In: Real Estate

Get the Top Mortgage Advice from Vancouver Mortgage Brokers in BC

It can be quite daunting of a process when it comes to buying a house and getting onto the home-owning side of things as an adult. But there are wonderful, professional companies out there that can assist you and help you comfortably through this process.

 

What is a Mortgage Broker?

Fundamentally the role of a Mortgage Broker is to be the middle man. They are the people who deal with the process from the beginning to the end from both sides of the table. A more sophisticated explanation can be found here https://en.wikipedia.org/wiki/Mortgage_broker, with a more detailed summary.

How to Find a Mortgage Broker?

There is what is called a ‘whole-of-market’ broker. What this means is that when they are helping you find the best lenders and properties; they will look at all the available options on the market at that time.

Whereas say, if you went through the bank, they have the obligation to promote their specific product range to you.

Opting to use a whole-of-market broker could potentially save you a lot of money. Some questions you might not think to ask could make a big difference in the outcome, read this article for help with what to look for and possible inquiries.

This type of broker will not only present the cheapest options, but also the best suited to your needs and family dynamics.

Do you qualify for a Mortgage?

The thing that worries most first-time buyers and, ultimately puts them off before even getting started, is how much is the deposit going to be? But with today’s rates and flexibility schemes, the amount has drastically dropped and in some cases not even needed.

Another big factor to keep in mind is your credit score. Naturally the better the score the better your chances of getting approved. Make sure to have a look at your credit report https://www.cbc.ca/news/canada/how-to-check-your-credit-report-1.1185975  when starting this process.

Being financially secure is a no brainer for both sides of the negotiations. It needs to be ‘enough’ for starters, undoubtedly to be able to cover repayments, but also consistent. This is where having all your paperwork sorted is going to come in handy. This should be easy if you earn a salary.

You are not the first and certainly not the last person to use a mortgage broker, get a mortgage and own a home, but you are the only people who can make decisions for you. Take some time to watch this story here about a couple who have gone through a similar experience and their journey throughout the process.

What are the Benefits of Using a Mortgage Broker?

What we all look for when shopping for anything be it a pair of shoes or a house, we want the most bang for our buck, a broker will be able to look for and offer you the most advantageous deal on the table.

They are the ones doing the heavy lifting, it’s their job. So, this not only saves you time by not having to go up and down, or to and from negotiations, but the money it takes to travel to those meetings and have them set up.

You start to build a relationship with this person, and trust they get your vision. As you all get to know each other better, they will be able to tailor package deals for you and understand the desired result. A more personalized service.

If this is something that sounds like it is for you, check out with top mortgage brokers in BC and let them help you make your dreams a reality.

5 Mistakes to Avoid of First Time Buyers.

  • Looking First. I know it’s exciting to shop for a house, the problem with this is we get attached to one, or a specific style, and this only leads to disappointment when it’s not in the budget.
  • We have an idea in our heads of a picture-perfect setting with the friendliest neighbors, taking cookies round and the grass is green as. But if this pushes the price up then it’s something to think about compromising on. A few minutes extra driving could well have the wallet sighing a huge relief.
  • One Lender. Don’t get hooked on one fancy smile, there are options. Shop around, get price comparisons, do an evaluation.
  • Beyond your Means. Buying something that is beyond your financial reach is only going to drain all the fun out of owning a home. And fast. Rather search for something under budget and look to repaying the sum quicker.
  • Emotionally too Fast. Don’t run with your emotions and do something you’re going to regret because you are rushing. Take your time, some tips here will help you.

Whatever you decide to do, go with your gut. After some research of course.

For some people it’s a once in a lifetime opportunity, make it count.