VISLAND MORTGAGES
$501 Billion in Canadian Mortgages will renew by the end of 2025.
Are you one of them?
Nanaimo's Top Rated Mortgage Brokerage is here to help!
About VIsland Mortgages
Vancouver Island Mortgage is now in full swing with a highly skilled Team that has the capacity to grow the business to new heights.
Bill Fraser
Your Personal Mortgage Advisor
Bill has over 20+ years working in the financial industry. Due to his extensive experience and knowledge he works efficiently with all lenders including: banks, credit unions, trust companies, financial institutions and mortgage investment companies. He is also able to offer his clients a variety of choices within his hundreds of products and services offered. These products include mortgages for purchasing new homes or investment properties, refinancing existing homes, debt consolidation, home equity line of credit, second homes, commercial as well as alternative or private lending. There is always an option when you deal with Bill Fraser!!
A 60 second introduction video to VISLAND Mortgages
Services
As a mortgage professional it's my job to be the go-between between you and a mortgage lender. I make sure that you know all the products available to you, and are equipped with the knowledge to make the best decisions for you and your family.
Flexible Mortgages
As your life can change at any time, I offer a wide range of flexible mortgage products.
Qualified Advice
As a licensed mortgage expert, I'll listen to your needs and answer your questions.
No Cost to You
There are no fees for my services, once you find the perfect product, the lender pays me a commission.
Advocacy
I commit to working on your behalf
to find you the best mortgage for your needs.
Download My Mortgage Toolbox
Access the calculators in 3 easy steps
- Add your phone number below
- Download the app
- Create an account
WHAT CAN YOU DO WITH MY APP
- Calculate your total cost of owning a home
- Estimate the minimum down payment you need
- Calculate Land transfer taxes and the available rebates
- Calculate the maximum loan you can borrow
- Stress test your mortgage
- Estimate your Closing costs
- Compare your options side by side
- Search for the best mortgage rates
- Email Summary reports (PDF)
- Use my app in English, French, Spanish, Hindi and Chinese
I'M A CERTIFIED REVERSE MORTGAGE SPECIALIST
Let's see if a reverse mortgage is right for you.
LEARN MORE
Lenders
I've developed excellent relationships with
over 90 lenders across the country.
Let's figure out which one has the best product for you.
Bill Fraser & VIsland Mortgages is a proud to partner and support local organizations
Testimonials
My husband and I found Bill very down to earth and easy to talk to. He explained the whole process of refinancing our home to us. He always made time to respond to our questions or concerns within a day. Even though there were a few hiccups along the way (he was not at fault) he remained professional and did everything in his power to ensure we were happy. I definitely will be recommending him to my friends and family.
Cindy and Randy Cooper
Bill is an amazing mortgage broker! He turned what could have been a very confusing, stressful process into a seamless, informative and positive experience. As first time home buyers with unusual circumstances, Bill’s availability and accessibility answering our many questions, to keep our minds at ease, was immeasurable. His encouraging, honest, helpful nature mixed with his abundance of knowledge is what allows us to enjoy our immaculate view in our dream home. Thank you Bill for being a prevalent part of our dream come true!!
Shannon and Ashley Hughes
This morning we were able to go take a picture of the sold sign at our first home! We are so thankful for Bill Fraser at Dominion Lending Centres for everything he did to make our dream of buying our first home a reality. Bill, you have made this process so easy and enjoyable for us. You will surely be the first person we recommend to everyone we know that is looking to buy a home or renew their mortgage. We can’t thank you enough for everything you have done to make our dreams possible!
Sam and Nick
Not only did Bill get us the best rate, but his honesty and diligence with providing answers to our questions was exceptional.
Thank You Bill.
Thank You Bill.
Jamie and Vaughn
Hi Bill, I had to write you something to let you know how happy and excited I am that you got me approved for a bigger, more beautiful house than I already have! After getting turned away/almost laughed at by RBC, it was my son Brad who told me to try the “new way” of getting financing, a broker! Very happy I took his advice, as within 48hrs you notified me that it was APPROVED!! I couldn’t be happier with your service and am further understanding why so many people are getting away from their banks and using a much more affordable, and easier way of getting approved through the broker channel.
Thanks again.
Thanks again.
Shirley McMillan
To Bill Fraser – The Miracle Man!!
Bill, just wanted to send you a quick note of appreciation for your dedication to get me into my very first home! I did not think with my income and the little credit I have, that you would be able to pull this deal off. I have heard you are considered the “Miracle Man” around the island and it sure seems to be true!!!! Lol
Thanks so much, and I am proud to refer you to my family and friends all over BC!!!
Bill, just wanted to send you a quick note of appreciation for your dedication to get me into my very first home! I did not think with my income and the little credit I have, that you would be able to pull this deal off. I have heard you are considered the “Miracle Man” around the island and it sure seems to be true!!!! Lol
Thanks so much, and I am proud to refer you to my family and friends all over BC!!!
Juanita LeMarquand
Mortgage Blog
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.
