Kamloops British Columbia Home Loan

Finance Information

How much home can you afford? Use our finance center to learn about your loan options below. There are several loan programs available, and depending on your credit history, there is bound to be one that is perfect for you. Here are a few examples of the most popular programs offered today:

Fixed-Rate Mortgage 

Fixed-rate loans offer the borrow a fixed interest rate for the life of the loan, typically 15 to 25 years. Borrowers have peace of mind knowing that their monthly payment will not change over time. Conventional fixed-rate mortgages have underwriting requirements and require certain down-payment and debt-to-equity ratios to qualify. Fixed-rate loans are especially attractive to buyers who plan to stay in their home for more than a few years.

Variable Rate Mortgage 

Mortgage where the interest rate changes according to changes in the overall financial market. With a variable rate mortgage, your monthly payments usually stay the same, but the amount that goes to pay either the principal or the interest changes as the interest rate changes.  If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you. Adjustable rate loans are attractive for buyers who expect to be in the home for a short period of time.

Conventional Mortgage

?A mortgage that is for no more than 80% of the appraised value or purchase price of the home. To get a conventional mortgage, you must pay a down payment of at least 20% of the purchase price of the home from your own savings. 

High-Ratio Mortgage

A mortgage loan for more than 80% of the price of the home is a high ratio mortgage requiring CMHC Insurance. With this type of mortgage you can pay as little as 5% of the cost of home as a down payment. Mortgage loan insurance protects the lender if you are unable to pay back the loan. 


Contact Information

Photo of The McDowell Group  Real Estate
The McDowell Group
Royal LePage Westwin Realty
800 Seymour St
Kamloops BC V2C2H5
Office/Pager 250-374-1461
Fax: 250-374-0752


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