Vancouver’s real estate market is going strong. Though the real estate affordability of the Vancouver market is challenging for many locals, this part of Canada is an attractive investment option for many. We will discuss responsibilities a mortgage broker in Vancouver must perform
Property buyers are always looking for the right mortgage broker company so that it can work on behalf of the buyers to avail the needed mortgage funds that buyers can use while purchasing a property, renewing the mortgage or to refinance the mortgage. In countries like Canada where a few areas like Vancouver, British Columbia are costlier in terms of real estate, mortgage brokers are crucial in the property-buying process. Brokers should help you in assessing your finances and choose the best mortgage funding option suiting your needs.
Here are some important responsibilities that should be performed by the mortgage brokers in Vancouver/Surrey in order to offer you the best:
- Taking a snapshot of your financial assets.
- Recommending mortgage financing options depending on your specific needs.
- Applying for a mortgage to the lender on your behalf.
- Conduct negotiations with the lenders for you.
- Work with your estate agent and lawyer as a team.
Alternatives available to the buyers
The main reason why most Vancouverites prefer to associate with mortgage brokers is their capacity to access multiple mortgage products with different features, unlike any banks.
Consider private mortgages
As mortgage restrictions in Canada are becoming more and more strict, real estate buyers are finding creative ways of financing their real estate purchasing needs. Many property buyers are partnering with private funding providers. Private mortgage funders are individuals or a company that operates independently unlike a bank.
Private brokers can also access second mortgages. So in case buyers are looking forward to funding activities, renovation of the property, consolidating debt, bridge loan, etc. these brokers can help. There is one more popular mortgage product that residents of Vancouver avail. The name of the product is Home Equity Lines of Credit (HELOCs). Private mortgage brokers have access to this too. Using this product a broker can offer you up to 80% of the present equity of your property.
Non-resident mortgages in Vancouver
As the name suggests, these mortgage brokers can help non-resident property buyers who wish to buy a home in Vancouver. The government has given certain sets of rules that foreign buyers have to follow. For such buyers, the lending options differ as compared to Canadian citizens.
Take this example. In the case of non-resident buyers, the required down payment percentage is usually higher. And the eligibility standards for mortgage financing are higher. Hence, it becomes necessary to take reliable help from a professional Vancouver-based mortgage broker who understands the complexities of mortgage financing for non-residents in Canada.
Role of a mortgage broker in Vancouver
The main role of the mortgage broker is to take steps to ensure that the buyer gets the needed mortgage funding successfully. Once the broker sends the application to the lenders for mortgage financing, the lender must underwrite your file. The underwriter may ask you some questions and demand some more documents and information to make a decision. Your broker must take care of these questions and submit all the required information and documentation to the underwriter. You should not and need not have to be involved in this. Over a period of time, the mortgage sector in Canada has changed a lot. Hence, you need a mortgage broker like Astra to help you get the best you deserve. Such a company eats, breathes and lives mortgages. It boasts a robust team of experts with different areas of speciality and expertise.
Choose a broker or a company that is not only talented but also helps you understand the basic concepts of the mortgage funding process to begin in more tar speech in the association. Hence, even you will be able to make more informed decisions.
Interviewing a mortgage broker
Make sure you associate with a mortgage company that has all the required experiences and expertise to meet your specific needs. For example, if the amount matters for you in the cash flow, then the company should choose the lender accordingly.
Before you finalize the mortgage broker, make a list of some important questions and data.
- Ask the broker if he can present a few testimonials of the past and present clients
- How long will it take to close your deal?
- What is the experience and qualifications of the broker? And in case you are associating with a reliable mortgage company like Astra, their past work will speak for them
- Check the previous years’ records.
- Try to understand the whole process for mortgage funding and the steps included in it.
- Find out if you need to be ready with certain documents in advance.
- Things that can be done to make your mortgage funding application stronger.
Astra Mortgage is a reliable name in the market. The company will help you solve each of your queries. It will leverage its network and contacts to get you the best mortgage funding offer suiting your needs.
