1-877-744-3436 Apply Now

Mortgage Brokers In BC, Canada: All You Ever Wanted To Know About (And Didn’t Dare To Ask)

couple working with mortgage brokers in bc

If you are in the British Columbia market for a mortgage, you might come across a term that you might not understand very well — mortgage broker.” 

If you’re not sure what a mortgage broker does, you’re not alone. Many people aren’t exactly sure what a mortgage broker does, either. After all, you might think that you only need a lender to give you a mortgage. Right? Well, it’s a little more complicated than that. A mortgage broker can actually help you find a lender and get you the best mortgage rates. They can also guide you through the process of applying for a mortgage. 

In this post, we’ll look at what mortgage brokers in BC do, what they offer, and how they can help you get the mortgage you want.

What Are Mortgage Brokers In BC, Canada, And What Do They Do?

A mortgage broker is a person who arranges financing for a commission, usually taking a percentage of the loan amount. Vancouver mortgage brokers are independent contractors and are not tied to any one lender. They can shop around to different lending institutions to find the best terms for their clients.

For instance, reputable mortgage brokers in BC will usually have access to the best mortgage lenders, both traditional and private — located within this province — and can guide you towards the best possible solution. 

A mortgage broker won’t only negotiate the best mortgage offer based on your unique financial situation. They’ll also give you comprehensive mortgage advice. Having a competent professional explain your options in detail will make it feel like the fog has lifted on your path to getting the best possible mortgage.

Why Choose a Mortgage Broker?

Regardless of being a first-time homebuyer or a seasoned investor, there are many advantages to working with mortgage brokers in BC instead of directly with a lender. They can help you navigate the process of getting a loan, which can be complicated. They have access to many different lenders, which means they can shop around and find the best deal for you. And they can offer advice on how to navigate the home buying process, including what type of loan might be best for you.

Other advantages of working with BC mortgage brokers include:

  • They are unbiased. Many people feel that they can’t trust a mortgage lender, since they may want to push a particular product. Working with a broker provides transparency and trust.
  • They are experienced. Mortgage brokers in BC have many years of experience and can help you navigate the process.
  • Their sole goal is to help YOU, not themselves. 
  • They have no reason to rush the process or approve you for a loan that might not be right for you. 
  • They are knowledgeable. BC mortgage brokers have training in the mortgage industry. They also have knowledge about the real estate market.
  • You get to save money. Lenders have set rates, but brokers can shop around to find the best deal.
  •  They can give you mortgage advice. A mortgage broker is highly-qualified to advise you in getting the perfect mortgage. 

What Sets Apart a Mortgage Broker From Another Type Of Mortgage Specialist?

You should know there is more than one professional title involving the term mortgage. In Canada, you can either talk to a mortgage advisor or a mortgage broker — it’s up to you. However, you need to know what each of these professionals can do.

bc mortgage broker with client

Having said this, mortgage brokers in BC are very different from mortgage advisors. 

For instance, a mortgage advisor can advise you on the best mortgage offers out there and help you choose the best fit for you but will have limited access to the solutions they can offer. By this, we mean that a mortgage advisor is usually an in-house professional and can only refer you to the mortgage products their hiring company works with.

On the other hand, a mortgage broker knows no such restrictions and will offer access to a wide array of offers in your province. 

How To Choose a Good Mortgage Broker

There are many types of mortgage brokers in BC to choose from, and they all offer different services. You can find a broker who works with banks, a broker who works with credit unions, a broker who only works with private lenders or a broker who works with all types of lenders.

Before you decide which type of broker is right for you, you will need to do some research to make sure you select a trustworthy and ethical broker. The last thing you want to do is sign up for a mortgage that offers subpar terms or a lender with high-interest rate loans.

This applies regardless if you’re looking for mortgage brokers in BC or elsewhere in Canada. So what should you look for?

Licensing

When looking for the perfect mortgage broker, you’ll need to ensure they are indeed licensed. Having a licence is essential for all mortgage professionals. 

Recommendations

Choosing based on word-of-mouth advice has never really lost its power. Ask your friends and family for their brokers if they have ever employed the services of one. Their feedback and experiences will help you make an informed decision. You can also find reviews as well on the Internet for most professionals. 

Experience

It’s not to say that mortgage brokers that have just started this line of work are not competent, but it’s always best to go with someone with a few years of experience under their belt. This most likely speaks volumes about the range of cases they’ve had, the quirks they dealt with, and the mortgages they’ve managed to secure successfully. It’s the same for mortgage brokers anywhere in Canada, including for BC mortgage brokers.

The Number Of Lenders

You should also look at the number of lenders they work with. The higher the number, the better. This will only play in your favour, since you’ll have more offers to compare and choose from.

Last Remarks

As you can see, a mortgage broker is an ideal option for anyone looking to have a helpful intermediate between themselves and the great variety of mortgage lenders available in BC, Canada. They have access to a wide range of offers and are also highly skilled to advise you on which one may suit you the best. 

Here, at Your Equity, we can help you find the best financial solution when looking to purchase property, getting a home equity loan, or finding alternative lending. Don’t hesitate to reach out. We’ll help you secure the property of your dreams with a payment option that suits your specific financial situation.

You might also be interested in: 

Leave a Reply