You and Your Broker: A Complicated Relationship

Still remember that first consultation with your mortgage broker in Vancouver? Picture it again. Like any relationship it begins with initial hesitation and insecurity. You wonder if you really need this service. Couldn’t you take care of this mortgage on your own? But your friends all gave you the same advice. Maybe you feel awkward as the broker begins to assess your financial history. There are so many questions to answer. Your income… Your outgoings… Your personal debt… Everything is scrutinized and measured. Then bit by bit the conversation comes around to the future and you begin to create a plan. Using all this information, the broker begins to outline your priorities and draw a road-map. How much do you want to borrow? How soon will you require the funds? What are the costs of the transactions?

Then with all this information in hand, your mortgage broker in Vancouver sets out to negotiate with your bank for the best possible deal. Flash forward a few years and here you are again in the same office. There are three cups of coffee on the desk amongst files and folders and letters from your lender. This time your spouse is sitting next to you. You’re both thinking about the mortgage renewal, due later on this year. The relationship with your broker is more comfortable now. You’ve come to trust the firm over the years.  You’ve begun to see it as a long-term relationship playing out over the lifetime of your mortgage. Your credit repair issues are now cleared up. Things are looking brighter. You’re even thinking about purchasing another property. But not this year.

Lending Experts in a mortgage broker in Vancouver sensitive to your needs and aspirations. Our success is in the mutual trust we enjoy with our clients. Over the years we get to know you, just as you get to know us. 

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.