Barbara Van Heuvel

Where Relationships Matter

Whether you are looking to buy your first home or upgrade to a dream home, consolidate debt or renew your mortgage, I'm here to help every step of the way. My goal is to provide unbiased mortgage advice to help you build your financial future. I listen to your goals and suggest mortgage products that help you achieve them. From pre-qualification to closing and beyond, I'm here to help you through every step of the mortgage process.

Whether you apply online or stop by my Sicamous office, you get a real person who cares. It's a relationship for a lifetime of mortgage help.

Mortgage Renewals

Self Employed Mortgages

Do you have a mortgage coming up for renewal? Unhappy with the new payment? Let me take a look at your current offer to see if I can do better. There's no need to submit a full application or commit to anything. I just want to ensure you're receiving the best renewal option available! I'll let you know if renegotiating your mortgage or switching lenders will save you money.

Self Employed Mortgages

Business Owner Mortgage, Self Employed Mortgage, Business For Self Mortgage, BFS, Income, Less Tax

Are you self employed with a fantastic accountant who structures your income in a way so you pay less tax? Great! Reporting income in a non-conventional way to save on income tax can be very beneficial, but it can make securing a mortgage a bit more challenging. I have excellent mortgage options for self employed borrowers and company owners!

Vacation Home Mortgages

Self Employed Mortgages

Purchase Plus Improvements Mortgages

Purchase Vacation Property, Second Home Mortgage, Lake Front, Sicamous, Shuswap, Cottage

Dreaming of spending summer weekends at the lake? A second home mortgage could make this dream a reality. As long as the property isn't being rented out, you can buy with as little as 5% down. To secure a mortgage the vacation property must be fully winterized and accessible year-round. The property is also required to have well and septic systems in the absence of municipal services. Own in the Shuswap today!

Purchase Plus Improvements Mortgages

Purchase Plus Improvements Mortgage, Home Equity Line of Credit, HELOC, Renovations, Home Repairs

Not every house is move-in ready. Does the house you want to buy need a new furnace, flooring or kitchen update? Renovation costs can be added into your mortgage. Let me help you turn the almost perfect house into your dream home!

Gifted Down Payments

Purchase Plus Improvements Mortgages

Home Equity Line Of Credit

Gifted Down Payment, Zero Down Payment, Mortgage, Transfer Wealth Tax Free, Parents, Grandparents

A gifted down payment is when a family member gives you funds to put toward a home purchase. As a parent or grandparent, this can be an excellent way to transfer wealth to a loved one tax free.

Home Equity Line Of Credit

Purchase Plus Improvements Mortgages

Home Equity Line Of Credit

Roof in need of repair? Looking to consolidate your debts into one easier payment? Want to invest and have a tax deduction? A HELOC can be a lower cost borrowing option with flexible payments.

Reverse Mortgages

Automotive Finance Solutions

Reverse Mortgages

Senior Homeowner, Reverse Mortgage, Access Home Equity, No Payments, Tax Free Retirement Income

With a reverse mortgage, senior homeowners (55+) can unlock the equity in their home without having to sell or move. Funds can be used any way you like! Supplement retirement income, cover an unexpected expense or take a dream vacation. As an added bonus, you receive the money tax-free and it doesn’t affect Old Age Security (OAS) or the Guaranteed Income Supplement (GIS).

Rent-To-Own

Automotive Finance Solutions

Reverse Mortgages

Become A Homeowner Sooner, Stop Renting, Tired of Renting, Rent To Own, RTO, Mortgage, Down Payment

Frustrated with banks or brokers telling you 'no'? You may still have options! I'm on a mission to help clients get into homeownership sooner. If you have a good job and some money saved for a down payment, but still can't quite qualify for a mortgage, you're in the right place! Even if you have low credit today, rent-to-own can help you stop renting and start owning sooner.

Automotive Finance Solutions

Auto Finance, Vehicle Loan, Refinance, Lower Payment, Transfer Ownership Personal Name To Company

Need to be removed as a co-signer on your son's truck loan to qualify for your new mortgage? Perhaps you want to refinance a vehicle into your company name. Whatever your need, I have connections to licensed automotive brokers.

Frequently Asked Questions

Why should you work with me?

Banks only have access to their own mortgage products and interest rates. As a Mortgage Broker, I have access to multiple lenders, including banks, credit unions, monolines, private lenders and more. I'm always happy to help answer your questions and guide you through the home financing process. I can help you from start to finish, completely online! Let me find you the best mortgage product for your financing needs.

What is a pre-qualification?

A pre-qualification is when you provide generalized information to a lender or online calculator, without the information being confirmed, and receive an estimated max purchase price.

What is a pre-approval?

A pre-approval is when we review the information provided, such as your mortgage application, income and down payment documents, along with verifying your credit report, to provide you with a more accurate purchase price.

What is an approval?

After you have an accepted offer to purchase, I submit your information to a lender. Once the lender reviews and confirms all the information submitted, they will provide you with a full approval.

How much can I qualify for?

The best way to find this out is to complete a pre-approval. I will work with you to determine your purchase price and work within your budget.

How much money do I need for a downpayment?

