There’s enough talk about the property industry’s “hidden market” to support a number of books currently sold on the subject. These guides will gladly take you through your city’s “hidden market” – generally real estate listings that aren’t on the books. By ingratiating people with secrecy, these rumours will probably always exist. But is everything about them untrue? Not at all. There certainly will always be sales and listings that one can only find via word of mouth. And street smarts and timing can make for near miraculous deals: it’s what a good real estate agent can do for you. The same goes for any product or service. Even mortgages. In fact, if you haven’t been thinking of your approach to a mortgage in a savings-minded way: take a moment and consider how it can shape your view of the process. With proper search techniques, inside tips, and yet – a little bit of “hidden” expertise: you can learn how to navigate the Vancouver mortgage market until you’ve found the deal that’s right for you.
Your Search Starts…Where?
With searching and market analysis today: the big players are obvious. Search engines make for lightning-fast perusal of the options trying to be found – and that’s great! But how do you sort them out? What will clue you in when it comes to finding service, rates, and, trust? Here’s an idea: Make yourself a simple spreadsheet. Add criteria that matters to you: like rates, location, timeline, personal recommendations, and more. As you cruise the most visible options, mark them and compare later. Then, branch out: look into community forum pages or other sharespaces online. Find word of mouth recommendations that might lead you to the best possible service – and a memorable experience with a bank or institution you might not have heard of otherwise. Look into regional and national awards that recognize excellence in lending. Categorize these and begin to think about what your priorities are and what good service means for you and and down the road. While you’ve no doubt already considered these factors: adding real institutions and features to the list will help it come together.
Obstacles and Opportunities
The Vancouver mortgage market has proven surprisingly resilient. It’s been a theme that we’ve seen play out time and again as new data comes in. It’s a good time to be looking for a good deal when it comes to mortgages: so be even more careful than usual when it comes to where you source your advice, how you strategize, and what signals you send as a homeowner approaching a lending institution.
The more you know, the better prepared you are. Keep your options open and let Vancouver surprise you!
Read More »