7 Expert Tips In Finding The Best Mortgage Broker In Vancouver

Published on: 22 February 2019 Last Updated on: 09 August 2019

Planning for your home purchase or starting your own business requires that you find the right mortgage broker to work with. Working with a legitimate broker allows you to access the best loans and meet your financial needs. If you proceed to apply for loans on your own, you may be limited to only your direct contacts and present resources in Vancouver.

Here are the best tips in looking for the best mortgage broker if you’re based in Vancouver:

1. Ask recommendations from people you know and trust:

There’s a good chance that one of your friends or relatives may have already transacted with a reputable mortgage broker in your area. When making plans for your house construction or business, the first thing you should do is to ask around and consult your friends and relatives about their mortgage broker recommendations.

Your personal contacts may have experience in broker-hunting, or they may have reputable connections in the industry. In Vancouver, a highly-recommended and reputable mortgage broker company is GLM Mortgage Group.

2. Do your research thoroughly:

Once you have your requirements prepared, you should start doing research in order to collect a good number of options as well as to protect your interests and ensure that you work with a competent and legitimate broker. Here are some things you can do:

Go online and search for possible mortgage groups in Vancouver. Excellent mortgage brokers would have a strong online presence.
Gather all the information that you can, and then make a shortlist of the brokers you’re most interested in.
Focus on important details such as the company’s network connections and affiliations. A mortgage broker with the most number of quality connections would have the flexibility to give you more options, with better terms and rates.
Search for customer reviews about the mortgage brokers you’re strongly considering.
Check review sites and forum boards to see if your potential brokers receive good or bad client feedback. In this day and age, it would be difficult to suppress negative reviews from dissatisfied clients.

3. Set up meetings with these brokers:

It’s important that you meet with your potential brokers. During your first meeting, you’ll get a firsthand feel about how the broker meets your expectations of a successful deal. Here are some pointers to guide you in your meetings:

Observe how the mortgage broker asks you questions. He should be sincerely interested in what you have and what you need.
Assess the types of questions a potential broker asks you. The broker should be able to get the relevant information from you in order to find the best deal that will answer your needs.
Observe how thorough a broker is in interviewing you. Thoroughness is likewise a great indicator of the broker’s experience and interest in closing a successful deal for you. Getting a full picture of your position can aid your broker greatly when negotiating with potential lenders.

4. Be honest with your potential brokers and tell them exactly what you need:

On your end, be sincere in your meetings with prospective mortgage brokers. The best brokers will give you multiple options to choose from. All the information that you give them will be used to get you the best arrangement and terms with lending companies. The broker’s job is to close the connection between you as the borrower and the lender. By being fully transparent with your broker, you’d be helping him seal the deal faster and more smoothly.

5. Gauge how cooperative and flexible each broker is to your requests:

After you share your needs for your upcoming investment or project, assess how each broker tries to accommodate your preferences and address your concerns. For example, if you have concerns about the capacity of your personal income to get you a substantial loan, check out the video below on how GLM Mortgage Group can help you compute and declare your stated income so that you get better deals with lenders.

Watch this video for more insight:https://www.youtube.com/watch?v=OtGtLcrRo4Q

Moreover, inquire about all possible rates, fees, and terms. There are small differences in these details which can lead you to close much better arrangements in the end.

6. Ask to speak to a former client of the broker:

While you may not actually have the time to meet with your potential broker’s past clients, you may pose this question to see how confident your broker is about his services and the satisfaction of his clients with his services. If your broker is reluctant about declaring his references, you may want to continue searching for good brokers. However, if the mortgage broker you’re meeting with can give you names and contact details confidently, it means that the broker has happy clients who’d gladly refer him to others.

If you do meet with a past client, here are some questions you may ask:

How clearly did the broker communicate with you during negotiations for your loan? How were you informed about each step of the brokering process?
How satisfied were you with the loan your broker arranged with you? Did your loan meet your financial needs?
How much did you pay for? Were all charges explained clearly to you from the start? Were there any hidden fees you suddenly had to pay?
Would you recommend your mortgage broker to me?

7. Compare between two or more potential brokers:

Once you’ve met with several brokers, tabulate the details you’ve gathered about each one and then do a comparison. Remember that lower interest rates don’t always guarantee you the best deal. You should be able to select from various combinations of rates, fees, and other charges.

