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Mortgages

Get a mortgage personalized to you, your life, and goals. So you can buy your dream home with confidence.


Get your mortgage pre-approval

 

Competitive BC mortgage rates customized to you

Access the competitive BC mortgage rates you want, backed by expert advice.

Residential mortgages

1 year closed

Residential mortgages

3 year closed

Residential mortgages

5 year closed

 

What is a mortgage?

A mortgage is a type of loan designed to help you cover the cost of buying a home. The lender (usually a financial institution) gives you the money needed under the promise that you’ll pay it back within a specific amount of time.

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How does a mortgage work?

You borrow money from a lender and pay it back over time. The lender will charge interest on the amount. This is based on how much you borrow (the principal), your agreed mortgage rate and how long it takes to pay back (the amortization period).

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Why choose a Gulf & Fraser mortgage?

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Rapid, mobile support

You won’t have to wait weeks to talk to us. Our team will set up your mortgage fast – and they’ll come to you to do it.

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Personalized solutions

There’s no one-size-fits-all at Gulf & Fraser. We’ll custom-build your mortgage to fit your needs.

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Mortgages for anyone

Self-employed? Building a home? Don’t have a 20% down payment? That’s fine. We have a range of flexible mortgage options for you.

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Pre-payment options

With our closed mortgages, you can increase payments up to 100% and make a yearly lump sum payment of up to 20% of your principal.

Explore your flexible mortgage options

There are a number of different mortgage options you can choose from, depending on your financial situation.

 
 

What are my mortgage term options?

Open mortgages

What is an open mortgage?

Open mortgages let you repay your home loan, in part or in full, at any time without penalty.

Is this option right for me?

Open mortgages are a good choice if you plan to pay off your mortgage early or sell your home soon.

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Closed mortgages

What is a closed mortgage?

Closed mortgages will only let you make extra, penalty-free payments if you follow certain “prepayment” rules.

Is this option right for me?

Closed mortgages are a good choice if you plan to put down roots in your current home.

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What are my mortgage payment options?

Fixed-rate mortgages

What are fixed-rate mortgages?

Fixed-rate mortgages lock in your mortgage rate, so it stays the same throughout the term of your home loan.

Is this option right for me?

Fixed-rate mortgages are a good choice if you want peace of mind that your mortgage payments won’t change.

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Variable-rate mortgages

What are variable-rate mortgages?

Variable-rate mortgages adjusts with the market, so your mortgage rate rises or falls as the market changes.

Is this option right for me?

Variable-rate mortgages are a good choice if you want to take advantage of market shifts to potentially pay less over time.

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No matter your situation, we have a mortgage option to match

Construction mortgage

Get financing as you need it to build your dream home.

  • Get pre-approved for the entire project before you start

  • Access funds as needed to pay vendors as you go

  • Convert to a conventional or high-ratio mortgage when construction is complete

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Readvanceable mortgage

Use the equity in your home to achieve more of your goals.

  • Borrow back up to 80% of your home’s value

  • Secure multiple loans without paying extra legal fees

  • Combine existing debt into one monthly mortgage payment at a lower interest rate

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High-ratio mortgage

Put as little as 5% down with a high-ratio mortgage.

  • Requires approval by the Canada Mortgage & Housing Corporation (CMHC) or Genworth Corporation

  • Includes mandatory mortgage insurance you can roll into your overall mortgage amount

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Get your mortgage pre-approval – anytime, anywhere

Our specialists are mobile. They’ll meet you wherever works best to help start your mortgage pre-approval.

