Mick Gill

Accredited Mortgage Professional

With over 20 years mortgage lending experience, I advise my clients with the best solutions for all their financing needs. Alongside my wife Sheila, we build and maintain long term relationships with our clients helping with their immediate and future needs for themselves and their families. As part of a large network of mortgage professionals, we’re able to offer the very best in mortgage products and rates.


Our goal is to keep the mortgage process as simple and stress free as possible.

Sheila Gill

Mortgage Professional

Sheila started her mortgage career in September 2006 as an assistant to her husband Mick and officially joined Mick in May 2007. She brings 17 years of experience in dealing with the general public as a government employee. She thrives on providing the best service possible to all her clients and finding the right solution to fit their needs. 


She loves to workout and watch basketball, football and hockey. 

Dylan Gill

Mortgage Broker

Dylan is a lifelong Surrey resident and started with the Gill Team in March of 2020. Dylan enjoys the opportunity to help clients achieve their goals and strives to build long term relationships. 


Dylan has been a broker for 5 years, specializing in Commercial.


Dylan is an avid sports fan. If he isn’t watching the games, he will be out there playing football, hockey, basketball & golf.


Mortgage financing doesn't have to be difficult. We can do this together, here's the plan...

STEP ONE
Get Connected 

The best place to start is to connect with us directly. The mortgage process is personal, and it can be daunting. Our commitment to you is that we'll listen to all your needs, assess your financial situation and provide you with a plan to move forward. 

STEP TWO
Evaluate Options

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

STEP THREE
Rest Easy

Once we’ve arranged the mortgage product that best suits your needs, you’re not alone. We're your mortgage professionals for life. If you’ve got questions in the years to come, we're always available to make sure that your mortgage is working for you and not the other way around!

Mortgage Services

Customer Care

We believe that our responsibility as mortgage experts goes well beyond simply arranging mortgage financing. Our job is to ensure our clients feel confident in the mortgage process and make decisions that best suit them.



Education

In order for our clients to feel confident about the mortgage process and make the best decisions for them, they have to feel at ease and be able to ask questions. We stay in touch throughout the entire process, provide lots of information up front, but also make ourselves available all the time! 



Here For You

Although we are independent mortgage experts, we do collaborate and work together… because two heads are better than one! Please feel free to reach out to either of us with questions. We would love to hear from you!



