Nicola Mortgage Corporation | Thompson Valley Mortgage Corporation | Western Provincial Investment Group Corporation

INFO@WESTCANMORTGAGE.CA      #205-242 VICTORIA ST, KAMLOOPS, BC      1(877)559-1005

Lending Guidelines

Best of the Best

 

Rates

Nicola Mortgage Corp. | Thompson Valley Mortgage Corp. | Western Provincial Investment Group Corp.

Beacon Score

We do not use beacons or credit formulas, however history should indicate that they will pay

Loan/Value

Up to 70% (75% on exception)

Loan Amounts

Maximum loan amount 1st $350,000 (some exceptions)
Maximum loan amount 2nd $250,000 (some exceptions)
Max 1st plus our 2nd = $750,000

Lender’s Fee

1.50% (minimum $750) App fee – $270

Broker’s Fee

We’ll add your fee to the lender fee; up to 5%

Amortization Periods

25 Years Maximum (30 Years and Interest Only on exception)

Term

1 year (6 month and 2 year available, on exception)

Early Prepayment

3 months interest (1 year open product available with .75% interest bonus)

Assumable

With qualification

Bridge Financing

Run it by us. We will try hard to make it happen.

Construction Draw Mortgages

No

Mobiles

Click link to view on our Rates and Product page or call for details

Lending area

Most areas of BC and Alberta – specializing in smaller centers

Multi family loans

Up to four-plex

Pre-approvals

Run it by us – we know what we can do and will let you know quickly

Types of properties

Single family homes, townhouses, apartments, condos. Commercial/industrial properties on exception basis. No raw land.

Recreational properties

Yes

Rental Properties

Yes

Rural Properties

Yes

Acreage

Value based on home plus 25 acres – No farms

Appraisal

Must be CRA or AACI certification. Letter of Transmittal is required before instructing. Real estate comparables must indicate days on market (DOM)

Low LTV/Low Loan Amt

When the loan to value is less than 50% of the current assessed value and the mortgage amount is less than $75,000, the appraisal may be waived, at our discretion, provided that current pictures of the interior and exterior of the property are provided and are satisfactory. (1st mortgages only)

Questions? Submit your application: Contact us!
Cheryl Kirstien – Credit Manager: cheryl@westcanmortgage.ca
Joanne Quigley – General Manager: joanne@westcanmortgage.ca

 

Rates