With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. Keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular payments are made. A marital breakdown does not give you an excuse not to make your mortgage payments. If, during your marriage, you've relied on your spouse to make the mortgage payments and you aren’t certain payments are being made after separating, it's in your best interest to contact the lender directly to verify your mortgage is being paid. If payments aren't being made, it could affect your credit score or worse; the lender could start foreclosure proceedings. There is always a financial cost to break your mortgage. When working through how to split your finances, you decided to either refinance your mortgage, remove someone from the title, or sell the property, keep in mind that you will incur legal costs. If you’re in the middle of a term, the penalty for breaking your mortgage might be significant, especially if you have a fixed-rate mortgage. It’s certainly worth contacting your mortgage lender directly to verify the cost of breaking your mortgage. Having that information accessible when writing out your separation agreement will provide increased clarity. Listing your marital status as separated or divorced. When completing a mortgage application for securing new mortgage financing, when you list your marital status as separated or divorced, you can expect that a lender will want to see your legal separation agreement or your divorce papers. The lender wants to make sure you aren’t responsible for support payments. So if you haven’t finalized the paperwork, expect delays in securing mortgage financing. It could be harder to qualify for a new mortgage. With the separation of assets also comes the separation of incomes. If you qualified for your existing mortgage on a double income, you might find it hard to maintain the same quality of lifestyle post-separation. This is where careful planning comes in. Working closely with your independent mortgage professional will ensure you understand exactly where you stand. You’ll want to put together a plan for how to handle the mortgage on the matrimonial home. Purchasing the matrimonial home from your ex. There are special considerations given to people going through a separation to buy out the matrimonial home. Instead of looking at the transaction like a refinance where you can only borrow up to 80% of the property’s value, lenders will consider one spouse buying out the other up to a 95% loan to value ratio. This comes in handy when dividing assets and liabilities. Navigating the ins and outs of mortgage financing isn’t something you have to do alone. If you're going through a separation and you’d like to discuss all your mortgage options, please connect anytime. It would be a pleasure to walk you through the process.
Can You Afford That Mortgage? Let’s Talk About Debt Service Ratios One of the biggest factors lenders look at when deciding whether you qualify for a mortgage is something called your debt service ratios. It’s a financial check-up to make sure you can handle the payments—not just for your new home, but for everything else you owe as well. If you’d rather skip the math and have someone walk through this with you, that’s what I’m here for. But if you like to understand how things work behind the scenes, keep reading. We’re going to break down what these ratios are, how to calculate them, and why they matter when it comes to getting approved. What Are Debt Service Ratios? Debt service ratios measure your ability to manage your financial obligations based on your income. There are two key ratios lenders care about: Gross Debt Service (GDS) This looks at the percentage of your income that would go toward housing expenses only. Total Debt Service (TDS) This includes your housing costs plus all other debt payments—car loans, credit cards, student loans, support payments, etc. How to Calculate GDS and TDS Let’s break down the formulas. GDS Formula: (P + I + T + H + Condo Fees*) ÷ Gross Monthly Income Where: P = Principal I = Interest T = Property Taxes H = Heat Condo fees are usually calculated at 50% of the total amount TDS Formula: (GDS + Monthly Debt Payments) ÷ Gross Monthly Income These ratios tell lenders if your budget is already stretched too thin—or if you’ve got room to safely take on a mortgage. How High Is Too High? Most lenders follow maximum thresholds, especially for insured (high-ratio) mortgages. As of now, those limits are typically: GDS: Max 39% TDS: Max 44% Go above those numbers and your application could be declined, regardless of how confident you feel about your ability to manage the payments. Real-World Example Let’s say you’re earning $90,000 a year, or $7,500 a month. You find a home you love, and the monthly housing costs (mortgage payment, property tax, heat) total $1,700/month. GDS = $1,700 ÷ $7,500 = 22.7% You’re well under the 39% cap—so far, so good. Now factor in your other monthly obligations: Car loan: $300 Child support: $500 Credit card/line of credit payments: $700 Total other debt = $1,500/month Now add that to the $1,700 in housing costs: TDS = $3,200 ÷ $7,500 = 42.7% Uh oh. Even though your GDS looks great, your TDS is just over the 42% limit. That could put your mortgage approval at risk—even if you’re paying similar or higher rent now. What Can You Do? In cases like this, small adjustments can make a big difference: Consolidate or restructure your debts to lower monthly payments Reallocate part of your down payment to reduce high-interest debt Add a co-applicant to increase qualifying income Wait and build savings or credit strength before applying This is where working with an experienced mortgage professional pays off. We can look at your entire financial picture and help you make strategic moves to qualify confidently. Don’t Leave It to Chance Everyone’s situation is different, and debt service ratios aren’t something you want to guess at. The earlier you start the conversation, the more time you’ll have to improve your numbers and boost your chances of approval. If you're wondering how much home you can afford—or want help analyzing your own GDS and TDS—let’s connect. I’d be happy to walk through your numbers and help you build a solid mortgage strategy.
