Richmond, BC

Mortgage broker in Richmond

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What does a mortgage cost in Richmond right now?

A typical home in Richmond costs around $1,150,000. With the federal minimum down payment of $90,000 and default insurance added, the mortgage comes to roughly $1,102,400 — about $5,883 a month at 4.14% over a 25-year amortization.

Richmond applications commonly involve foreign or newly established Canadian income, where new-to-Canada mortgage programmes apply.

Typical Richmond home price: about $1,150,000.
Minimum down payment: $90,000.
Estimated monthly payment at 4.14% over 25 years: $5,883.
Estimated closing taxes and registration: $21,000.

The Richmond numbers, line by line

Benchmark purchase price: $1,150,000
Minimum down payment: $90,000
Mortgage before insurance: $1,060,000
Default insurance premium: $42,400
Total mortgage: $1,102,400
Monthly payment at 4.14%: $5,883
Property transfer tax (estimate): $21,000

Prices are rounded market estimates and payments exclude property tax, heat and condo fees. Run your own figures in the payment calculator or the land transfer tax calculator, and see today's British Columbia rates.

What 8Twelve does for Richmond borrowers

Purchases and pre-approvals for Richmond buyers, including new builds and condos.
Renewals and lender switches at maturity — no penalty, and most lenders cover the legal costs.
Refinancing and equity takeout for renovations, investments or tuition.
Debt consolidation, rolling high-interest balances into one mortgage payment.
Self-employed, new-to-Canada and rental-income files that a single bank's policy would turn down.

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Richmond mortgage questions

How much do I need for a down payment in Richmond?

On a $1,150,000 home in Richmond — a typical price for the market — the federal minimum down payment is $90,000. That is 5% of the first $500,000 and 10% of the portion above it. Below 20% down the mortgage must be insured, which adds a premium of roughly $42,400 to the balance.

What are mortgage payments like in Richmond?

At 4.14% over a 25-year amortization, a $1,150,000 purchase in Richmond with the minimum down payment works out to roughly $5,883 a month in principal and interest. Property tax, heat and condo fees are on top of that.

How much is property transfer tax in Richmond?

British Columbia's property transfer tax works out to about $21,000 on a $1,150,000 purchase in Richmond. A 20% additional tax may apply to foreign buyers in certain BC regions. First-time buyer rebates can reduce this where the province offers them.

Does 8Twelve have mortgage agents licensed in Richmond?

Yes. 8Twelve Mortgage is licensed in British Columbia and works with Richmond homeowners and buyers across purchases, renewals, refinances and debt consolidation, with access to more than 65 lenders rather than a single bank's rate sheet.

Is a mortgage broker better than my bank in Richmond?

A bank can only offer its own products. A broker shops the same application across banks, credit unions, monoline lenders and alternative lenders, then presents the best approval. For Richmond borrowers with self-employment income, rental income or a thin credit file, that breadth is usually the difference between an approval and a decline.

More for Richmond homeowners

Richmond homeowners most often ask us about how refinancing works in Canada, what to do before you renew and rolling credit card debt into your mortgage. Every city we cover is listed in the mortgage broker directory. Province-wide rules and pricing are on the British Columbia mortgage brokers page.

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