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Simpson Mortgage Corp processes all types of mortgages - repeat home owners, first time buyers, builders, rentals, private lending, commercial. Let us use our 30 years lending and mortgage experience to help you suceed. We are usually paid by the lender. We offer free mortgage advice and will provide options for all situations including credit issues, mortgage arrears and those facing foreclosure or who wish to buy a foreclosure. You can be assured that we will keep your information private and confidential, and will only release to lenders what you authorize.


* new   Bank of Canada Prime Interest rate changed 1.17.18 to 1.25%, lender Prime Rate is 3.45%

  Variable Rates from 2.25%, 5yr Fixed from 2.95%

Mortgage Renewals

If your mortgage is coming up for maturity in the next year or two, you should look at an early renewal with your lender, or consider letting us switch your mortgage for you to get a great interest rate now rather than missing the boat should rates rise later this year or next. Many lenders will let you early renew without a penalty.


* News *

* Dec 15th, 2016 - BC Government helps Fist Time Home Buyers with a down payment loan

The BC Government introduced a 2nd mortgage loan for First Time Buyers up to $37500 towards the purchase price of an owner occupied home with a maximum price of $750k excluding GST. Program applications start Jan 16th, 2017, Funds available Feb 15th, 2017 to Mar 31st, 2020. No repayment for 5yrs, payments start in the 6th year. Maximum amortization 25yrs.

Must be a Canadian Citizen or permant resident of Canada for 5yrs, and have lived in BC for a year. Must have minimum 2.5% of your own money or a family gift down payment. Combined family income must be less than $150k. Buyer must qualify for a federal insured mortgage with CMHC or Genworth and have  less than 20% down.  



* Government of Canada housing changes Oct 17th, 2016

CMHC (Canada Mortgage and Housing Corp.) and the Banks tightened lending rules on federal insured mortgages again Oct 17,2016. 

1) The Federal Government and Lenders have changed the rate that you qualify for a CMHC or other Insured mortgage to the "deemed" or "posted" rate, currently 4.64%.  You still get your low rate quoted by the lender, but you qualify for about 50k to 100k less than when lenders could use the lower rate given.      

2) All Canadian Taxpayers must report the sale of a home on their tax return, whether or not it's their principal residence. In the past you only reported rental or investement properties.  





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