Biggest Mortgage Mistakes Vancouver Buyers Make in 2026
A mortgage is the biggest debt of your life. A small mistake in the fine print can cost you $20,000 later. Don't just sign the paper with the lowest rate.
The "Bona-Fide Sale" Clause
Some "low rate" mortgages have a clause saying you cannot break the mortgage unless you sell the house. If you want to refinance or move your mortgage to a new lender, you are stuck. Avoid this product unless you are 100% sure you won't change anything for 5 years.
Fixed Rate Penalties
Breaking a fixed-rate mortgage with a big bank triggers an "Interest Rate Differential" (IRD) penalty. This can be massive ($20k+). Variable rate mortgages typically only charge 3 months' interest penalty.
Frequently Asked Questions
Everything you need to know about this topic. Can't find the answer you're looking for? Reach out to our team.
Yes. Brokers have access to "monoline" lenders who often offer better terms and lower penalties than the big banks.
It lowers your monthly payment (improving cash flow) but you pay more interest long-term. You need 20% down to qualify for 30 years.