In this day and age, a mortgage broker can seem anachronistic. Information is ubiquitous and so is advice. Deals are commonplace and take on many forms. So why the need for a paved-road expert who knows the ins and outs of the standard process?
First – because proven methods will always be worth more to some homeowners. And secondly, because today’s mortgage broker is much more than simply a guide. Flexibility is your currency during a financial exchange of this sort. Gain as much as you can with a professional at your side.
It’s a cynical market out there – in some ways. Assumptions are made at every turn and advice can lead in multiple directions at once. Movements towards more close-to-the-hip, autonomous deals are common. Some people instruct homeowners to do their own digging. And you should. But the fact remains that when operating in a longstanding field – once that happens to be uniquely primed for solid rates at the moment; nobody will steer you through the normal hurdles of the process more effectively than a mortgage broker. Vancouver has many, all armed with the market knowledge, core practice sense, terminology shortcuts, and direct lines to lenders that your average homeowner couldn’t possibly have.
Does this mean that you abandon alternate searches? Hardly. A keen mortgage broker will have an arsenal of tactics, and if you match well with them and express your needs correctly, you encourage them to open up more innovative routes.
Be direct. Find a broker known for creativity if that’s what you want. Or find a broker who prides themselves on a proven, traditional approach. Regardless, reputation means a lot. When it comes to past work: a broker is no more and no less than what they’ve managed for clients.
Be clear, but keep some information private. Let your broker know Plan A. Let them even know Plan B. But have other options, resources, and links to fall back on. It will both show your awareness – and thus open your broker up to more aggressive leads if you so desire – and give them room to push hard on options that, at the end of the day, you can take or leave.
What works, works. If you find a rate that seems more conservative than you’d like – or more lenient – yet seems to be a comfortable fit for many homeowners: ask yourself why. Look back and ask around: what worked before and what works now? Find out: what are the greatest obstacles encountered during the process? Decide how safe you’re willing to go.
Follow your news, know your city. All brokers are licensed by their provincial BC government. This means that all new protocol and regulations are documented. Follow lending laws, homeowner laws, and categorization of brokers. Make informed decisions.
Sound simple? It rarely is, but with some clear guidelines, finding a Vancouver mortgage that suits you can be an informed, measured decision.Read More »