Vancouver mortgage broker for your second mortgage

Posted by sarabro on May 10th, 2014

With increased spending coming from the home buyers, the market for mortgage in Canada has gradually become very aggressive and the role of mortgage brokers has broadened from the traditional function of an intermediary between lender and borrower. True to his profession, a Vancouver mortgage broker takes pride in having earned people’s trust where property finance is concerned. Apart from new asset financing, refinance of home with second mortgage is also handled with efficiency by these professionals.

Conventionally people approach banks for finance unaware of the fact that banks offer attractive rates which however come with riders that can be restricting. Banks have “products” that are designed to cater the mass. However, a Vancouver mortgage broker offers personalised solutions which would work best for you. This is because there is an assortment of lenders ready to offer you the best deal. Sometimes, there are criticalities involved in financing which become challenging for a bank to accept. However, a Vancouver mortgage broker would be better equipped to locate a lender who will approve such a mortgage.

For increased client assurance, it is always ensured that a Vancouver mortgage broker passes a mortgage exam before he/she is awarded a license to operate. The entire process of mortgaging is regulated by the provincial government and all the lenders have reputable track record. The ‘A’ grade lenders offer mortgage rates that are lower than the bank rates for both fixed and variable rate. Apart from the mortgage rates, for the term and other conditions involved a Vancouver mortgage broker will work with you to decide on the right loan amount which best suits you. And what more, you are not charged for regular mortgages.

Sometimes people have to opt for a second mortgage to tide over a difficult time. It can be due to a medical emergency, higher education, sudden travel or even renovation of the house. Irrespective of the circumstances, you will always find second mortgage lenders ready for you, thanks to your broker. The mortgage rates are higher than the first mortgage since there is additional risk involved with the lender. Apart from consolidating your debt situation which improves your credit score, you can take a second mortgage also to enhance your current lifestyle like a vacation or buying a new car. Instead of dipping into your savings or using your credit card to finance such expenses, this option always works out to be a prudent alternative since the interest rate is lower as compared to credit card interest rate.

However to avail a second mortgage, lenders will verify your home equity, you income, your credit score and the property involved. But you may not lose heart, for even if you have a weak credit and lower equity in your home, Vancouver mortgage broker can arrange for the finance. For most of you, taking a mortgage is a crucial decision since this forms probably the largest debt in your lifetime. Hence the essence of trust becomes essential when you are looking for a mortgage.

When you are associated with a Vancouver mortgage broker you can be rest assured that your second mortgage would be taken care of.