How Can A Vancouver Mortgage Broker Help You?

Getting the mortgage for your dream house is probably a nightmare. Overwhelming mortgage rates and confusing legal procedures have caused many buyers to procrastinate even applying for a mortgage. Vancouver Mortgage brokers are able to lend you a helping hand in acquiring the mortgage product in a hassle free way

Mortgage brokers

A mortgage broker is a legally approved licensed specialist who has connections with various lenders and mortgage products. They have the knowledge of many types of mortgage products and rates and offer you a wide variety of options to choose from. You can compare between various lenders, rates and other factors and choose wisely. Some of the advantages of hiring mortgage brokers in Vancouver are:

  • Gets you the best deal

Though you can consult your bank for applying mortgage, all your bank can offer is their own mortgage products and rates, whereas brokers can present you with the widest number of better options. A mortgage broker has a wide network of connections among various lenders. They will also have access to special programs and discounts that will not be available to an individual borrower. As brokers don’t work for a particular lender, they will analyze the available options and guide you to the best deals.

They also help you in negotiating the rate and are able to get you a reasonable rate.

  • Convenience and flexibility

Hiring a Vancouver mortgage broker gives you greater control over the closing process. They act as the connecting bond between you and the lender giving you a smooth process. They also let you avail some leniency in paperwork or credit issues.

Mortgage brokers become an inevitable option if your bank has already rejected your application. As many banks pose some strict regulations on extending mortgage loans, mortgage brokers become the only solution for those with an imperfect credit history.

  • Saves money and time

As you are able to get the best deal with lowest rates using mortgage brokers, you end up saving a lot more money even after you have paid the broker fees. Sometimes the broker may also price his fees into the loan’s interest rate or into the final closing costs, thus relieving you from a heavy initial expense burden.

Hiring a broker also lets you concentrate on your work rather than having to walk up and down the stairs of every bank in your search for the best deal.

  • Added services

Mortgage brokers may also offer additional services like credit repair, guidance throughout the escrow process and keeping you notified on the status of your mortgage application.

How to choose the right Mortgage broker in Vancouver?

Cost is the primary factor you need to look for while deciding to hire a broker. Check their terms properly and see that the benefits of a low rate mortgage do not get drowned in the huge amount of fees you may have to pay the broker. You should also give importance to the broker’s experience in the field and check whether they have good references. A broker should not act in favor of a few selected lenders and must have a wide range of connections.

While you try to hire a Vancouver mortgage broker, make sure the broker is licensed as per the provincial laws and that he/she adheres to the national proficiency standard given by the Accredited mortgage Professional (AMP).

A good mortgage broker can be a great help in saving time, money and your dreams.