Mortgage Rates BC - Large Mortgage Financing - Sliding Scale Mortgages & Mortgages Over 1 Million in Canada

• 

  Why Sliding Scales are used by banks for homes over a million dollars
  Sliding scales are used by banks to help mitigate their exposure on high end homes over $750,000. Since Vancouver BC offers some of the highest home prices in areas like Point Grey, West Vancouver, Kitsilano, Whistler and White Rock, when the real estate market has a corrections these home values pose a greater risk to banks do to marketability in downward markets.

• 
  How sliding scale works
  Different banks offer up different ranges for their sliding scales and dealing with a mortgage broker who can access and understand these different ranges will go a long way to helping you find the best sliding scale for your mortgage financing.  One of the highest levels achieved by Sliding Scales is 80% of $750,000 and 60% of the remaining split. This is where for example you have a home worth $2,000,000 the bank will lend 80% X $750,000=$600,000 & 60% X $1,250,000=$750,000. The total mortgage amount a well qualified home buyer will qualify for is $1,350,000 meaning the down payment on a $2,000,000 home is $650,000. A client may qualify to top up the difference of the sliding scale by way of 2nd Second Mortgage. The rates are going to be higher than your 1st mortgage and the terms will be more restrictive.

• 
  Do all Banks offer Sliding Scales?
  Not all banks offer sliding scales or even lend on homes over a million dollars yet there are lenders that do not have a maximum mortgage amount.  Some banks will only lend on 80% of $500,000 and others will require hiratio insurance no matter what size of mortgage it is. Your best bet is to have your Vancouver BC Mortgage Broker process your application for best results.

   

Mortgage Solutions

No matter where you live, Mortgage Rates BC can help provide you with the right Mortgage Solution for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.