Lori LaLonde Mortgages

Mortgage financing can be complicated & stressful.
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Mortgage Financing in Northern BC, Okanagan, Kootenays, & Vancouver.

MORTGAGE FINANCING IN THREE EASY STEPS

Connect With Me

The best place to start is to connect with me directly. The mortgage process is personal. My commitment is to listen to all your needs, assess your financial situation, and provide you with a plan to move forward. 


Consider Your Options

Once we’ve had a look at your financial situation, we’ll consider a variety of mortgage options, I’ll outline what is necessary to qualify for your mortgage, negotiate with the lenders on your behalf, and arrange the mortgage that best suits your needs.

Rest Easy

Once we’ve arranged financing with the best lender and the property is yours, you’re not on your own. My goal is to be your mortgage professional for life! Any questions in the years to come, contact me anytime! 



Lori LaLonde

With over 20 years experience helping families just like yours with mortgage financing, I would love to assist you in making your homeownership dreams a reality while saving you as much money as possible. 

 

I proudly live in Penticton where I specialize in serving the mortgage needs of clients in the Okanagan. If you are looking to relocate within BC or Alberta, let me help put together a plan that gets you exactly where you want to be! 


If you're looking for a mortgage broker with a lot of experience and a large number of industry connections, 

please don't hesitate to contact me anytime! 

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Nice things people have said about working with me.

"I personally used Lori to purchase my latest income property, not only was Lori fast and professional, she was able to provide me with more insight than anyone I have previously worked with. I appreciate her professionalism and willingness to tell it like it is."

LAURA W.

"I have worked with Lori on several occasions and have found her to be extremely fast at getting back to me, exceptionally professional in her dealings with me and the clients as well as being very knowledgeable of the products and services she provides."

CARY R.

"We have been using Lori Lalonde for close to two decades. Lori has been a beacon of light through the murky waters of home financing. She has always taken the time to explain pieces we don't understand, even if she has explained them before :). We have purchased two properties and been through a few refinances to capitalize on better rates, of which Lori has brought to our attention. She always provides lots of options and consultation and ensures that we understand the implications of our decisions. Lori is wonderful mortgage broker and extremely competent. I would, have and will again recommend Lori to anyone looking for a mortgage broker."

Greg Fraser

"Lori went above and beyond when I was looking to refinance my mortgage. She was patient, always available, answered all my questions and explained all my options. I would highly recommend Lori."

Jordan Hurdal

"Working with Lori was a great experience. Very thorough, knowledgeable, and went way above and beyond for my family and I."

Colin Campbell

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Mortgage articles to keep you informed.

Renovate The Home You Are Buying!

By Lori Lalonde • January 21, 2025
The best place to start the mortgage process is with a pre-approval. But once you’ve been pre-approved for a mortgage and you’ve been shopping with location in mind, what happens when you can’t find a suitable property? There's no doubt about it; finding the perfect property within your price range is a difficult task, especially for first-time homebuyers. So, before buyer’s fatigue sets in, maybe you should consider adding the cost of renovations into your purchase. Buying a property and including the cost of renovations into the mortgage is available through a program called purchase plus improvements. When purchasing a home, you can add the cost of home upgrades into your mortgage, making it a great option if you can’t find something move-in ready and aren’t afraid to do a little work! But while this sounds simple enough, in all honestly, it’s quite the process. There are some pretty strict rules to follow, but nothing that you can’t handle with the guidance of an independent mortgage professional. Here’s a quick overview of the process. Firstly, you must provide quotes to the lender ahead of time for the work you would like to complete. It’s good to note that the renovations will have to increase the value of the property accordingly. From there, the lender doesn’t give you the money to do the upgrades; you have to come up with that yourself. However, once the work has been completed and verified by an appraiser, the lender will reimburse you and include the money in your mortgage. This program isn’t for everyone. Buying a home is a stressful endeavour in and of itself. The added stress of having to undertake renovations right away might not be a good idea. But then again, if you have the financial wherewithal to handle the cost of renovations and like the idea of making it yours from the start, then this might be just the option you’ve been looking for! Please connect directly; it would be a pleasure to walk through the exact process and outline what securing a purchase plus improvements would look like for you!

