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:

  1. Realtor: to draw up the purchase contract and negotiate the best price
  2. Bank/Lender: to issue the required funds to finance the purchase
  3. 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:

  1. Discovery Session to get to know You & Your goals
  2. Creating the Mortgage Application
  3. Gathering & reviewing the necessary documents to submit to the lenders' underwriters
  4. Advising You on the best mortgage options available from multiple lenders
  5. Negotiating the best interest rate and features between various lenders
  6. Ordering appraisals as required
  7. Ensuring funds transfer smoothly on completion date
  8. On-going follow up to make certain Your mortgage needs are being fully met

How much does it cost to use a Mortgage Broker? 

Mortgage Brokers' are paid in various ways depending on which category our client fits into: Prime, Sub-Prime, or MIC/Private.

Prime Lending

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

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. 

Last Day to Contribute to Your RRSP's is March 2nd!

https://youtu.be/Y3xK5VkkIMM

Would you like more information?

  • Please enter an email you can be reached at.

Memberships & Associations

Adam Sale

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.