You've been doing business with your bank here in Vancouver for years. They know you. They may even have given you an auto loan. You feel that you should be able to trust them, and you might believe you should be loyal to them.
It might not be a good idea.
It's true that your bank might be the best source of a home loan for you, but chances are, it isn't.
Why? Because banks each have their own rules and regulations. And unless you fit their narrow parameters regarding qualifications, you won't get a loan no matter how many years you've been banking with them.
You might be loyal – but banks have no such feelings.
A mortgage broker, on the other hand, might have 20 or more different loan sources, so your chances of obtaining a loan that fits your individual situation are much better.
Mortgage brokers represent lenders who want your business and who offer different solutions. Some will grant your loan with a lower down payment, some with lower credit scores. Some will be more accepting of self-employment income, and today, some are even going back to stated income loans.
On top of that, a mortgage broker will work harder to find you a good loan than will the loan officer at your bank. After all, he or she won't earn a paycheck unless your loan closes. Bank employees get their paychecks whether or not they help you buy a home.
It pays to shop for a mortgage broker because some offer more programs than others and some charge lower fees. And, as in all occupations, some will work harder for you than others.
So when you're ready to get pre-approved for a home loan, call me. I have a list of mortgage brokers who have served my Vancouver home buyers well, and I'll be happy to share that list.
I'll also be happy to help you find that dream home.