Mortgage advice · British Columbia
Buying a home in BC? Start with a clear mortgage plan.
A purchase mortgage helps finance a home, but your budget needs to cover more than the payment. Plan the down payment, closing cash, income review and property conditions before making an offer. Our BC mortgage brokers help you compare lenders and follow the financing through to closing.
Free initial consultation · Licensed BC brokerage · Fees explained upfront
Where are you in your home purchase?
The right next step depends on your timing. Tell your broker about an offer deadline or closing date early.
| Option | When to consider it | What to check |
|---|---|---|
| Starting to look | You need a budget and an idea of what you can qualify for. | Review income, monthly debts and down payment records before setting a price range. |
| Ready to make an offer | You have a property in mind and need to understand financing conditions. | Pre-approval does not approve a specific property. Coordinate the financing deadline with your broker and real estate professional. |
| Offer accepted | You need lender review and a clear route to closing. | Keep document requests, appraisal, lender conditions and legal arrangements on schedule. |
| Selling and buying | You are moving and the two closings may not line up. | Check portability, payout costs and any need for bridge financing before assuming sale proceeds are available. |
How much should you spend on a home?
Start with the monthly cost you can live with. Include property tax, heating, insurance, strata fees where applicable, maintenance and a cushion for life’s surprises. The largest mortgage a lender allows may be more than your comfortable budget.
Next, check the lender’s qualification using your income and debts. Car payments, credit lines and other obligations can reduce borrowing room. A calculator gives a starting point; a broker reviews the evidence behind it.
Estimate a home purchase budget →What cash do you need beyond the down payment?
Plan for legal costs, property transfer tax where applicable, inspection, adjustments and moving costs. A purchase deposit is part of the transaction cash flow; find out when it must be paid and how it counts toward your down payment.
Lenders need evidence of where the funds came from. Tell your broker if the down payment includes a gift, proceeds from a sale, investment withdrawals or borrowed funds. Keep the records before moving money.
Estimate BC closing costs →What happens between the offer and closing?
The lender reviews you and the property, then issues an approval with conditions. Read those conditions carefully. An appraisal, income verification or source-of-funds review may still be needed before financing is complete.
Keep your broker informed before changing jobs, adding debt or making large purchases. Your lawyer or notary handles the legal closing and confirms the funds required. We help coordinate the mortgage milestones so you know what is outstanding.
Make the first conversation useful
What to have handy
- Income records and monthly debt obligations
- Down payment statements and gift or sale records
- Purchase contract and financing-condition deadline, if available
- Property details and your planned closing date
Still shopping? You can discuss the budget and documentation before choosing a property.
Full mortgage document checklist →Send financial documents through our secure application when your broker asks for them.
Try the numbers first
What minimum down payment could you need?
Use the home price to see the general owner-occupied minimum. Your lender may require more, and closing costs are additional.
Work out the cash needed to close →Start with one number
Your down payment, decoded.
5% on the first $500,000, plus 10% on the amount above $500,000.
Owner-occupied purchase illustration. Lenders may require more. Closing costs and mortgage insurance are additional.
Add taxes and closing costs →Common questions
Home purchase mortgages, explained.
General Canadian mortgage information. Lender rules and your circumstances determine the options available to you.
How much down payment do I need to buy a home?
Minimum down payment depends on purchase price and mortgage structure. We help buyers map the exact requirement and show what it changes for payment, insurance premium, and cash to close.
What does a purchase mortgage pre-approval actually tell me?
A strong pre-approval gives you a realistic budget, likely lender fit, and a clearer idea of what still needs to stay stable before you make an offer.
How much should I budget for closing costs?
Beyond the down payment, buyers should also plan for legal fees, appraisal or inspection costs, tax adjustments, insurance, and any applicable transfer taxes or property transfer tax.
Do I need 20% down to buy a home?
No. Many buyers can purchase with less than 20% down, depending on price, program rules, and lender fit. We help you understand the trade-offs early.
Can I buy if I already own a home?
Yes. The plan just needs to account for the current property, sale timing, deposits, and the monthly payment you still want to carry comfortably.
What if I need to buy before my current home sells?
That often turns into a bridge-financing or overlap-closing conversation. The right answer depends on sale timing, equity, and how much temporary liquidity is needed.
Can self-employed buyers still qualify?
Yes, but the income story usually needs more preparation than a simple salaried file. We review lender fit and documentation earlier so the purchase plan stays realistic.
Can I use gift funds, FHSA, or RRSP funds toward my purchase?
Often yes, if the source and timing are documented properly. We include those funds in the down payment and cash-to-close planning so the paper trail works when the lender asks for it.
How long does final mortgage approval usually take after my offer is accepted?
Timing varies based on the lender, the property, the appraisal path, and how clean the file is. The smoother the prep is before the offer, the cleaner this stage usually goes.
Do I have to use the lender that gave me my pre-approval?
No. The best final lender can change once the real property and live file are in play. A broker-led purchase plan keeps that comparison open when it matters.
A clearer decision starts here.
Tell us your situation. We’ll explain the next step and the options worth comparing.