Trusted mortgage services
Your New Westminster mortgage broker
Heritage homes, riverfront condos and Queensborough townhomes. We compare over 50 lenders for you.
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 25 · on approved credit · Compare to bank rates
Mortgages in the Royal City
New Westminster is one of BC's oldest cities and one of its most compact. Queen's Park and Glenbrooke North are known for heritage homes, Downtown and the Quay have riverfront condos, Uptown and Sapperton mix older apartments with new towers, and Queensborough, at the east end of Lulu Island, has townhomes and family homes.
With several SkyTrain stations and many older strata buildings, New West purchases often come down to the building as much as the buyer. We help you read the strata documents, compare lenders and find the right fit.
What New Westminster buyers ask us about
Older strata buildings
Lenders review the depreciation report, contingency reserve fund, insurance and any special levies. Big repairs ahead or a high insurance deductible can affect your approval, so we look at them early.
Heritage homes
Character homes can come with older wiring, plumbing or foundations. A good inspection helps you budget, and a purchase-plus-improvements mortgage can roll some updates into your financing.
First condos
First-time buyers can buy with 5% down, combine an FHSA with the Home Buyers' Plan, and may qualify for a 30-year insured amortization.
How it works
Your New Westminster 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!
New Westminster mortgage questions
Why does the strata's insurance deductible matter?
If there is a claim, such as a leak that starts in your unit, the strata may be able to charge you up to the amount of its deductible, and some strata deductibles are very large. Check the deductibles on the strata's insurance certificate before you remove subjects, then make sure your own condo insurance covers that amount. Lenders may ask about the building's insurance too.
What is in a depreciation report?
It is a long-term plan for the building's major repairs and replacements, such as the roof, windows, plumbing and elevators, with estimated costs and timing. Comparing it with the contingency reserve fund shows whether owners are saving enough or may face special levies. Most BC stratas with five or more units need one and have to keep it up to date. Lenders look at it, and so should you, before your subjects come off.
Can I buy with 5% down?
Yes, if you will live in the home and it is priced under $1.5 million. The minimum is 5% of the first $500,000 and 10% of the rest, with mortgage insurance. With less than 10% down, the insurance premium is 4.00% of the mortgage, added to your loan. First-time buyers can also use an FHSA and the Home Buyers' Plan to build the down payment, and may qualify for a 30-year amortization.
How much property transfer tax will I pay on my first condo?
If you qualify for the first-time buyer exemption, none on the first $500,000 of a home worth up to $835,000, an exemption worth up to $8,000. You pay the normal 2% on any part of the price above $500,000. Between $835,000 and $860,000 the exemption shrinks, and above that you pay the full tax. Our closing cost estimator works it out for your price.
Can I get a mortgage on a heritage home in Queen's Park?
Yes. Lenders finance character homes like any other house, but they and your home insurer care about condition. Old wiring such as knob and tube, an old oil tank or galvanized plumbing can make insurance hard to get until it is replaced, and the lender needs insurance in place before it funds. Some homes are also protected by heritage rules that limit changes, so check with the City before you plan a renovation, and get a thorough inspection first.
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