There are so many great reasons to use a BC mortgage broker, also known as a BC mortgage advisor, to buy appreciating assets (i.e. houses) in beautiful British Columbia.
To start with, there is the cost of the mortgage that you would obtain on your own, which is often tens of thousands of dollars (or even more) higher than the cost of the mortgage you would obtain with the help of a mortgage broker.
Next, there is the complexity - mortgage brokers have cut through the red tape to make the process smooth and easy, but without a mortgage broker, the process of borrowing this amount of money can be a complex nightmare.
Another great reason is that there are fewer credit checks. All too often, home buyers are enticed to shop around themselves for mortgages or other large purchases, and end up making large numbers of credit applications, so that by the end of the process their credit profile can appear quite risky. By using a BC mortgage broker, these credit applications are reduced to just one, and the qualified professional can bring this information to the banks to negotiate a great rate without hitting your credit score on the head.
So, to recap, using a mortgage advisor, or mortgage broker (which means essentially the same thing) in British Columbia Canada, is:
- Cheaper
- Faster
- Simpler
- Some might even argue that it's better.
It's way better than going to the banks and asking them one by one. It's a hundred times better than finding out, one by one, that your credit profile is not appropriate for the bank, or that the bank wants to charge more interest than necessary.
Another great reason to use a mortgage broker is that different credit profiles are great for different banks, because the banks all have different personalities. Some banks like high income earners, while others like individuals with high investments. Some banks pay very little attention to how much debt you have relative to your limits, while others pay very close attention to this statistic. Some banks are all about the debt service to income ratio, while other banks are all about helping the little guy. Some banks are interested in hearing about your business, while others just want pay stubs. Some banks will want to help you, and other banks might simply show you the door and hit your score downward as a thank you for trying them out.
The best reason to use a mortgage broker is that you have a negotiator working on your behalf to share just enough information to find out if one bank or another will cooperate and provide the best possible rate, without triggering credit checks about you or sharing your vital information until there's a very high (perhaps guaranteed) chance of success. Whether you have a credit score made of gold, or from crumbling mud, a bc mortgage advisor can be the difference between a yes and a no, or between a 3% and a 6% interest rate.