Recently From the Blog

By Team Gill 05 Nov, 2024
A no-frills service or product is where non-essential features have been removed from the product or service to keep the price as low as possible. And while keeping costs low at the expense of non-essential features might be okay when choosing something like which grocery store to shop at, which economy car to purchase, or which budget hotel to spend the night, it’s not a good idea when considering which lender to secure mortgage financing. Here’s why. When securing mortgage financing, your goal should be to pay the least amount of money over the term. Your plan should include having provisions for unexpected life changes. Unlike the inconvenience of shopping at a store that doesn’t provide free bags, or driving a car without power windows, or staying at a hotel without any amenities, the so-called “frills” that are stripped away to provide you with the lowest rate mortgage are the very things that could significantly impact your overall cost of borrowing. Depending on the lender, a “no-frills” mortgage rate might be up to 0.20% lower than a fully-featured mortgage. And while this could potentially save you a few hundreds of dollars over a 5-year term, please understand that it could also potentially cost you thousands (if not tens of thousands) of dollars should you need to break your mortgage early. So if you’re considering a “no-frills” mortgage, here are a few of the drawbacks to think through: You'll pay a significantly higher penalty if you need to break your mortgage. You'll have limited pre-payment privileges. Potential limitations if you want to port your mortgage to a different property. You might be limited in your ability to refinance your mortgage (without incurring a considerable penalty). Simply put, a “no-frills” mortgage is an entirely restrictive mortgage that leaves you without any flexibility. There are many reasons you might need to keep your options open. You might need to break your term because of a job loss or marital breakdown, or maybe you decide to take a new job across the country, or you need to buy a property to accommodate your growing family. Life is unpredictable; flexibility matters. So why do banks offer a no-frills mortgage anyway? Well, when you deal with a single bank or financial institution, it’s the banker’s job to make as much money from you as possible, even if that means locking you into a very restrictive mortgage product by offering a rock bottom rate. Banks know that 2 out of 3 people break their mortgage within three years (33 months). However, when you seek the expert advice of an independent mortgage professional, you can expect to see mortgage options from several institutions showcasing mortgage products best suited for your needs. We have your best interest in mind and will help you through the entire process. A mortgage is so much more than just the lowest rate. If you have any questions about this, or if you’d like to discuss anything else mortgage-related, please get in touch. Working with you would be a pleasure!
By Team Gill 22 Oct, 2024
If you have a variable rate mortgage and recent economic news has you thinking about locking into a fixed rate, here’s what you can expect will happen. You can expect to pay a higher interest rate over the remainder of your term, while you could end up paying a significantly higher mortgage penalty should you need to break your mortgage before the end of your term. Now, each lender has a slightly different way that they handle the process of switching from a variable rate to a fixed rate. Still, it’s safe to say that regardless of which lender you’re with, you’ll end up paying more money in interest and potentially way more money down the line in mortgage penalties should you have to break your mortgage. Interest rates on fixed rate mortgages Fixed rate mortgages come with a higher interest rate than variable rate mortgages. If you’re a variable rate mortgage holder, this is one of the reasons you went variable in the first place; to secure the lower rate. The perception is that fixed rates are somewhat “safe” while variable rates are “uncertain.” And while it’s true that because the variable rate is tied to prime, it can increase (or decrease) within your term, there are controls in place to ensure that rates don’t take a roller coaster ride. The Bank of Canada has eight prescheduled rate announcements per year, where they rarely move more than 0.25% per announcement, making it impossible for your variable rate to double overnight. Penalties on fixed rate mortgages Each lender has a different way of calculating the cost to break a mortgage. However, generally speaking, breaking a variable rate mortgage will cost roughly three months of interest or approximately 0.5% of the total mortgage balance. While breaking a fixed rate mortgage could cost upwards of 4% of the total mortgage balance should you need to break it early and you’re required to pay an interest rate differential penalty. For example, on a $500k mortgage balance, the cost to break your variable rate would be roughly $2500, while the cost to break your fixed rate mortgage could be as high as $20,000, eight times more depending on the lender and how they calculate their interest rate differential penalty. The flexibility of a variable rate mortgage vs the cost of breaking a fixed rate mortgage is likely another reason you went with a variable rate in the first place. Breaking your mortgage contract Did you know that almost 60% of Canadians will break their current mortgage at an average of 38 months? And while you might have the best intention of staying with your existing mortgage for the remainder of your term, sometimes life happens, you need to make a change. Here’s is a list of potential reasons you might need to break your mortgage before the end of the term. Certainly worth reviewing before committing to a fixed rate mortgage. Sale of your property because of a job relocation. Purchase of a new home. Access equity from your home. Refinance your home to pay off consumer debt. Refinance your home to fund a new business. Because you got married, you combine assets and want to live together in a new property. Because you got divorced, you need to split up your assets and access the equity in your property Because you or someone close to you got sick Because you lost your job or because you got a new one You want to remove someone from the title. You want to pay off your mortgage before the maturity date. Essentially, locking your variable rate mortgage into a fixed rate is choosing to voluntarily pay more interest to the lender while giving up some of the flexibility should you need to break your mortgage. If you’d like to discuss this in greater detail, please connect anytime. It would be a pleasure to walk you through all your mortgage options and provide you with professional mortgage advice.
By Team Gill 18 Oct, 2024
On October 8, 2024, the government announced a new program that will take effect on January 15, 2025, allowing homeowners to refinance up to 90% of their home’s value to create secondary suites. This is a significant increase from the current refinancing limit of 80%. The program aims to provide homeowners with more flexibility to unlock their home equity and add additional legal units like basement suites or laneway homes, provided they meet municipal zoning requirements and are not used for short-term rentals. The program comes with specific guidelines, outlined by CMHC (Canada Mortgage and Housing Corporation), that include: Eligibility: Homeowners must already own their property, live in one of the existing units, and plan to add additional fully self-contained suites. Refinancing Details: Homeowners can refinance up to 90% of the property's value, including the value added by the new units. The maximum property value, once the new units are built, must not exceed $2 million. Loan Parameters: The loan-to-value limit will be 90%, and the maximum amortization period is 30 years. Any additional financing must not exceed project costs. To give an example, under this new program, if a home is valued at $800,000, homeowners could now refinance up to $720,000 for building a secondary suite—$80,000 more than the previous limit of $640,000. This program could be particularly beneficial for homeowners who have recently purchased their property and built up a moderate amount of equity, offering them an opportunity to create an income-generating suite or expand their home without needing to sell. As housing affordability continues to be a pressing issue in many parts of Canada, adding secondary suites could also contribute to easing the rental supply shortage. While this program represents a significant step forward in unlocking home equity for homeowners, we are still awaiting specific guidelines from lenders. These rules will clarify how lenders will approach refinancing applications under this program. Stay tuned for further updates as more information becomes available from financial institutions. This program is expected to spark significant interest, particularly from younger homeowners or those with growing families, as it offers a pathway to enhance both living space and long-term financial stability. Homeowners looking to leverage this new opportunity should consult with mortgage experts to fully understand the potential benefits and ensure they are making informed decisions. If you're interested in how this program could benefit you or want to explore refinancing options to add a secondary suite, get in touch with a mortgage professional today.

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