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Mortgage Broker in Burnaby
Burnaby is a busy, urban city that has something for just about everyone. From lakes, parks and beautiful mountain views, Burnaby also boasts the largest shopping center in British Columbia, Metropolis. In a survey done by Maclean’s magazine, Burnaby was considered the best run city in Canada.
In addition to high housing prices, the new mortgage rules launched in January 2018 have made it increasingly difficult for residents in Burnaby to secure a Mortgage. Working with a Mortgage Broker is the absolute best way to maximize your chances of getting approved, and secure the most affordable mortgage for your budget.
Benefits of Mortgage Brokers in Burnaby
The top 4 benefits of working with a Burnaby Mortgage Broker are:
- 1. Their services are free!
- 2. They have access to the best rates.
- 3. They have a wide network of lenders AND banks.
- 4. They handle all the paperwork and details for you.
One of the best things about working with a Mortgage Broker in Burnaby is that they save you money! A Mortgage Broker works for you (not the lender), and their goal is to connect you with a lender who has the most suitable mortgage for your needs and will save you the most money.
Vancouver Mortgage is now serving Burnaby!
Burnaby Mortgage Brokers are Free
Because they work to save you money, it’s common to assume that you need to pay for a Mortgage Broker’s services. However, this is not the case. A Mortgage Broker gets paid by the lender who provides your mortgage, but only once you receive the financing!
Get Better Rates
Because Mortgage Brokers work within a network of A,B and C lenders they are able to review many different mortgages on your behalf, securing you the best rate available.
Access to Top Tier Lenders
One of best things about Mortgage Brokers is that they can access lenders you wouldn’t be able to on your own. Some lenders are able to offer extremely competitive rates by cutting down on overheads like brick and mortar storefronts, and only accepting qualified applicants through Mortgage Brokers.
Burnaby Mortgages are Easier with a Broker
Getting a mortgage from application to funding requires a lot of moving parts, and even more paperwork. Fortunately a Mortgage Broker handles all of these details behind the scenes, giving you one less thing to worry about.
Burnaby Mortgage Broker Video Transcript
One of the fastest growing areas in all of Vancouver is Burnaby – which has experienced massive growth as of late, with sky high new developments popping up left and right, which are not restricted by building height limits like other areas in Vancouver. As a result of this red-hot development pace, the community infrastructure of Burnaby is world class – with public transit, restaurants, and shopping usually within walking distance or at most – a short drive away.
As real estate prices climb to record highs, more hoops have been introduced for prospective Burnaby buyers to jump through in order to hear those magic words “you’re approved”. New mortgage rules have been implemented by the federal development which is leading to record high application decline levels, fueled by lenders becoming increasingly picky. On top of the new lending rules, Canadian interest rates are experiencing uncertain times, and it’s apparent lenders aren’t sure if they should hold, or increase.
With such a dynamic mortgage lending landscape, we’re seeing one of the largest interest rate discrepancies between lenders that we’ve ever seen, which can be very problematic for buyers. If you secure lending at just a few percentage points higher, you could be looking at hundreds of thousands of dollars in excess interest payments over the lifetime of your mortgage.
As a result of this, we’re seeing a massive increase in Burnaby Mortgage broker demand, because a mortgage broker helps clients stickhandle through every hoop, and guides them through the entire mortgage lending process, and can usually secure a better rate than the home buyer would be able to get themselves.
How a mortgage broker works is simple. They collect a bit of your basic information, then approach multiple high quality lenders on your behalf, including negotiating lending rates. All the offers are presented to you to make the final decision.
What’s even better is that working with a mortgage broker is free. That’s right, all the fees are paid by the lenders (they’re hungry for your business). It’s no wonder mortgage brokers in Burnaby are so popular.
Here at Vancouver Mortgage, we’ve got a local, extremely talented team of professionals working in Burnaby. We know the top tier lenders inside and out, and if anyone’s going to get you approved at a great rate – it’s us. Just read our reviews!
