Trusted mortgage services
Your Port Moody mortgage broker
Condos by the inlet, family homes on Heritage Mountain and everything in between. 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 for Port Moody homes
Port Moody wraps around the end of Burrard Inlet. Suter Brook, Newport Village and Klahanie have condos and townhomes near Inlet Centre and Moody Centre stations, Heritage Mountain, Heritage Woods, College Park and Glenayre have family homes, and Ioco and Pleasantside offer quieter streets by the water.
Much of Port Moody is condos and townhomes, so lending often comes down to the strata as much as the buyer. We help you compare lenders, read the strata documents and choose a mortgage that fits your plans.
What Port Moody buyers ask us about
Strata reviews
Lenders review the strata's depreciation report, reserve fund, insurance and minutes, and count half the strata fee in your ratios. We help you spot red flags before your subjects come off.
Upsizing
Moving from a condo to a townhome or house? Compare porting your mortgage with breaking it, and line up bridge financing if your purchase closes first.
Choosing a term
Fixed or variable, short or long term: we show you the options side by side, along with how prepayment privileges and penalties differ between lenders.
How it works
Your Port Moody 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!
Port Moody mortgage questions
What should I look for in strata minutes?
Look for planned repairs, special levies, insurance claims, water leaks, rising insurance costs and disputes between owners or with the developer. Read at least the last two years of council and general meeting minutes, along with the depreciation report and the Form B information certificate. Lenders may ask about the same issues, and a problem found before you remove subjects is much easier to deal with than one found after.
Can I get bridge financing?
Yes, once your current home is firmly sold with all subjects removed. If your purchase completes before your sale, bridge financing lends you the equity from the sale for the days or weeks in between, and it is repaid from your sale proceeds. You pay interest for those days and usually a setup fee. If your home isn't sold yet, we look at other options, such as a home equity line or carrying both mortgages for a while.
What mortgage term should I choose?
Five years is the most common term in Canada, and it gives you a long stretch of certainty. A shorter term can make sense if you expect to move, want flexibility or think rates will fall, and a variable rate usually has a smaller penalty if you break it early. Think about how long you will stay in the home and how much payment change you can handle. We compare the cost of each term against your plans.
Can I rent out my Port Moody condo?
Long term, usually yes. BC stratas can no longer use bylaws to ban long-term rentals, though age-restriction bylaws can still apply. Short-term rentals are different: in most larger communities, BC's principal residence requirement limits them to your own home or a suite on the same property, and stratas can still ban them. If you won't live in the condo yourself, plan on at least 20% down, and lenders count part of the rent toward qualifying.
Can I switch from a variable rate to a fixed rate partway through my term?
With most lenders, yes. Many variable-rate mortgages let you convert to a fixed rate without a penalty, usually into a term at least as long as the time left on your current one. The fixed rate you get is your lender's rate at the time, which may not be as sharp as what you could find by shopping around. The conversion terms vary, so check them in your contract before you sign.
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