Finance Information

One of the top priorities of the Floating Home Association of BC is to ensure that current and future floating home owners in BC have financing options. This means working with local financial institutions, as well as federal agencies like the Ministry of Finance and CMHC. Currently, options for new financing are somewhat limited, however, one of our directors has been reaching out to the lending institutions and and we provided this update in our March 2019 Newsletter:

"FHA Director Katharine Wilson researched the status of mortgages and financing options for float home owners. She noted: “As many of you know, as of the end of November 2018, RBC is no longer accepting mortgages for float homes. Fortunately, the Toronto Dominion Bank has agreed to work with us in providing funds for refinancing as well as purchases. My understanding is that the rate will be the posted mortgage rates, however as with RBC, CMHC will be insuring the loans. I have contacted mobile mortgage specialist, Mina Oloomi who is with TD Canada Trust and she is ready and eager to help. She can be reached at 604-505-2681 or Mina.oloomi@td.com. We also will be looking into some smaller lenders with a strong local presence as well. I will have more to report at our AGM.”

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