Real Estate
Mortgage Information
REAL ESTATE IN VICTORIA
What is a Mortgage?
A mortgage is a very large loan in order for you to buy a home. If you do not have the full asking price of the home in your bank account, then you will need to take out a mortgage and pay it back each month over a set number of years. Some mortgages are 10 years, while others can be 25 years.
Rates can vary quite a bit depending on who your mortgage lender is and their associated terms. Shopping around is a smart move when you are looking for financial help for the largest purchase you’ll likely ever make. If you are unsure where to start the hunt, I have a list of trusted and reliable lenders I am happy to share with you.
OUR PREFERRED PARTNER
Meet Jill Dodds
With over 18 years working in the financial industry and a genuine passion for what I do, I’ve helped hundreds of individuals and families secure the best mortgage rates and terms for their specific needs. Knowledgeable, efficient, and invested, I take a hands-on approach to guide my clients every step of the way. I pride myself on the wealth of information I give my clients to help them make informed decisions.
When you work with me, I search for the best mortgage options for you from different lenders and secure approvals that work with your specialized needs. I advocate for you from your mortgage application stage all the way to approval to ensure you are in a position for success.
In my spare time, I build spec residential homes to sell and have held rental properties. I use this knowledge, along with my strong grasp of current market trends, rates, and regulations, to enhance the quality of my services.
If you want more from your mortgage, I am here to help.
What is the difference between a Fixed-Rate and Variable-Rate Mortgage?
A fixed-rate mortgage contains monthly payments that do not change over time. The interest rate stays the same. A variable-rate mortgage contains monthly payments that can go up or down depending on the lender’s prime interest rate.
A fixed rate mortgage has the benefit of predictable monthly payments, which can make it easier for budgeting and financial planning. The downside is that if the lender’s prime interest rate falls below the rate you have locked in, then you are paying more than you should. This is a safer option and often has a slightly higher interest rate than a variable rate mortgage.
A variable rate mortgage has the benefit of potentially reducing the amount of interest you pay with each payment. The downside is that if the interest rate skyrockets, there is nothing you can do except pay your mortgage payment or risk losing your home. This is a riskier option, which may start off with a lower interest rate compared to a fixed rate mortgage.
What is Mortgage Loan Insurance & Do I need it?
Mortgage loan insurance is required for any down payments that are less than 20% of the purchase price. This is insurance for your mortgage lender, not you. They are lending you a larger amount of money so in order to protect them, they require you to have insurance. So, if your down payment is less than 20% then you need mortgage loan insurance.
Mortgage Resources
On our website, we have a mortgage calculator you can use to estimate what your mortgage payments will look like. The Government of Canada has additional mortgage resources including terms, preapprovals, qualifications, and more.
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Areas We Serve
Central Saanich | Esquimalt | Metchosin | North Saanich | Oak Bay | Sidney | Saanich
Saanich Core | Sooke | Victoria | Victoria West | View Royal
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Office
#150-805 Cloverdale Ave
Victoria, BC, V8L 1W2
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24 / 7 / 365
Ann Watley Personal Real Estate Corporation
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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.