Trusted mortgage services
A mortgage for your home
Your first home or your next one, we compare over 50 lenders and guide you from pre-approval to the keys.
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 25 · on approved credit · Compare to bank rates
Buying your home, step by step
Buying a home is the biggest purchase most people make, and the mortgage shapes your budget for years. Before you start viewing homes, it helps to know what you can afford, how much you need for the down payment and closing costs, and which lenders suit your income and credit.
We start with a pre-approval so you can shop with confidence, then compare banks, credit unions and specialist lenders once you have an accepted offer. You get clear options on rate, term and flexibility, and we work with your lender and your lawyer or notary through to closing.
What to have ready
Your down payment
For a home you will live in: 5% of the first $500,000 and 10% of the portion up to $1.5 million, or 20% at $1.5 million and above. It can come from savings, an FHSA, the RRSP Home Buyers' Plan or a gift from immediate family.
Closing costs
Budget roughly 1.5% to 4% of the price for property transfer tax, legal fees, inspections and adjustments. First-time buyers may qualify for a property transfer tax exemption.
Proof of income
Recent pay stubs and an employment letter, or two years of tax returns and Notices of Assessment if you are self-employed.
How it works
From pre-approval to possession
Get pre-approved
We review your income, debts, credit and down payment, set a realistic budget and arrange a rate hold to protect you while you shop.
Make an offer
Make your offer subject to financing and inspection, so you have time to confirm everything before you commit.
Final approval
We send your file to the lender that suits it, with the property details and documents, and work through the conditions before your subject removal date.
Closing
Your lawyer or notary receives the mortgage funds, registers the mortgage and transfers the property. You get the keys on possession day.
Frequently asked questions
You have questions — we have answers!
A Mortgage for Your Home
How long does a pre-approval last?
The rate hold that comes with a pre-approval usually lasts 90 to 120 days, and if you are still looking when it runs out, we can ask for a new one. A pre-approval isn't a final approval, though: the lender still has to verify your documents and approve the specific property, often with an appraisal. Keep your job, debts and credit steady while you shop, because a change can affect the final approval.
Can I back out after my offer is accepted?
For most residential purchases in BC, buyers have a three-business-day rescission period after the offer is accepted, and cancelling costs 0.25% of the purchase price. Subjects such as financing and inspection give you more protection, so we recommend using them where you can.
Should I choose a fixed or variable rate?
A fixed rate keeps your payment the same for the whole term, which makes budgeting easier. A variable rate moves with your lender's prime rate, so your costs can fall or rise, and its penalty for breaking early is usually smaller. Think about how much payment change you can handle and whether you might move or refinance before the term ends. Our fixed vs variable comparator lets you test both against different rate paths.
How much should I budget for closing costs?
Plan on about 1.5% to 4% of the price, on top of your down payment. That covers property transfer tax, legal or notary fees of about $1,000 to $2,000 or more, an appraisal or inspection at around $400 to $700, title insurance, and adjustments for property tax and any strata fees. First-time buyers and buyers of newly built homes may pay less property transfer tax, or none. Our closing cost estimator adds it up for your price.
How much can I afford?
Lenders look at two ratios. For an insured mortgage, your housing costs, meaning the mortgage payment, property tax, heating and half of any strata fee, generally can't go above 39% of your gross income, or 44% once your other debts are added. The payment is tested at the greater of your contract rate plus 2% or 5.25%, not your actual rate. Lenders set their own limits within these rules, so our mortgage qualification calculator gives you a first estimate before we review your file.
Does it cost anything to use a mortgage broker?
For most mortgages, no. The lender pays us when your mortgage funds, so our advice and the work of comparing over 50 lenders cost you nothing. Private and some alternative lending can involve fees, and if your situation calls for one of those, we always disclose the fees up front, in writing, before you commit. You are never obliged to take an offer we bring you.
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 25.
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 | 5.54% | 5.09% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.79% | Get this rate: 1 year fixed |
| 2 year fixed | 5.39% | 4.59% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.69% | Get this rate: 3 year fixed |
| 4 year fixed | 5.99% | 4.84% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.89% | Get this rate: 5 year fixed |
| 7 year fixed | 6.40% | 5.09% | Get this rate: 7 year fixed |
| 10 year fixed | 6.80% | 5.09% | 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