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Darrell McCollom. Mortgage Broker.

Victoria's mortgage expert for the last 25 years.

Darrell McCollom

I'm Darrell, thanks for visiting my website, I'm an Independent mortgage broker and founder of Victory Mortgage with our office located at 446 Goldstream Avenue in Colwood. I'd love to work with you to help you get the best mortgage.

Getting the best mortgage is looking beyond just the best rate, it includes understanding different mortgage products and how they impact your long term financial goals. I bring a commitment to finding you the best mortgage despite a rapidly changing market conditions. I work with integrity, honesty and education to help coordinate your unique financial requirements to the best product to save you money and time.

In my spare time I enjoy time with my family. I have a passion for aviation history and history in general. Friends and family are very important to me and I enjoy sharing as much time as I can with them in this beautiful city.

I understand mortgage financing deeply and invite you to use my expertise and experience to your advantage. Let's get together and talk a bit so I can really get to know your situation and provide tailored mortgage advice.

Nice things people have said about working with me.

Finding the best mortgage can be frustrating. It doesn't have to be when you follow my 3 step plan.

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The best place to start is to connect with me directly. My commitment is to listen to your needs, assess your financial situation, provide professional mortgage advice, and guide you through the mortgage process.

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Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming. Let me cut through the noise. I'll outline the best mortgage products available with your needs in mind.

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My goal is to make sure you know exactly where you stand at all times. From your initial application through your mortgage renewal, I'm available to answer any questions for as long as you need a mortgage. I've got you covered.

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What you can do with my app

 

Calculate your total cost of owning a home

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Calculate Land transfer taxes and the available rebates

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Mortgage articles to keep you informed.

RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Darrell McCollom • April 15, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

How Your Loans and Spending Habits Are Quietly Shaping Your Credit Score

By Darrell McCollom • April 10, 2026
Your credit score is one of the most important numbers in your financial life — especially when it comes to getting a mortgage. But for most Canadians, how that number actually gets calculated remains a bit of a mystery.

Deposit vs. Down Payment: Key Differences for Homebuyers

By Darrell McCollom • April 8, 2026
When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.
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