4 Signs You’re Ready for Homeownership

By Lori Lalonde • January 7, 2025
Buying your first home is a big deal. And while you may feel like you’re ready to take that step, here are 4 things that will prove it out. 1. You have at least 5% available for a downpayment. To buy your first home, you need to come up with at least 5% for a downpayment. From there, you’ll be expected to have roughly 1.5% of the purchase price set aside for closing costs. If you’ve saved your downpayment by accumulating your own funds, it means you have a positive cash flow which is a good thing. However, if you don’t quite have enough saved up on your own, but you have a family member who is willing to give you a gift to assist you, that works too. 2. You have established credit. Building a credit score takes some time. Before any lender considers you for mortgage financing, they want to see that you have an established history of repaying the money you’ve already borrowed. Typically two trade lines, for a period of two years, with a minimum amount of $2000, should work! Now, if you’ve had some credit issues in the past, it doesn’t mean you aren’t ready to be a homeowner. However, it might mean a little more planning is required! A co-signor can be considered here as well. 3. You have the income to make your mortgage payments. And then some. If you’re going to borrow money to buy a house, the lender wants to make sure that you have the ability to pay it back. Plus interest. The ideal situation is to have a permanent full-time position where you’re past probation. Now, if you rely on any inconsistent forms of income, having a two-year history is required. A good rule of thumb is to keep the costs of homeownership to under a third of your gross income, leaving you with two-thirds of your income to pay for your life. 4. You’ve discussed mortgage financing with a professional. Buying your first home can be quite a process. With all the information available online, it’s hard to know where to start. While you might feel ready, there are lots of steps to take; way more than can be outlined in a simple article like this one. So if you think you’re ready to buy your first home, the best place to start is with a preapproval! Let's discuss your financial situation, talk through your downpayment options, look at your credit score, assess your income and liabilities, and ultimately see what kind of mortgage you can qualify for to become a homeowner! Please connect anytime; it would be a pleasure to work with you!

Mortgage Insurance Rule Changes Enable Homeowners to Add Secondary Suites

By Lori Lalonde • January 3, 2025
As housing affordability challenges persist across Canada, innovative solutions are reshaping the way homeowners can contribute to housing supply. Starting January 15, 2025, new mortgage insurance rule changes will allow Canadian homeowners to access insured refinancing options to create secondary suites, such as basement apartments or laneway homes. This move, announced in Budget 2024 and detailed by the Department of Finance Canada, is part of a broader strategy to increase housing density and improve affordability while offering homeowners the chance to generate additional income. Why These Changes Matter Historically, converting extra space into rental units has been both costly and mired in municipal red tape. Recent zoning reforms across Canada’s major cities, driven by Housing Accelerator Fund agreements, are reducing these barriers. The creation of secondary suites not only expands housing supply but also provides financial benefits to homeowners, such as offering seniors additional income to support aging in place. Key Parameters for the New Rules The new mortgage insurance program is designed to enable homeowners to build legal, self-contained secondary suites that comply with municipal requirements. Here are the essential details: Eligibility Requirements Homeowners must already own the property. The homeowner or a close relative must occupy one of the existing units. Additional units must not be used as short-term rentals. Project Specifications New units must be fully self-contained with separate entrances (e.g., basement suites, laneway homes). Up to four total dwelling units are allowed, including existing units. Financial Parameters The “as improved” property value must be less than $2 million. Homeowners can refinance up to 90% of the property’s value, including the enhanced value from secondary suites. The maximum amortization period is 30 years. Additional financing must not exceed the project’s costs. When Do These Rules Take Effect? Starting January 15, 2025, lenders can submit applications for mortgage insurance under these updated parameters. This applies to all eligible properties across Canada, provided the new units align with municipal zoning requirements. What This Means for Homeowners For homeowners with underutilized space, such as basements or detached garages, this new program offers an opportunity to increase property value and create a source of long-term income. By building legal secondary suites, homeowners can contribute to Canada’s rental housing market while gaining financial security. A Step Toward Housing Solutions As housing supply remains a pressing issue, these mortgage insurance changes reflect a commitment to practical, homeowner-driven solutions. Whether you’re a senior looking to age in place or a family seeking to maximize your property’s potential, these changes represent an exciting opportunity to invest in your home and your community. Stay informed and explore your options with your lender to determine if this program is right for you. The path to unlocking your property’s potential begins in 2025.

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