 
 

Lower Mainland

Michelle Angeles

Mortgage Relationship Manager

Areas covered:
  • Vancouver
  • Richmond

Kash Sidhu

Mortgage Relationship Manager

Areas covered:
  • Surrey
  • New Westminster
  • South Burnaby

Kevin Tsang

Mortgage Relationship Manager

Areas covered:
  • North Burnaby
  • Brentwood
  • Metrotown
  • Richmond

Adriana Calandra

Mortgage Relationship Manager

Areas covered:
  • Surrey
  • Port Coquitlam
  • Cloverdale
  • Langley
  • Mission
 
 

Fraser Valley

Adriana Calandra

Mortgage Relationship Manager

Areas covered:
  • Surrey
  • Port Coquitlam
  • Cloverdale
  • Langley
  • Mission

Sherry Kalirai

Mortgage Relationship Manager

Areas covered:
  • Abbotsford
  • Aldergrove
  • Langley
 

Boost your mortgage know-how

Try our mortgage calculator

Our handy mortgage calculator helps you explore how much you can afford to borrow and your potential repayment schedule.

 

Your mortgage questions answered

Also known as the First-Time Homebuyer Incentive, the First-Time Homebuyer Loan helps you reduce your mortgage cost by lending you 5% or 10% of the home’s price. This is not offered at Gulf & Fraser yet but will be available soon, so stay tuned! 

To be eligible for the First-Time Homebuyer Loan / Incentive, you must:

  • Be a Canadian citizen, permanent resident, or someone legally authorized to work in Canada

  • Be one of the following:

    • A first-time homebuyer

    • A homeowner who’s gone through a divorce or common-law breakup

    • Someone who hasn’t lived in a home they owned (or one owned by their spouse / common-law partner) for the last four years

  • Have enough money to make the minimum down payment

  • Be pre-approved for a mortgage that is more than 80% of the property’s value

Not sure if that fits your situation? Book an appointment with one of our mortgage specialists. They’ll be happy to help you review your options.

How much mortgage you can afford really depends on your financial situation. Lenders will look at a host of factors:

  • Gross household income – how much you make before taxes

  • Debt-to-income ratio – how much of your income goes towards paying debts

  • Monthly expenses – how much you’re spending on recurring costs, like utilities

  • Down payment – how much you’ve saved towards your home purchase

  • Credit score – how strong your credit rating is

To get a clearer picture of your personal situation, try our mortgage calculator. It will help you explore your mortgage affordability and potential repayment options.

Give it a go

In Canada, the down payment requirements for buying a home can vary depending on the purchase price. Here are the standard down payment requirements:

  1. For homes under $500,000 – the minimum down payment required is 5% of the purchase price.

  2. For homes between $500,000 and $999,999 – the down payment requirement is 5% for the first $500,000 and 10% for any amount above that.

  3. For homes at $1 million or more – the minimum down payment required is 20% of the purchase price.

However, there are some exceptions and variations to these down payment requirements. Book an appointment with one of our mortgage specialists to look at your specific situation.

Home loan refinancing can help you access the equity in your property and achieve a number of goals, like debt consolidation and renovating your home.

When you apply for home loan refinancing, you’ll need to go through a similar process to a new mortgage. We’ll look at factors like:

  • Gross household income – how much you make before taxes

  • Debt-to-income ratio – how much of your income goes towards paying debts

  • Monthly expenses – how much you’re spending on recurring costs, like utilities

  • Credit score – how strong your credit rating is

  • Loan-to-value ratio – how much money you want to borrow relative to the value of your home

But, if you’re refinancing a Gulf & Fraser mortgage, we’ll make the process quicker and easier for you. You won’t have to pay any legal fees, approvals are fast, and we’ll already have some of your documents on file. So you won’t need to collect them again.

Interested in refinancing your home? Book an appointment with one of our mortgage specialists. They’ll be happy to walk you through the process and answer any questions. 

Yes, at Gulf & Fraser, we follow the underwriting regulations laid out in the Office of the Superintendent of Financial Institutions' (OFSI) Guideline B20. 

No, Gulf & Fraser is an A lender.

What does that mean? When approving a mortgage, we look for qualifying credit and income. A B lender will typically focus on existing homeowners and how much equity they’ve built in their home.

Other solutions you might want

Home equity lines of credit

Make the most of the equity you’ve built in your home to borrow for other goals, typically at a much lower rate.

Financial planning

Our comprehensive financial plans are personalized to you and cover every aspect of your life.