Our team of mortgage specialists can help you sort out the type of residential mortgage you need for living in Vancouver, or anywhere in B.C.
It’s not just buying a home that requires a mortgage broker. Owning a home, and managing its finances, can also require the help of an expert. You see, from time-to-time, banks and lenders create new programs for homeowners to suit popular needs. Mortgage brokers stay up-to-date with these new deals and rules. Good mortgage brokers keep you up-to-date with money-saving opportunities.
Whether you’re a first-time homebuyer, or a long-time property investor, having an independent mortgage broker by your side can ensure you’re getting the best rates available, at the time you need them.
Looking to speak to someone about your Vancouver residential mortgage? We’re ready to help!
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We also answer several questions about B.C. residential mortgages on our website.
Mortgage pre-approvals and pre-qualifications
Learn about the differences between B.C. mortgage pre-approvals and pre-qualifications. Depending on where you are in the home-buying process, it will be important to time these applications correctly. A Vancouver mortgage broker can help you put together and strategize your documents, so you have the best chance of getting approved.
Home purchase mortgages and home equity lines of credit (HELOCs)
Your down payment requirements may not be as high as you think. Not only that, your home purchase can do more than provide a roof over your head. A mortgage broker can look at your finances, and let you know how to get the highest return-on-investment out of your property. Sometimes, this can include a home equity line of credit (HELOC). A HELOC can help you access your home’s ‘locked in’ cash value sooner, than later. It’s different than a refinancing deal.
Mortgage renewals and transfers
Vancouver residential mortgages are far from being a one time deal. They can be re-negotiated for better terms, potentially saving homeowners thousands of dollars. If your mortgage is up for renewal (which is usually every 5 years), you can speak to a mortgage broker to learn if there are better rates you can qualify for.
When you’re looking for your dream home, but there’s nothing on the market that quite suits your taste, you can opt for the DIY method. In B.C., there are mortgage programs designed to help home buyers renovate easily. This means you may not need all the up-front cash required to create your perfect sanctuary. You can borrow it, then fold it into low-interest, monthly mortgage repayments. The key to making it work is having a good mortgage broker prepare your application. They can help you qualify for these types of loans.
If you have the perfect plot of land to live on, you can build your home from scratch using progress draw mortgages. Also referred to as “builder’s mortgages,” these programs help you finance a professional, new home build. They come with a lot of terms and rules, however. A mortgage broker can help you come up with a plan to present to the bank. This can improve your chances of qualifying. They can also help you navigate a lender’s complex requirements when it comes to home construction loans.
Secondary home mortgages and vacation property mortgages
Owning a second home or vacation property can be easier than some people realize. They’re not just for ‘fun,’ either; they can be great investments to add to your portfolio. Whether you plan to have a family member live in your second property, or hope to buy an occasional-use cottage, you’ll want to work with a mortgage broker to work out the best financial scenario for your case. These types of mortgages can be finicky to get, and come with more rules, in some cases.