Mortgage Broker Burnaby – Residential Services
If you’re thinking of buying a new home in Burnaby, or making a change to an existing mortgage, it is highly recommended that you speak with a qualified Mortgage Professional before making any decisions. Our Mortgage Experts can advise on residential mortgages, first time home buyers, investment properties, self-employed individuals, renewals, newcomers to Canada, and reverse mortgages for retirees.
Buying a Home in Burnaby?
By tapping into their large network of banks and lenders, a Mortgage Broker helps buyers get the best possible rate available. If you’re in the market for a new home, the best things you can do is speak with a Mortgage Expert about all the residential mortgage options available to you.
First Time Home Buyers in Burnaby
If you’ve never purchased a home before, you can benefit greatly by working with a Mortgage Broker. As a first time buyer in BC you may be eligible for special programs like the First Time Home Buyer’s Tax Credit, Land Transfer Tax Rebate, and the RRSP Home Buyer’s Plan – all of which our Burnaby Mortgage Experts are well versed in.
Purchasing rental property can be a very wise investment, but securing an investment property mortgage can be tricky and frustrating. A Mortgage Broker will be able to help you meet the specified criteria required for getting an investment property approved.
Compared to traditional salaried workers, self-employed mortgage applicants frequently have trouble securing financing. While it may be difficult, it is not impossible! Working with a Mortgage Broker is your best bet for getting a mortgage approved as a self-employed individual.
Burnaby Mortgage Renewals
The perfect time to meet with a Mortgage Broker is when your existing term is about to end. They can advise on whether you should sign on for a mortgage renewal with your current lender, or if you would be leaving money on the table by doing so.
Refinancing in Burnaby
In addition to taking advantage of lower interest rates, refinancing a mortgage is an excellent tool to consolidate debt. If you’re interested in refinancing your home, a Mortgage Broker can advise on the best course of action to avoid fees and pre-payment penalties.
New to Canada? Talk to a Burnaby Mortgage Expert
Moving to a new country is exciting, but purchasing a home and securing a mortgage is extremely stressful. For newcomers to Canada, working with a Mortgage Broker can help take some of the weight off your shoulders. Some lenders across the country offer new to Canada mortgages, and having your Mortgage Broker connect you with one will increase your chances of getting a mortgage approved.
How We Make Reverse Mortgages Simple
The CHIP Reverse Mortgage is available to Burnaby home owners who are over the age of 55. A Mortgage Broker can help you through the entire process, ultimately resulting in you having more disposable income each month, without having to downsize.
Mortgage Broker Burnaby – Commercial Services
Because commercial loans are perceived as riskier than residential loans, securing financing for commercial projects can be difficult. Working with a Burnaby Mortgage Broker makes commercial financing easier as we can easily assist with construction loans, commercial mortgages, and equipment leasing.
Burnaby Construction Loans
Building a brand new home requires a lot of funds, which most people do not have on hand. A Mortgage Broker can help you get approved for a construction mortgage, which is given in portions as the building of your new home progresses.
Due to the complex nature of the loans, lenders for commercial mortgages tend to have very rigorous standards and extremely specific criteria that must be met. A Mortgage Broker will be able to advise on what exact steps you need to complete in order to get approved for a commercial mortgage quickly and easily.
Leasing Equipment in Burnaby
To grow a business it’s important that business owners have enough up to date equipment. But purchasing brand new equipment outright every time technology changes is just not feasible for most companies. The is where equipment leasing comes in. By choosing to lease, business owners have access to new, top of the line equipment with affordable payment plans.
Mortgage Broker Burnaby Reviews
Our professional team of Mortgage Brokers only serves Vancouver and its surrounding areas like Burnaby. That means we are extremely familiar with the real estate and lending trends in the area. You won’t find a better Burnaby Mortgage Broker than us, just read the reviews!