Conclusion:

Once you have all the important information you need, make a decision and meet with your chosen mortgage broker to close the deal. Before you make a final choice in the broker you’ll work with, shop around and study your options thoroughly. Doing so can save you a lot of money in the long run.

Read Also:

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

10 Rights You Have as a Tenant That Your Landlord Won’t Tell You About

Whether you rent a fully-furnished property or an unfurnished property to fill with your own furniture, or you rent furniture, there are certain inalienable rights that Indian law grants you as a tenant. Some of these rights pertain to your rights in negotiating the rental agreement, others offer protections during the rental for you and your furniture, for example, your couch or refrigerator on rent. However, in all scenarios, the law is on your side as the tenant and under no circumstances can your landlord breach these rights. Fixation of Fair Rent: As a contractual tenant, you are offered protections on the price you agreed to pay for the property rental. This means that during the contracted period, your landlord cannot unjustly increase the rental price. If the landlord believes you are not paying enough rent for the property, he or she must approach the Rent Control Court to apply a fair rent to the property. The Rent Control Court dictates that fair rent is 9% of the total market value for the building. Fit for Living: The tenant has the right to a property that is fit to be lived in. If the property becomes unsafe due to bad electrical wiring, and holes in the floor, or ceiling, the landlord must take measures to repair the property and ensure it is fit to be lived in. Peace of Living: As a tenant, you are entitled to peaceful living. This means the landlord cannot enter the rented property without prior notice and communication. Essential Services: The landlord cannot disconnect essential services like electricity and water. If your landlord is threatening to do this over late rent or any other dispute, inform them that you will approach the Rent Control Court and file a complaint against them. Points of Contact: The tenant must have the contact information, including telephone numbers, email addresses, and postal addresses of the landlord. The landlord is also available to contact at any time. Unfair Eviction: The landlord cannot evict a tenant without valid reasons. They must also inform the tenant as to what those reasons are. There are only a select number of valid reasons for which a landlord can seek eviction. These are unpaid rental payments, the tenant subletting the property without the landlord’s consent, causing a nuisance, or if the landlord has plans to move into the property themselves. Repairs: The landlord is obliged to pay for any repairs to the property. If the tenant pays for any repairs out of their pocket, they are entitled to reimbursement from the landlord. Deposit Return: The landlord cannot withhold the security deposit without citing specific, valid reasons. Building Energy Rating: Before signing the tenancy agreement, the tenant must be able to access the property’s Building Energy Rating (BER). This is the rating which informs prospective tenants how energy-efficient the property is and is a reflection on how much heating and air conditioning bills might be. Legal Heirs: In the event of a tenant’s death, all of the legal protections afforded to that tenant are immediately passed to their legal heirs. This means the landlord cannot evict the legal heir of the deceased tenant without a valid reason. Read Also: 5 Ways To Become A Profitable Landlord Benefits Of Investing In City Centre Property

The Ultimate Moving Checklist – Things you Need to do When Moving

If you are moving to a new place, you have to wind up a long list of things. To do all the jobs peacefully and make your move flawless it is better you create a moving checklist. Making a checklist, sticking it in a place of your frequent visits to give you timely reminders, and doing the tasks defined in the list one by one will not make you feel burdened. But what should be there is the checklist? If it is your first time everything must be haphazard for you. You might be completely clueless about where to begin. Well, there is nothing to panic about. The blog below is a complete guide for you. If you follow the things in the blog you will move with ease. Effective Checklist for Smooth Relocation: The checklist can be referred to as a schedule for different things to be done while moving. You can also write when to begin a particular time and in what duration it should be complete. The first thing to be done for moving is to divide the things at your home into four parts. The first list of what you will carry with you, the second list must contain what you want to donate, the third list must be things to be sold and last but not least things to be recycled. Get rid of the list second, third and fourth. Your home must now contain the things you want to carry along. The second thing to do is to hire movers. To hire moving companies you must know the best company in your locality You can know about it either by carrying out a ground survey or online. Make sure to contact previous customers in case of the ground survey and read the reviews in case of online inspection. Compare the cost between your preferred choices along with a comparison of the services offered by them. Now check the availability of the moving company on your desired date and time. Finalize the moving company by completing the documentation. Now, comes the packing part. Decide if you want to do it yourself or hire packers. Start with the packing process at least a month before your move or you can decide it based on the size of your home. If you are going for a long-distance move you must pack the things much before in comparison to a local move. Begin with packing starting from a single room. Once you complete with a place, then shift to another. Label each box that is packed and keep it in a single place. All the packed things must be locked in one place. Make sure you pack the most used place in the last. The kitchen would be last in the series. Change your address at all the important places like shopping websites, with friends and acquaintances on your important documents, and wherever you feel it's necessary. Put all your important documents and bills intact in a file. The file should be kept along with you in your car and not the loading truck. You might require any document anytime, so make sure you do not miss out on anything. Load the trucks, clean your home, lock, and move. It is advised that you must reach your new place prior to your luggage so that you can arrange the things instantly. Conclusion: Moving can be as easy as you feel while reading the blog if all the things are carried out in a specific order. With all the above tips you will never be in a situation of panic, not even for a single moment. Read also: The Five Most Important Things to Know Before Moving

