Pragmatic Lending2021-10-07T15:49:31-07:00

Canada’s Mortgage Broker

A Mortgage Broker’s job is to get you the lowest interest rate possible and best product. That’s what we do. Simple, efficient, fast mortgage solutions

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Mortgage Broker Canada Testimonial

Phenomenal

“We highly recommend Pragmatic Lending. As a first time home buyers and self employed, plus with everything going on with COVID-19, there were a lot of challenges to overcome in order for us to purchase our home. Despite all of that, Pragmatic worked closely with us and pushed through, even when it seemed like things might not work out. We were very impressed by their dedication!” – VC

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Answer’s to your mortgage needs.

As your Canadian Mortgage Broker. We provide a powerful service and consultation service.

Insured Vs Uninsured Mortgage Rates. Whats the Difference?2021-10-07T16:02:10-07:00

Insured Vs Uninsured Mortgage Rates. Whats the Difference?

The internet is a fantastic shopping tool.  Allowing us to source the most competitive and affordable products needed.  Yet, searching for a mortgage rate has never been so complicated with all the changes since 2017. Insured vs uninsured mortgage rates really make things confusing.  We are here to help!

Insured Mortgage Rates

Insured mortgage rates (ending in a past tense “ed”) means that the borrower is obligated to pay CMHC mortgage insurance.  This typically occurs when cash down to purchase a property is less than 20% down.

Interestingly,  lenders love Insured Mortgages!  The main reason being the borrower is paying the insurance to the government to insure the loan.  This takes the risk off the lender completely, allowing them to sell the mortgage as a Mortgage Back Security, or on the bond market.  Thus taking it “off the books”.

With less risk, and allowing the bank to free up “liquidity”.  Lenders will typically offer the lowest rates on insured mortgages given their funnel through sell off benefits.

Insurable Mortgage Rates

Insurable mortgage rates (ending in future potential “able”) means that the borrow is not obligated to pay CMHC mortgage insurance, having more than 20% cash down.  But the lender has the opportunity to “back-end insure” the mortgage with CMHC Canada.

This means the lender can still gain all of the benefits of an insured mortgage, with one caveat:  The lender is required to pay the insurance premium.

Most lenders are willing to cover the cost of insuring the mortgage in the “back-end” so they can keep the mortgage off their balance sheet to allow re lending of more funds.  However, because they have to cover the cost to achieve this, you will not usually see interest rates as competitive as insured mortgages so they can recoup the cost.

Uninsured Mortgage Rates

Non insurable mortgages mean exactly what the term implies:  They do not qualify for being insured or insurable.

This can happen for several reasons:

  • The property value is over the insurable limit of 1 million.
  • The property is a rental
  • The property, or the borrower do not fit insurability requirements (to low of FICO score, property is a co-op…. etc.)

If a mortgage does not fit insurability guidelines.  The lender must then keep it on the balance sheet.  This then leads more difficulty “reselling” the mortgage if they ever wanted to, along with higher risk on the lender in the event the borrower defaults (misses payments).  Thus, Non-Insurable rates tend to be the highest in the market.

Thankfully,  Pragmatic Lending has made it extremely simple for you to figure out which rate you will get!  Head over to our Canadian mortgage rates page and use our Rate Finder tool to source the best rate possible along with being the best product!  Remember, the lowest interest rate you find online does not necessarily mean the best rate.  We can’t wait to guide you through the process of saving you thousands!  Schedule a digital visit with us today.

How much are Mortgage Broker Fees?2021-01-15T18:59:59-08:00

Mortgage Broker Fees are not complicated.  The simple answer is:  Nothing! Zero! Ziltch!  A mortgage broker does not charge a fee for their service. We are simply paid a commission from lender we both agree is the best fit for you.

Think of it this way:  If you went to a bank today and sat down with a banking officer;  that banker is paid a commission to earn your business. What’s the only difference between a mortgage broker and the banker?  We represent YOU.  Not the bank! Finding you endless options in a competitive market to make sure you get the best product available.*

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*Private Equity Mortgages, or “B” lending products may require the client to pay  lender or mortgage broker fees of 0-2% depending on complexity of needs.  Please contact us for details.

We have the most flexible options available to suit your style.

Want to meet in person? Book an appointment with one of our Broker’s Nationwide.

Like to do everything online? Get started.

Prefer to do it over the phone? Call us today!

Absolutely not. But we guarantee you will be impressed with the options we provide. Find a better solution without us, we will give you $500 just to stopping by!

Due to the sheer volume of millions of dollars being funded with over 40 banks, credit unions and monoline lenders.  Combined with out efficiency; they trust us.  Thus, we receive preferential discounted rates that we pass on to you.

Mortgage Solutions

Pre-Approval

No idea where to start? That’s where we come in. Mortgage qualifying is a complex endeavour in today’s world.

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First Time Home Buyer

The mortgage industry and policy changes frequently. There is not such thing as a dumb question. Schedule a consultation with one of our brokers and ask us where to being. For free.

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Investment Properties

Real Estate investing can provide short term cash flow solutions; with long term investment growth.

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Mortgage Refinancing

Looking to renovate?  Has a life event happened? Or maybe you found a solid investment?  Put your equity to work for you.

Options Available

Mortgage Renewal

Should you simply renew with your current lender? Or should you Switch/Transfer. We know current market conditions to take the guessing game out of it.

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Self-Employed Mortgage

Self Employment is the backbone of the Canadian Economy. Let’s find you a mortgage product you deserve.

 

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Bruised Credit Mortgage

Life can throw us unforeseen circumstances. But if you have strong cash savings, or strong equity. We will show you exciting options to get your feet back on the ground.

We can help.

New To Canada Mortgage

It can be tough to get credit established when you are New To Canada. We offer special programs sponsored by CMHC Canada and National Banks to get you approved well before your credit has been established.

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Vacation & Cottage Mortgage

Make your dreams a reality. We will secure you financing for the other place… you call home away from home.

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I go beyond the minimum requirements of British Columbia Law.  Certified to protect your interest.

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