Tired of speaking to an automated messenger, or waiting ages in a bank line? Call a Professional Mortgage Broker and discover how You’re meant to be treated.
The Simple way to Finance Your Home Purchase
Purchasing a home can feel like one of the most stressful times in Your life. Knowing your personal Mortgage Broker is taking care of the transaction details allows you focus Your energy on more important things.. like what kind of furniture to put in Your new home!
In almost every property transaction there are 3-key components:
- Realtor: to draw up the purchase contract and negotiate the best price
- Bank/Lender: to issue the required funds to finance the purchase
- Lawyers: to complete the signing of the required documents, and transfer the property into your name.
So where does a Licensed Mortgage Broker fit into this process?
First, I'd like to explain a little on how Banks operate.
Every bank offers a different basket of mortgage products, which are continually changing, and tailored towards the bank's specific investment goals.
For example, some lenders offer programs allowing homeowners to include renovation costs into their mortgage, or allow Permanent Residents to purchase a home without using standard income qualifications, while other programs are designed for rental properties.
A Mortgage Broker has access to all of these programs, and is able to navigate the many lenders and products to find You the best mortgage and best rate for Your goals.
Does a Mortgage Broker do anything other than find a mortgage program?
In addition to finding the best mortgage program, we work directly with the banks' to coordinate the whole lending process behind the scenes, remaining in constant contact with You, the realtor, and the lawyer to ensure there are no unexpected surprises. We are similar to your Bank's Mortgage Professionals, however we offer unbiased advice since we have access to many different lenders.
A Mortgage Brokers' service involves:
- Discovery Session to get to know You & Your goals
- Creating the Mortgage Application
- Gathering & reviewing the necessary documents to submit to the lenders' underwriters
- Advising You on the best mortgage options available from multiple lenders
- Negotiating the best interest rate and features between various lenders
- Ordering appraisals as required
- Ensuring funds transfer smoothly on completion date
- On-going follow up to make certain Your mortgage needs are being fully met
How much does it cost to use a Mortgage Broker?
Prime lenders include the big 5 banks (Scotia, RBC, CIBC, TD, BMO), local credit unions, and wholesale lenders(RFA, First National, RMG). Prime lenders offer Mortgage Brokers a commission cheque for arranging finance with a low-risk client. In this category, banks view these clients as safe investments and are willing to offer Mortgage Brokers a premium, very similar to how the bank's own Mortgage Specialists are paid.
Sub-Prime lenders (HomeTrust, Equitable Bank, Bridgewater Bank) require Mortgage Brokers to fee our clients. Fee's are typically 1% of the mortgage funds, and can be added to the total mortgage amount. This fee is split 50/50 between the Sub-Prime lender and the Mortgage Broker.
Mortgage-Investment-Corporations (MIC) & Private Lenders
There are dozens of lenders in this category, the most recognizable lenders are Alpine Credit, Instafund, and Antrim. These lenders also require Mortgage brokers to fee our clients. Fee's are split 50/50 and typically start at 1% and reach as high as 4% on high-risk files.
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As a first time home buyer this whole process was intimidating to me but Adam communicated with me every step of the way and made feel secure in my decisions way more than the bank ever did. Adam was extremely friendly and respectful and I couldn’t have asked for a better experience for one of the most major purchases in my life! Thanks so much Adam!
– Alissa B
One of the best things about Adam is his honesty and willingness to ensure that my best interests were kept top of mind. If you’re looking for a mortgage broker that TRULY is there for you, Adam is your guy.
Adam is the one to call for mortgage help. Why? He is part of a great company and an awesome franchise and has the millennial mind that we need in today’s business world. Give him a call you wont regret.
Greg, New Westminster, BCGReg
Adam's mortgage brokering services focus on educating and providing professional advice. He promotes long-term financial strategies around lifestyle, affordability and wealth generation.
Adam is a licensed sub-Mortgage Broker working out of the First Pacific Mortgage's office, and is part of the Dominion Lending Centres franchise. Through DLC, Adam has access to over 230+ lenders across Canada, ensuring his clients always get the best mortgage products at the most competitive rates.
When not in the office, Adam is actively growing his Vancouver network through the various groups he is involved in. Adam is a member of Vancouver's Board of Trade, Burnaby's Board of Trade and an officer on the Company of Young Professionals Outreach committee.