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.