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Best Mortgage Broker Vancouver rates in Canada are still quite low by historical standards, with 5-year fixed rates around 3% and variable rates under 2% by 2023. Mortgage payment frequency options include weekly, bi-weekly, semi-monthly or monthly. The rent vs buy decision is determined by comparing monthly ownership costs including mortgage payments to rent amounts. First-time house buyers shoulder the land transfer tax unlike repeat buyers, but get rebates and exemptions using provinces. Switching lenders at renewal could get better mortgage terms but incurs discharge and setup costs. Mortgage Broker Vancouver insurance from CMHC or even a private company is needed for high-ratio mortgages to shield the lender against default. Microlender mortgages are high rate of interest, quick unsecured loans using property as collateral, designed for those with low credit score.
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