After a long period of turmoil there are signs that the real estate market in Vancouver is picking up. The covid-19 pandemic cast a cloud across the real estate and mortgage markets, with many lenders being reluctant to grant mortgages in a time of uncertainty. Likewise, with job uncertainty a very real problem for many people, moving home was suddenly off the table.
On the converse, being stuck in their homes for lengths of time that were unusual made many people realise that a move would be a good idea. Whether for more space, to get away from the confines of the city, or simply for a change of scenery the market for enquiries started to rise. So, now that you have decided you want to move to or within Vancouver or British Columbia, why should you consider engaging the services of a mortgage broker? That’s what we’re going to discuss, so let’s get started.
What Does a Mortgage Broker Do?
For a typical example of a mortgage broker Vancouver BC – Pinsky Mortgages is worth checking out. They offer all the services you should expect from such a profession and have a reputation for excellent service. What is it that a mortgage broker does?
In simple terms, they are a person or business dedicated to finding the right mortgage package for each individual real estate transaction. They take into account available income, the person’s personal situation, and the property in question. They then use their contacts to find the best package.
This may not necessarily be the cheapest as there are other aspects to mortgages such as variable interest rates that can be attractive, but it will be the one that matches the individual. But why not just talk to your bank? Let’s have a look at that idea.
Can I Take My Bank’s Mortgage Deal?
As the Vancouver housing market begins its recovery so many mortgage lenders are adding new products to their range. This will include your bank. You may have banked with them for many years and want to remain loyal by taking out your mortgage with them. That’s fine, and is your choice, but bear this in mind: compared to a mortgage broker your bank will have a limited choice of mortgages to offer you.
This is because they are restricted to selling you branded mortgage deals with provider that they partner with. Greater choice means greater variance in the deal, and potentially lesser outlay and a better overall package. Of course, it may be that your bank happens to have the best deal on the market right now, but it remains strongly recommended that once you have that offer you take it to a Vancouver mortgage broker and have them compare it to the packages they have access to.
The Best Deal
The job of a Vancouver mortgage broker is to get each client the best mortgage available for their individual situation at the time of purchase. The local broker will not only know of the right deals of the moment but will also be familiar with the various areas in and around Vancouver and the different payment levels the client should be looking at. There will be a fee for using the broker’s services – as with any professional service provider – but when you consider that against the savings made over other packages you have looked at it becomes a sensible small outlay.
Talk to a Vancouver mortgage broker right now if you are thinking of moving house, and they will be more than happy to discuss your situation and start the search for the ideal mortgage for you.