Interesting Times Make Mortgage Brokers a Must

As a mortgage broker and consultant in Vancouver, it’s an interesting time to listen to the concerns of clients. Some of them are young couples trying to get on the housing ladder, others landlords or home movers. All of them have different levels of knowledge, different expectations, different certainties and uncertainties.

The market changes year on year. Every year is different but the principles remain. In March the Bank of Montreal created a stir when they dropped their fixed five year mortgage rates by 3%. Speculations immediately arose about a possible rates war. This may be of some comfort to those hoping to renew or apply for mortgages in the coming months.

With houses prices steadily rising, variable rate mortgages have become more tempting recently, especially with the falling thresholds created by weak yields in the bond market. The question has become a familiar part of the modern malaise. Do you take a variable mortgage at 2.35% or do you go for a fixed rate mortgage at 3.09%? If fixed rates drop below 3% the call will become tighter. With signs of interest rate rises on the way in 2015, the fixed rate is being trumpeted in some circles as the new best choice.

This is where your friendly mortgage broker and consultant in Vancouver enters the fray. There has never been a more important time to have cool informed technical assistance when exploring your mortgage options. When renewing a mortgage, many people still deal automatically with their existing lender, too busy or too complacent to seek a better deal elsewhere. Many people still maintain a paternal relationship with their bank. They trust the bank to look out for them. In reality however, it is not in a bank’s interest to provide you with the financial guidance you need. A bank hasn’t got the time, resources or motivation to put you on the trail of a better deal. For one thing, it might involve recommending a competitor. 

If you feel at sea in the debates over mortgage rates you do have the option of independent advice. A mortgage broker can steer you towards the best offers in the market. They can help you secure a better deal with your current bank or with a new lender. Lending Experts is a mortgage broker and consultant in Vancouver. Our team of senior brokers can offer you the support you need in negotiating the turbulent mortgage market. 

Wondering How to Get a Mortgage Even Without a Salary

Lending a fair mortgage is a difficult task. Everyone of us cannot secure an ideal mortgage without the expert assistance of a professional or a seasoned mortgage broker. If you are all alone in your quest, then your chances are pretty bleak. More so, if you are a self-employed individual, the chances of securing a profitable mortgage are next to impossible.

Most self-employed applicants find it hard to get a mortgage deal than their salaried counterparts. They are amongst the less preferred lot by the lenders. Lenders find it difficult to put their trust on individuals who do not draw a fair enough salary each month. Self-employed or small time business rings uncertainty bells in their mind.

The main hindrance for non-salaried individuals is that they have to face higher interest rates for securing a mortgage deal. They have CMHC mortgage insurance premiums as well that lead to further issues in the process. Therefore, they need a professional mortgage broker who has proper understanding of the market rates and helps you in securing a profitable deal without much hassle. It also helps in making a strong plan to securing a good mortgage.

Also, it is important you make a heavier down payment if you are self employed. They larger the down payment that you make, greater is the chance that the lender will trust you and offer you a profitable mortgage deal in the bargain.