604-862-8080
info@oakandprime.ca
ABOUT OAK + PRIME LENDING
At Oak and Prime Lending, we work to find you the best mortgage solution to meet your needs. With access to many different lenders, we help all different types of borrowers achieve their goal of home ownership.
We listen to your needs and assess your financial situation. We then create a plan for you and provide you with various lending options. We will walk you through the lending process ensuring that all of your questions are answered and that you are kept informed. Our services go beyond simply arranging your financing. Our goal is to be your mortgage broker for life, offering you exemplary customer service and keeping you up-to-date with current real estate and lending news.
Oak and Prime Lending led by Sukh Sohal brings 7 years of experience in the financial industry. He spent 5 years with TD Canada Trust where he excelled at providing quality customer service to a wide range of clients. He also spent a year with an alternative mortgage lender as an Underwriter and as Business Development Manager. Sukh has a Bachelor of Business Administration degree with a major in Finance from Simon Fraser University.
STEP ONE
Get Connected
The best place to start is to connect with me directly. The mortgage process is personal, and it can be daunting. My commitment to you is that I'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, I’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.
TESTIMONIALS
I have had the pleasure of working with Sukh Sohal for many deals throughout my real estate career, and words don't do justice to how amazing of a mortgage broker and person he is. I have sent many clients to him over the years, and the feedback they have for him is always so positive. His professionalism, work ethic, resourcefulness, and ability to connect with people is second to none. He is able to ease my clients through the often stressful mortgage application process in a stress free and smooth manner, answering any and all questions they have along the way, and always making himself readily available anytime they need to contact him. During subject removal periods, he is very hands on and communicative with both my buyers as well as myself, keeping us in the loop every chance possible with updates and how things are coming along regarding financing. Anyone that uses Sukh as their mortgage broker can be sure that they are well taken care of by one of the true professionals in the mortgage business
Mike Roque | The GO Team, Dexter Realty
Sukh got us approved for our first home mortgage, that was over 10 years ago. When we needed to renew, he initiated contacting us and got us the best.
Sukh is committed to his craft, will reliably get you a mortgage with a great rate, will do so in a quick 'time is of the essence' fashion, responds immediately to you by phone call, text or email - whatever you need. Sukh maintains an air of integrity, professionalism and trust. Sukh isn't your typical cookie cutter broker, he gives great advice and helps you maneuver through the financial woes - keeping your interests first. With multiple properties, I need a mortgage broker I can rely on, which is why he has financed each and every property I own. Bottom line, you can trust Sukh Sohal.
Sukh is committed to his craft, will reliably get you a mortgage with a great rate, will do so in a quick 'time is of the essence' fashion, responds immediately to you by phone call, text or email - whatever you need. Sukh maintains an air of integrity, professionalism and trust. Sukh isn't your typical cookie cutter broker, he gives great advice and helps you maneuver through the financial woes - keeping your interests first. With multiple properties, I need a mortgage broker I can rely on, which is why he has financed each and every property I own. Bottom line, you can trust Sukh Sohal.
Jasbir
MORTGAGE ARTICLES
Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect Thinking about co-signing a mortgage? On the surface, it might seem like a simple way to help someone you care about achieve homeownership. But before you sign on the dotted line, it’s important to understand exactly what co-signing means—for them and for you. You’re Fully Responsible When you co-sign, your name is on the mortgage—and that makes you just as responsible as the primary borrower. If payments are missed, the lender won’t only go after them; they’ll come after you too. Missed payments or default can damage your credit score and put your financial health at risk. That’s why trust is key. If you’re going to co-sign, make sure you have a clear picture of the borrower’s ability to manage payments—and consider monitoring the account to protect yourself. You’re Committed Until They Can Stand Alone Co-signing isn’t temporary by default. Even once the initial mortgage term ends, you won’t automatically be removed. The borrower has to re-qualify on their own, and only then can your name be taken off. If they don’t qualify, you stay on the mortgage for another term. Before agreeing, talk openly about expectations: How long might you be on the mortgage? What’s the plan for eventually removing you? Having these conversations upfront prevents surprises later. It Affects Your Own Borrowing Power When lenders calculate your debt service ratios, the co-signed mortgage counts as your debt—even if you never make a payment on it. This could reduce how much you’re able to borrow in the future, whether it’s for your own home, an investment property, or even refinancing. If you see another mortgage in your future, you’ll want to consider how co-signing could limit your options. The Upside: Helping Someone Get Ahead On the positive side, co-signing can be life-changing for the borrower. You could be helping a family member or friend buy their first home, start building equity, or take an important step forward financially. If handled with clear expectations and trust, it can be a meaningful way to support someone you care about. The Bottom Line Co-signing a mortgage comes with both risks and rewards. It’s not a decision to take lightly, but with careful planning, transparency, and professional advice, it can be done responsibly. If you’re considering co-signing—or want to explore safer alternatives—let’s connect. I’d be happy to walk you through what to expect and help you decide if it’s the right move for you.
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.
