YOU KNOW THE NUMBER of bedrooms you need and the neighbourhoods you’d like to live in, but have you thought about where you’ll get your mortgage from? If you’re buying a house in the Okanagan, it’s good to understand the difference between Vernon mortgage brokers and the bank.
There used to be a time when everyone got their mortgage from the bank. Today, things are different. People work for themselves or in stints at many places, and they don’t always have great credit. Where before they would have heard ‘No’ from the bank, today they hear, ‘Let’s talk’ from a mortgage broker in Vernon.
An independent mortgage broker is a licensed mortgage specialist who has access to dozens of lenders and mortgage rates. Think of a mortgage broker as the middleman who connects homebuyers with the lenders who pay him a commission.
Let’s take a look at what banks and mortgage brokers in the Okanagan have to offer.
Mortgage brokers offer:
- Industry advice. Mortgage brokers understand the entire mortgage market and can make suggestions to help you find the best mortgage for you. In particular, they’ll be able to recommend lenders who might be open to your unique situation.
- Low rates. Since mortgage brokers have access to dozens of lenders, they can search for the lowest rate.
- Help if you have bad credit. Usually, a Vernon mortgage broker specializes in helping people who have unique situations, including a poor credit history. He’ll have the tools to help you overcome those obstacles and get approved for a mortgage anyway.
- Long-distance mortgage approvals. Buying a house in Kelowna, but you want to use a mortgage broker in Vernon, BC? No problem. Mortgage brokers can process your application and help you move through the approval process with ease from anywhere.
Banks, on the other hand, offer some homebuyers a tangible sense of stability and credibility: the building has been there for years, and there are people inside who you can talk to any time. But they can only offer one mortgage rate—the bank’s—and it’s usually not competitive.
A Vernon mortgage broker specializes in helping people who have unique situations, including a poor credit history. He’ll have the tools to help you overcome those obstacles and get approved for a mortgage anyway.
Many homebuyers are forgoing the traditional mortgage and taking in thousands in savings, options and the chance to get approved.
If you’re a first-time homebuyer with a family in Vernon, check out our post on the Project Build Society’s free down payment program.
Buying a house in Kelowna? You need the Vernon mortgage broker who can offer you great rates, flexible options and more attention. Contact the top independent mortgage broker in Vernon, Peter Pogue, founder of Kal-Mor Mortgages and Investments today! 250-549-3250.