Mortgage Refinancing: Is It Time to Refinance Your Loan?
Mortgage refinancing is a hot topic for many homeowners, but deciding when it’s the right time to refinance can be tricky. Some refinance to lower
LET ME HELP YOU GET THE HOME OF YOUR DREAMS
The Mortgage Specialist understands that finding the right mortgage rate is crucial for your financial well-being. Our dedicated team of expert Mortgage Brokers in British Columbia and Vancouver is committed to helping you secure the lowest mortgage rate possible.
You Get The Mortgage Experience, Supported By A Team You Can Trust
Let’s be honest, not many people can pay for their home in cash… Most people will need a mortgage to purchase real estate.
Our process starts with a 20-minute phone call. Often times, we can address 99% of your questions & concerns, and we can tell you how much of a mortgage you’d qualify for.
It might seem strange, but you might actually be able to save money by refinancing your mortgage… Depending on the rate environment and your contract, I can help you figure out if it makes financial sense for you to refinance. Even with the fees & penalties – you could save thousands.
If you are planning on renewing your mortgage with your current lender, you may be leaving money on the table. We can negotiate a better deal. You may also want a new mortgage product upon renewal, and we will show and guide you how to choose the mortgage that suits your future goals.
Do you want to use your mortgage to consolidate your debt to manage your credit cards, car loans, taxes, or any other high interest bills? When executed well, alongside a short – and long-term plan, debt consolidation loans can help you reduce your overall debt burden while freeing up cash flow.
The truth is that divorce is difficult and stressful enough on its own. And when living arrangements, mortgages and financial instability start to pile up, it becomes a disaster. Don’t go into your divorce or separation with your eyes closed… You should be prepared for every financial thing that your partner could throw your way.
In addition to our normal offerings, we have special programs for special situations. Learn more about our 10-Year Mortgage Rates, Mortgages For Heroes, & our Mortgage Adoption Process.
The Mortgage Specialist brokers excel at negotiating on your behalf. We advocate for the best terms and conditions, ensuring you receive a mortgage that aligns with your financial goals and interests.
Our Mortgage Brokers in British Columbia and Ontario are driven solely by your best interests. They are not influenced by commission incentives, ensuring that the mortgage solutions they recommend are genuinely in line with your unique financial situation and goals.
We value the trust you place in us as your mortgage advisors. Our commission-free experts are dedicated to building long-lasting relationships based on trust, transparency, and your financial success.
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The short answer is no.
Most of the time, the mortgage provider that you select to go with, through your mortgage broker, pays your specialist mortgage broker a referral fee. There are costs associated with setting up a mortgage, and these costs and fees are discussed as part of the process. Costs such as legal and closing costs. All borrowers are responsible for these costs.
There are occasions when a mortgage broker will charge you a fee. These occasions involve special circumstances, such as working with a lender that does not compensate the mortgage broker. These costs and fees should always be discussed up front, and agreed upon, before pursuing any of the related financing avenues.
A mortgage broker is better than a bank in the sense that a mortgage broker will help you with securing a better mortgage with a bank.
If you go straight to the bank without the assistance of a mortgage specialist you might get a raw deal. Apart from the fact that the mortgage process might be a bit complex, which normally with any kind of loan – consumer credit check, any existing loans, your job, education, resume, payment history and many other requirements, a home loan application is a specialist job if you are to get a very good deal.
The mortgage loan specialist will know what to do and advice you accordingly rather than just going straight to the mortgage lending bank. Mortgage specialists would know where to find you the best percentage rate, which mortgage lenders are best to approach with your credit history or home equity if you have one, etc. So it is in your best interest as a home buyer to use a mortgage loan specialist to select the best mortgage lenders.
When using the services of a mortgage advisor, when it comes to how they get paid there is no typical broker fee because there are varying out of pocket costs for the set up and closing of your mortgage and property. However, which you should be aware of well in advance of your closing.
But as far as how much a mortgage advisor costs, well we have to back track a little bit and get an understanding of the way that the mortgage industry works.
The price of the service is built into your mortgage rate, no matter what. That’s right, even if you are going in to your bank and using a mortgage advisor in branch, or you are using a mortgage specialist from a bank, who is paid on commission and not a salary, or a mortgage broker, who has access to more than just one bank and one lending product, the cost of the service is built into the pricing of your mortgage rate.
The price of the service, the loan amount, is built in to your mortgage rate, no matter what.
Here is an illustrative example. If you are going in to your bank and using a mortgage advisor or loan officer in branch, or you are using a mortgage specialist from a bank, who is paid on commission and not a salary, or a mortgage broker, who has access to more than just one bank and one lending product, the cost of the service is built into the pricing of your mortgage rate.
The way it is all set up is like this; your bank branch that you go to, let’s call it ABC bank. While it is all the same bank, under the same umbrella. When you go to ABC bank and do a mortgage application, what ABC bank does is forward that mortgage application to ABC mortgages. It is the same company, under the same umbrella, but a different faction of the bank. Essentially it is operated as a totally separate arm.
There are several reasons why you would use a mortgage broker. One of them being that there are many lenders that can only be accessed through the use of mortgage brokers, with products that offer the flexibility that should be important to consumers. Not only do you get the flexibility, but you also get a competitive rate.
The presence of these lenders keep the banks honest. Let’s face it, every lender is in it to make money, and the more you pay on your financing costs, the better it is for their bottom line.
IF there are say, only 5 options to choose from, the market is less competitive, and typically you will see that prices are set higher. However, if there are 100 to 1000 options, then you will see that there may not be as wide a spread among the prices and that there is a lot more competition. The more choice you have, the more on your toys your service providers have to be – which is typically great news for the consumer.
When mortgage brokers first came on the scene, many years ago, the thought was that they were only there to help you get financing when you were desperate and your bank turned you away. This may have been true over 40 years ago.
Today, thanks to mortgage brokers, we have access to a competitive marketplace. Yes, that is right. Mortgage brokers keep the industry competitive by their very nature. By bringing options and choice to the consumer, it forces the banks to remain competitive for your business.
There are many lenders that can only be accessed through the use of mortgage brokers, with products that offer the flexibility that should be important to consumers. Not only do you get the flexibility, but you also get a competitive rate.
What you need to take to a mortgage broker varies depending on the individual policies and procedures. For us, the best place to start is with a 20 minute phone call. You do not need anything.
If we get to it, the most skill testing question we will be asking you is what is your SIN. The rest of the information you should have available at the tip of your tongue.
During this initial call we are often able to address 99% of your questions or concerns. You can even walk away from the call knowing how much you can qualify for, and what the best down payment amount will be for you.
This is a question that we have to break the rules and answer by first asking a clarifying question.
When using the term “broker” what are we referring to? The term can be used to refer to a realtor (real estate broker), or a mortgage broker. In either case, the answer is NO, you do not need a broker to buy a house. Just like you do not need a lawyer to go to court and fight your case. Nor do you need a travel agent to book your trip. You can also say the same thing about a mechanic, to change your brakes.
There is a reason that these professionals are around, and there is value that they provide. The simple answer is, if you see the value that they present, then you hire their services.
All you have to do to get started is fill in the form! Once you’re done, someone from our team will be in contact with you as soon as possible!