Why Invest in St Kitts Real Estate

The island country launched this program in 1984. The main idea behind the CBI was to attract funds for developing the local economy. There are several investment options that applicants can choose for obtaining citizenship, and investing some money in real estate is among them. Would you like to invest your money in property to generate some income? There are lots of options available for you and not only in your motherland. Today, you can enjoy even more benefits due to special investment programs launched in many countries. One of them is the Federation of Saint Christopher and Nevis, a beautiful island country. The comprehensive info on its program allowing obtaining citizenship by investment (CBI) is available here, and in this article, you will find out the reasons to invest your money in property on this territory. CBI Program: Investing in St Kitts Real Estate: The island country launched this program in 1984. The main idea behind the CBI was to attract funds for developing the local economy. There are several investment options that applicants can choose for obtaining citizenship, and investing some money in real estate is among them. It would be a good choice for businesses looking for favorable taxation conditions and other opportunities as well as for individuals and families who either wish to move to this country or just need to have one more passport. Getting a St Kitts and Nevis Passport: The program allows purchasing property and getting a passport within only 3-6 months. There are two main options you can avail of. One of them is purchasing real estate pre-approved by the government for $400,000 or more. It is also possible to buy shares in a development project equal to the same amount. You must not sell your property for at least 5 years. Another option you can consider is finding a business partner and investing $200,000 each in luxury resorts approved by the government. In this case, you will not be able to sell your property for seven years. Additionally, investors pay some required fees. Why Invest in St Kitts Real Estate: Investing in St Kitts real estate is a profitable business. In 2018, the number of tourists arriving in the country increased by 8.8%. More than one million people come to the island each year. The country has experienced significant growth over the last years thanks to the CBI program. The GDP per capita reached $17,500 in 2018. The economic growth is expected at 3.2% in 2020. Now, the state provides tourists with high-security standards, comfortable travel, and other benefits. The real estate industry in the Federation has been developing rapidly. One of the reasons for that was the coming of the Marriott Hotel in the market. A range of significant construction projects includes Oasis Hotel and Aman Resort. Also, the number of flights to the country has increased. The investment climate of the island is favorable. As for the prices of property, they have dropped compared to the previous year, which did not affect rental income. Moreover, the rental yield has increased to 5.11%. There are no rental income taxes for citizens and companies within the country. Why Should You Obtain St Kitts and Nevis Citizenship? While investing in property to generate some income, you can also enjoy receiving a St Kitts and Nevis passport. The following are the benefits that you will get: You can move to the island without problems in case of an unstable situation in your country; Having a passport of this country allows you to freely travel to over 120 countries, including Great Britain, Singapore, and Brazil; You will be able to take advantage of beneficial taxation. Also, it is an amazing country with a rich culture and beautiful nature. Conclusion: If you have never been to this island, you may have reasonable doubts about investing in the property of this country. However, if you are looking for interesting investment opportunities, you should consider opting for the CBI available on the island. The prices for real estate are quite low now while the rental income keeps growing. Considering the recent boom in the development and the significant interest of the tourist industry’s major players in the local property, it is likely that the prices of real estate will increase. Also, the country has a stable political situation. Therefore, it is a favorable moment to invest your money in real estate on the island. Granted that it can also give you the Federation’s passport and plenty of other benefits, the CBI looks even more attractive. Read Also: 7 Tips To Purchase A Prime Real Estate Property How Do Law Firms Help Companies with Their Real Estate Issues? 5 Best Things an Experienced Real Estate Agent can do DC Metro Area Real Estate Update An Overview on Luxury Real Estate in Paris

7 Expert Tips In Finding The Best Mortgage Broker In Vancouver