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Mortgage Broker Coquitlam
As the home prices in Vancouver continue to sky rocket, so to do the prices in surrounding areas. What was once considered an affordable city for families, detached homes in Coquitlam now sell for over a million dollars. Housing in Coquitlam ranks as the 10th most expensive city in Greater Vancouver.
In addition to high housing prices, the new mortgage rules launched in January 2018 have made it increasingly difficult for residents in Coquitlam 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 Using a Mortgage Broker in Coquitlam
The top benefits of working with a Mortgage Broker in Coquitlam are:
- 1. It’s free!
- 2. Secures the best rates
- 3. Access to a wide range of lenders and banks
- 4. Paperwork and details are handled on your behalf
- 5. They walk you through the entire lending process
The best part about working with a Mortgage Broker in Coquitlam 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 Coquitlam!
A Coquitlam Mortgage Broker is Free
A common misconception about Mortgage Brokers is that you need to pay for their services. This is completely not the case! A Mortgage Broker works for you, but is paid by the lender once your mortgage is approved.
Secure the Best Rates
While your local bank may offer mortgages, they are limited to just offering their own products, with their own rates. Mortgage Brokers have the ability review rates from multiple banks, credit unions and lenders to find you the lowest possible rate.
Access to Top Tier Lenders
Did you know that some lenders with the lowest rates only offer mortgages through Mortgage Brokers? Monoline lenders offer extremely competitive, low rates because unlike a bank, they have no brick and mortar store fronts (fewer overhead expenses). The only way to access a Monoline lender’s products is through a Mortgage Broker.
Mortgage Brokers Take Care of the Paperwork
In addition to being stressful, the mortgage process requires a lot of paperwork to be collected, organized, and submitted to the correct individuals on the lender’s end. A Mortgage Broker knows exactly what documents are required and who they should go to – making this process much, much easier.
They Guide You Through the Entire Process
Between the initial application and actually getting funded, there are a lot of moving parts! For many, this process can not only be stressful, but quite confusing. Mortgage Brokers eat, sleep, and breathe mortgages – so they can confidently walk you through the entire process, giving you peace of mind, knowing that you haven’t forgotten something that would be crucial to funding your new home.
Mortgage Broker Coquitlam Residential Services
Because there is no one size fits all mortgage, it is extremely beneficial to work with an experienced Mortgage Broker who can assess your specific needs and match you up with the best possible lender for your residential mortgage. We can confidently assist on the following types of residential mortgages: repeat buyers, first time buyers, self-employed buyers, newcomers to Canada, investment properties, refinances, renewals, and reverse mortgages.
Coquitlam Residential Mortgages
If you’re shopping for a new home, it is absolutely necessary to speak with a Mortgage Broker. A Coquitlam Mortgage Broker will be able to connect with all the lenders in their network, review each mortgage available, and secure you the best possible rate. Something that just isn’t possible at the consumer level.
First Time Coquitlam Home Buyers
Did you know that if you’ve never purchased a home before, that you’re eligible for discounts and tax breaks? Mortgage Brokers are well versed in the RRSP Home Buyer’s Plan, Land Transfer Tax Rebates, and the First Time Home Buyer’s Tax Credit – making sure that none of your hard earned money gets left on the table.
Self Employed Coquitlam Buyers
For most people, proving your income to a lender is simple, as your employer would have given you a T4 for each year of employment. But as a self-employed individual with no T4 slips to provide, proving your income, and its sustainability can be difficult. Applying for a mortgage while being self-employed, can be very daunting. An experienced Mortgage Broker knows exactly what kind of hoops need to be jumped through, and their personal experience with various lenders can help you secure financing that you likely wouldn’t have been able to do on your own.
Secure Investment Properties
Purchasing an investment property can be a great source of income, but getting a mortgage isn’t quite as straightforward as securing a mortgage for your primary residence. Financing will depend on how many unity are in the property, and if you plan on living in one of the units. An important factor to note is that some lenders won’t even consider financing the purchase unless you plan on living in one of the units.
Mortgage Renewals and Transfers
When your mortgage term is coming to an end, the last thing you want to do is blindly renew without seeing what your options are. This is the perfect opportunity to have a Mortgage Broker shop around and find out exactly what other lenders would be willing to offer you. By moving to a new lender you have the potential to save a lot of money each month.
