The Role of a Mortgage Broker

The Role of a Mortgage Broker

"VANCOUVER -- The housing market in Metro Vancouver has continued to remain red hot, despite there being a worldwide pandemic.

A very similar story is being played out across Canada.

Paul Taylor, president of Mortgage Professionals Canada, shared that a lack of inventory and the low cost of debt have combined to create the current market conditions.

This has contributed to the large price increases that are being seen in markets from coast to coast.

Taylor explained that there is real demand there and said it doesn't appear to be speculative at this time.

The pandemic has meant many Canadians are spending more time at home.

This made people more aware of frustrations they feel with their current living arrangements.

An important step any future homebuyer should take is learning what their buying power is. Taylor recommends doing this even before you speak with a realtor.

It allows home buyers to know exactly what they can afford and what their budget will be.

Mortgage brokers represent more than one bank or lender. They assess homebuyers' needs and can carefully weigh important mortgage product decisions.

A broker can provide tailored solutions based on an individuals financial situation.

Mortgage brokers are there to explain important information and conditions set out by the lender. They also are a guide for any steps that are required to close a mortgage transaction.

Generally, a broker is paid a referral fee by the lender. This means clients are not directly paying out of pocket.

Due to the relationships that mortgage brokers build, lending institutions typically provide their best interest rates to brokers.

This ensures the homebuyer doesn't have to negotiate to get the best rate."

For more information on how a mortgage broker can help with your next purchase, refinance or renewal, email
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