Bank of China (Canada) Mortgages
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Bank of China (Canada) Mortgages: Your Guide to Competitive Rates and Comprehensive Services
History as a Mortgage Lender in Canada
Bank of China (Canada) entered the Canadian market in 1992, building a reputation as a reliable financial institution. As a subsidiary of the global Bank of China Group, it provides competitive financial services, including residential and commercial mortgages, catering to diverse customer needs.
Types of Mortgage Products & Programs
Residential Mortgages:
Fixed-Rate Mortgages: Guaranteed interest rates over various terms, providing predictable payments.
Variable-Rate Mortgages: Rates fluctuate with market conditions, offering potential savings.
First-Time Homebuyer Programs: Special support for new buyers, including reduced down payments and flexible terms.
Commercial Mortgages:
Financing for commercial real estate, including retail, office, and multi-residential properties.
Construction and development loans for property developers.
Minimum Credit & Income Requirements
Minimum Credit Score: Typically 650+ for standard mortgages. Special considerations for lower scores with additional conditions.
Income Verification: Accepts standard income verification for salaried and contract employees.
Self-Employed & Stated Income Programs: Tailored programs requiring additional documentation, such as tax returns and financial statements.
Mortgage Underwriting Criteria for Approval
Debt-to-Income Ratio: Maximum Gross Debt Service (GDS) ratio of 39% and Total Debt Service (TDS) ratio of 44%.
Loan-to-Value (LTV): Up to 95% for insured mortgages and 80% for conventional mortgages.
Property Appraisal: Required for all mortgage applications to determine fair market value.
Locations Serviced and Branch Presence in Canada
Bank of China (Canada) has branches in major cities, including Toronto, Vancouver, and Montreal, ensuring easy access to personalized services. Online services further expand their reach across Canada.
Mortgage Application Checklist
We'll find great rates like this one from one or our several lending partners across Canada.
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5 Year - Fixed Term from
4.29%
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Everyone's rate is unique.What's yours?
It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Proof of income (pay stubs, T4s, tax returns)
Credit history report
Personal identification (government-issued ID)
Proof of down payment
Property appraisal details
Bank statements (last 3-6 months)
How to Start a Mortgage Pre-Approval
Contact a RateShop Broker: Discuss your financial situation and goals.
Submit Required Documents: Provide financial and personal documentation.
Receive Pre-Approval: Understand your borrowing capacity and lock in rates.
How to Get Mortgage Rates
Compare Online: RateShop brokers access real-time rates from multiple lenders.
Consultation: Personalized rate quotes based on financial profiles and needs.
Mortgage Pre-Payment Options
Lump-Sum Payments: Pay up to 15% of the original mortgage amount annually without penalties.
Increased Payments: Increase monthly payments up to a specified limit.
Bank of China (Canada) offers comprehensive mortgage solutions, combining global expertise with local market insights, ensuring customers secure the best mortgage rates and tailored financing solutions. Contact a RateShop broker today to explore your options!
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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