Moving to Coquitlam from a Different Country? A Coquitlam Mortgage Broker Can Help
If you are new to Canada, there is a lot of supporting documentation that is required in order to secure a mortgage. A Mortgage Broker in Coquitlam will know exactly what documents to request from you, and how to match you to a suitable lender who has programs specifically designed for people who are new to Canada.
Interested in Refinancing your Coquitlam Home?
The top reasons for refinancing a home are to consolidate debt, access equity, and to take advantage of lower mortgage rates. No matter your reason for refinancing your Coquitlam home, a Mortgage Broker can help you navigate the process, avoiding hefty fees and prepayment penalties.
Coquitlam Reverse Mortgages
Coquitlam home owners that are over the age of 55 can qualify for a reverse mortgage. This type of mortgage is excellent for any retirees who have found themselves “house rich” and would like to access some of the equity in their home.
Coquitlam Mortgage Broker Video Transcript
Coquitlam has seen one of the largest demographic changes over the last 20 years compared to other regions in the Tri Cities area. Crime levels have dropped to near record lows, and new, beautiful housing developments have sprung up left and right, resulting in Coquitlam experiencing a large influx of young families and first time home buyers enticed by more affordable housing and great centrally located communities.
As a result of this growth; apartments, single detached homes, and townhomes have seen strong price growth, and are currently listing at record highs. To combat this growth, the federal government has taken action to try and cool housing prices by making adjustments to lending rules (by implementing stress tests), and raising interest rates. In fact, interest rates are at an extremely uncertain level as multiple global stressors play into action with the Canadian economy.
The result of these multiple stressors is a large variance in lending rates between mortgage issuers. We’re seeing some lenders offer the same principle amounts at several interest points lower than other lenders. We’re also seeing the day to day banking institutions (such as the big 5 charter banks in Canada) offering widely varying rates – which isn’t great for consumers and can lead to tens of thousands of dollars in excess interest payments.
This is the reason so many home buyers are turning to mortgage brokers. A mortgage broker collects some of your basic information, then approaches multiple lenders and negotiates the absolute lowest rate they’re willing to offer. The Coquitlam mortgage broker will then present these offers to you; the client for final decision. The best part is that mortgage brokers are free to use (the lender pays all the fees for qualified applicants), and the mortgage brokers are very experienced.
They will stickhandle you through all the tricky mortgage rules, changes, and curve balls to make sure you’re well informed, and know exactly what you’re getting in to, at the exact rate. It makes you wonder – why aren’t more Coquitlam residents (and future residents) using a mortgage broker for their home purchase? They are!
Vancouver Mortgage is one of the fastest growing mortgage brokers in Coquitlam, and with local personnel, we’ve got the experience to back it up. We’d be happy to help you get approved at the absolute lowest rate – it’s what we do best. Just read the reviews for yourself!
Mortgage Broker Coquitlam Commercial Services
Securing commercial financing can be a very complex process because lending to a company is generally regarded as more risky than lending to an individual. Our experienced Mortgage Brokers can find you a suitable lender for commercial property mortgages, construction mortgages and even equipment leasing.
Secure a Commercial Mortgage in Coquitlam
Lenders for commercial mortgages have extremely high standards and very specific criteria that must be met. Because the requirements are not usually publicly available, the best way to start the commercial mortgage process is to work with a Mortgage Broker. They can help make sure you meet the exact requirements to qualify for this type of complex loan.
Coquitlam for Construction Mortgages
To build a new home in Coquitlam, a construction mortgage will be required. This type of loan is given in stages called draws, with the next draw of money not being given until an inspector confirms that the home has been built according to policy guidelines. If you plan on building a home, it is highly recommended to speak with a Mortgage Broker so they find you a suitable lender to help finance.
Lease Equipment in Coquitlam
Leasing equipment can be an excellent way to ensure that your company can grow and stay up to date with technology, without negatively effecting cash flow. A Mortgage Broker can find an equipment leasing program that best suits your company’s individual needs.
Mortgage Broker Coquitlam Reviews
Our professional team of Mortgage Brokers only serves Vancouver and its surrounding areas like Coquitlam. That means we are extremely familiar with Coquitlam’s real estate and lending trends. You won’t find a better Mortgage Broker than us, just read our Coquitlam Mortgage Broker reviews!