If you're buying an owner-occupied property, you may be eligible to put as little as 5% down; however, you still need to qualify for the total mortgage amount based on your income and debts. Many people don't realize the rules change for a purchase price above $500,000. In this case, you will require 5% on the first $500,000 and 10% on the remainder, up to $1,000,000. If you're purchasing a home for over $1,000,000 you will require a minimum of 20% down. If you're purchasing a rental property you will require a minimum of 20% down.

What if I don't qualify for the home I want?

This is where I can help provide you with options, such as adding a co-signer, increasing your down payment, paying off debts or finding a rent-to-own opportunity. As a Mortgage Broker, I have access to multiple lenders, so even if you don't fit certain lender guidelines, I can shop around to see if another lender may approve your application.

What is a co-signer?

A co-signer is typically added to your application when you don't qualify for a home on your own. I add their income and debts to your application, to see if it increases your overall approval numbers. When someone co-signs for you, they will be added to the title of the property and mortgage documents. This new mortgage debt will also appear on their credit bureau, which can affect their future credit score and loan affordability.

What is a guarantor?

A guarantor is typically added to your mortgage application when you have poor credit repayment or little to no credit history. Sometimes lenders will request a guarantor when your application is slightly weaker than they want to see, in order to approve you on your own. In most cases, the mortgage will not show on the guarantor's credit report, but this can vary from lender to lender.

Do I have to pay tax on my purchase?

It depends on what kind of tax you're talking about! Most provinces have a tax called Property Transfer Tax, but if you are a first-time home buyer, you may be exempt, or partially exempt, from this. If you're purchasing a brand new home, you may be subject to additional tax. It's best to ask your accountant and confirm with your lawyer or notary.

Can I use my RRSP to purchase a home?

If you are considered a first-time home buyer, you may be eligible to use up to $35,000 of your RRSP towards your down payment. You then have to set up a repayment plan and typically have fifteen years to pay it back, tax free!

What is default insurance?

Most people refer to this as CMHC fees; however, there are actually three companies providing this insurance to Canadians. CMHC, Sagen and Canada Guaranty. This insurance is mandatory for those who purchase a home with less than 20% down. Default insurance is then added to your mortgage and increases your overall mortgage amount. Even though this is an added cost to buying a home, it's still a great way to get into the market when you don't have a 20% downpayment. Default insurance is meant to protect your lender in the event you stop making your mortgage payments and the lender has to foreclose.

How long do I have to be at my job before buying a home?

The general rule of thumb is three months and ideally you are not on probation. This can vary greatly from lender to lender, so always be sure to speak with me first. If you're in the same industry and just changed companies for personal or financial benefits, I may have options for you!

Is it hard to get a mortgage when you're self employed?

The answer is yes and no. I can guide you through this process. With access to more lenders, programs and policies, I have an advantage over the bank. So just because you don't fit the banker's box, don't put your homeownership goals on hold. Speak to me today!

Can I still get a mortgage if I have bad credit?

Depending on your situation, I have access to lenders that will consider poor credit. This includes recent consumer proposals, bankruptcies and missed or late payments. Reach out today to go over your application details and story about why your credit is bruised so I can help find you a solution.

Can I use my home equity to buy another home?

In most cases, yes! You need to have enough equity in your current home and qualify for both your new HELOC and the mortgage on your new house. Let's talk today to come up with a game plan and start building your real estate portfolio!

Should I go fixed or variable?

That depends on many factors! With a fixed mortgage, you commit to a term (e.g. 5 years) and your interest rate and payment will stay the same for that term. This is great for budgeting and giving you peace of mind; however, your short and long term plans should be considered. Fixed rate mortgages tend to have much higher payout penalties because you've signed a contract with your lender committing to your rate and term. With an adjustable variable rate mortgage, your payment fluctuates with Prime. This can have huge advantages in a declining rate environment or can pose a high risk in a rising rate environment. In short, if you plan to stay in your home and want consistent payments, a fixed rate mortgage may be best for you. If you plan to sell your home within your term, need to refinance, or break your term for any reason, a variable rate may be your best bet. Still confused? Reach out and let me answer your questions.

What will my penalty be if I break my mortgage?

This depends on what type of mortgage you have. There are two ways to calculate mortgage penalties. One is three months of simple interest. This is common for variable rate mortgages or fixed mortgages in a rising rate environment. The second, most expensive penalty, is called an IRD (Interest Rate Differential). This typically applies to fixed rate mortgage contracts and will be the difference between your contract rate and the rate when you break your term, times the number of months you have left in that term. This one is a little tricky to calculate, so it's always best to ask your lender for a "Balance & Penalty Quote".

What is rent-to-own?

Rent-to-own, also known as lease-to-own or lease-option, is a legally documented transaction. There are two separate contracts. 1) Rental/Lease Agreement - Where you agree to rent a property for market price, the same as a typical renter would. 2) Option Contract - Grants you an exclusive option to purchase the home you're renting for a predetermined price at a specific time in the future. The monthly payment is comprised of the market rent and option credits (which go towards growing your down payment). Rent-to-own allows you to move into a home you love today, while giving you time to save up a larger down payment or repair bruised credit.

Barbara Van Heuvel

AB Mortgage Associate & BC Mortgage Broker

The Place to mortgage inc.

1-250-833-7578 & 1-403-998-2052

Location & Availability

Apply online, over the phone or meet me at my personal office in Sicamous BC.

Located inside the Parkland Shopping Centre at 1133 Eagle Pass Way.

TPTM Head Office In AB | TPTM Regional Office In BC