With the number of real estate markets in Canada, you will find it hard to choose a single BC mortgage broker. However, with the help of a good mortgage broker, this task can easily be done. Brokers not only look for the best deals but they also ensure that the buyer gets all the important information about the various mortgage programs and lenders available in the market. With the intention to get in touch with lenders, buyers need to find a reliable agent who knows the real estate market in BC and is familiar with all the lending institutions in the area.
The Real Estate BC market is one of the largest in Canada and has a population of more than eight million. With a high unemployment rate and a rapidly growing population, home loans have become very competitive. The low interest rates and the various mortgage programs have made it very easy for the buyers to get financial assistance. Homebuyers with credit problems too can easily qualify for a home loan, as there are no special provisions for such borrowers. It is not just the buyers who benefit from the presence of British Columbia mortgage broker, as the real estate sector in BC also benefits from the low interest rates.
Getting a mortgage is not that easy as some people may believe. You need to pass an exam, demonstrate your ability to make the monthly payments on time and pay your fees on time. A mortgage broker is required by the Mortgage Broker Association of British Columbia to obtain a sub-mortgage broker license. This is a unique license which is granted by the Mortgage Broker Registry of BC to individuals who participate in the brokering of residential mortgages in British Columbia.
To apply for a British Columbia mortgage broker license, you need to fulfill a number of criteria. Besides possessing a high school diploma you also need to have a clear credit history which should be above 70% at least. The last two requirements ensure that the broker will be a very responsible person who can commit the requisite amount of time to find you the right deal for your home loan. Your application is also examined by the Real Estate agents who represent the lenders and they evaluate your application based on your loan demand and income. If you fit into their target market they give you the offer. Once you have been chosen you will receive an offer from the lender and if accept or reject they send you a copy of the offer along with their letter of proposal.
The main goal of a British Columbia mortgage broker is to find you the best possible deal on the mortgage of your choice. They are well aware that buying property in British Columbia is not the easiest thing to do. There are many documents that need to be provided including the legal requirement, the appraisal report and the all important financial statement. With all this information to take care of it is only proper that the broker who has obtained the mortgage license and who has gone through the process of obtaining the mortgage should be experienced and should have the capacity to close the deal on your behalf. The entire job of finding a suitable sub-prime mortgage lender in British Columbia should be handed over to the licensed mortgage broker because the broker holds the authority to negotiate with the lender.
A Mortgage Broker Service in British Columbia is becoming very popular day by day. There are many people who are opting for this service. The main reason why people go for this service is that they save time and money and can focus on other important things. The brokers can do everything for the applicant right from application to getting the mortgage, all according to the terms that the applicant is willing to work with. Brokers have become a great solution for people who are looking for a property in British Columbia. You can visit the internet and look for a good mortgage broker service.