transfer tax exemption for qualifying new homes.
Townhomes and stratas
Many Clayton townhomes are in stratas. Lenders review the strata's finances, and half of your monthly strata fee counts in your qualifying ratios.
Suites and coach houses
Rent from a legal suite or coach house can help you qualify, and a federal program now lets eligible homeowners refinance with an insured mortgage to add a suite.
How it works
Your Cloverdale mortgage in 3 steps
We do the shopping, you get the keys
Schedule a consultation- Step 1: Easily apply online in 5 minutesWith some simple questions, we build your profile and match you with mortgages that fit it. No cost to you for most mortgages, and no obligation.
- Step 2: We compare 50+ lenders to find the right mortgage for youWe compare rates and features from 50+ lenders and give you transparent options. Your options side by side: rate, penalties and flexibility.
- Step 3: Approved, with human supportFrom approval to closing, you have an advisor who gives you clear, transparent advice about your mortgage. Nick stays with you from approval to keys.
Frequently asked questions
You have questions — we have answers!
Cloverdale mortgage questions
Is Cloverdale part of Surrey?
Yes. Cloverdale, including Clayton Heights, is one of Surrey's six communities, so property taxes, permits and zoning go through the City of Surrey. That matters if you plan to add or rent out a suite or coach house, because the City's rules decide what is allowed. Lenders use Surrey's property tax figures when they work out how much you qualify for.
Should I choose a fixed or variable rate?
It depends on your budget and how much payment movement you can handle. A fixed rate keeps your payment the same for the term; a variable rate moves with your lender's prime rate. Our fixed vs variable comparator shows both under different rate scenarios.
What are prepayment privileges?
They let you pay down extra without a penalty. Most lenders allow a lump-sum payment each year and a way to raise your regular payment, each up to a set limit, and some let you double up payments. The limits vary widely between lenders, and some low-rate, no-frills mortgages allow very little. We compare these along with the rate, because they decide how fast you can clear the mortgage if your income grows.
Can I get a 30-year amortization if this isn't my first home?
Yes, in two cases. With 20% or more down, the mortgage isn't insured, and lenders usually offer up to 30 years. With less than 20% down, a 30-year insured amortization has been available since December 15, 2024 to anyone buying a newly built home, not just first-time buyers, which fits many of the new homes in Clayton. A longer amortization lowers the payment but costs more interest over time.
How much income do I need to qualify?
It depends on the price, your down payment and your debts. For an insured mortgage, your mortgage payment, property tax, heating and half of any strata fee generally can't take more than 39% of your gross income, or 44% once car loans, credit cards and other debts are added. The payment is worked out at the stress test rate, not your actual rate. Lenders set their own limits within these rules, so our mortgage qualification calculator is a good first estimate.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 8.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 7.89% | 4.79% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.64% | Get this rate: 1 year fixed |
| 2 year fixed | 5.44% | 4.44% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.54% | Get this rate: 3 year fixed |
| 4 year fixed | 6.01% | 4.39% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.69% | Get this rate: 5 year fixed |
| 7 year fixed | 6.41% | 4.79% | Get this rate: 7 year fixed |
| 10 year fixed | 6.81% | 4.79% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca