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Mortgages & Financing

Why Realtors Don’t Give Mortgage Advice in British Columbia 

Posted on Jun 02, 2026 in Mortgages & Financing


By Janine Thomson, REALTOR® | Pemberton Holmes
Greater Victoria and Vancouver Island Real Estate

One of the most common questions buyers ask their REALTOR® is, "How much should I put down?" or "What mortgage should I choose?" While real estate professionals work closely with buyers throughout the home purchasing process, there is an important reason...

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How Much Home Can You Afford? A Guide to Mortgage Planning

Posted on Apr 01, 2025 in Mortgages & Financing


By Janine Thomson - Victoria Realtor | Pemberton Holmes

Before you start home shopping in Victoria’s competitive real estate market, it’s a good idea to get pre-approved for a mortgage. This process helps you understand how much a lender is willing to lend you based on your financial situation.Pre-approval gives you a clear idea of your price range...

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Pre-Approval vs. Pre-Qualification: What’s the Difference?

Posted on Apr 01, 2025 in Mortgages & Financing


By Janine Thomson - Victoria Realtor | Pemberton Holmes

When you're getting ready to buy a home in Greater Victoria, understanding the mortgage process is crucial. Two common terms you'll hear are pre-qualification and pre-approval – but what exactly do they mean, and how do they impact your home search? Let's break it down so you can navigate the r...

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What You Need to Know About Mortgage Rates

Posted on Aug 05, 2024 in Mortgages & Financing




When it comes to purchasing a home in British Columbia, understanding mortgage rates is essential. These rates can significantly impact your monthly payments and the overall cost of your home over the life of your loan. Here’s a comprehensive guide to help you navigate the intricacies of mortgage rates in British Columbia, Canada.

1. Understanding M...

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Understanding Canadian Credit Scores & Their Importance 

Posted on Jul 27, 2024 in Mortgages & Financing


Canadian Credit Scores

When it comes to personal finance in Canada, credit scores play a pivotal role. Whether you’re looking to buy a home, finance a car, or even secure a job, your credit score can significantly impact your ability to achieve your goals. Understanding what credit scores are and why they are important is essential for managing your financial health effe...

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Refinancing a BC Mortgage: What It Is and When to Consider It

Posted on Jul 17, 2024 in Mortgages & Financing



Refinancing a mortgage is a financial strategy that can offer homeowners in British Columbia (BC) a range of benefits, from lowering monthly payments to accessing home equity for other expenses. However, it's important to understand the process and know when it’s the right time to refinance. Here’s a comprehensive look at what refinancing a BC mort...

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Who is CMHC

Posted on Apr 19, 2024 in Mortgages & Financing



The Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation of the Government of Canada. Its primary mission is to facilitate access to housing for Canadians and to contribute to the stability of the housing market and financial system. Established in 1946 originally to house veterans returning from World War II, CMHC has expanded its...

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Home Equity Line of Credit 

Posted on Apr 15, 2024 in Mortgages & Financing




A Home Equity Line of Credit (HELOC) in British Columbia, as in other jurisdictions, is a form of revolving credit that allows homeowners to borrow against the equity they've built up in their homes. It's a flexible financial tool that provides access to funds for various purposes, such as home renovations, debt consolidation, education expenses, o...

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Types of Mortgages -Canada 

Posted on Apr 15, 2024 in Mortgages & Financing




In British Columbia, as in most jurisdictions, there are various types of mortgages available to homebuyers. These mortgages differ in terms of interest rates, payment schedules, and other features. Here are some common types of mortgages available in BC:
  1. Fixed-Rate Mortgage:
    • With a fixed-rate mortgage, the interest rate remains constant throughout t...

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The Difference Between Pre-approved & a Pre-qualified Mortgage 

Posted on Apr 15, 2024 in Mortgages & Financing



The terms "pre-approved" and "pre-qualified" are often used interchangeably in the context of mortgage financing, but they actually represent different stages in the mortgage application process:

Pre-Qualified:
Pre-qualification is the initial step in the mortgage application process.
To get pre-qualified, you provide basic financial information to a...

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Mortgage Pre-approvals are NOT always Guaranteed

Posted on Mar 08, 2021 in Mortgages & Financing



Obtaining a pre-approval for a mortgage is an important first step to purchasing a home, so you have an idea of the price you need to shop for and what to spend. But it's not always a guarantee you'll get the financing or even the exact amount they originally mentioned. 

 What are Mortgage Pre-Approvals? A pre-approval is the preliminary estimation b...

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