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Local Port Coquitlam Mortgage Broker Or Your Bank?

It used to be that if you wanted to do something substantial like buy a home, your best course of action was to turn to your bank. While this remains an option that is available to those who desire to own a home, banks are no longer the sole option available to Canadians. A local trusted mortgage broker may be a much wiser choice when it comes to purchasing your first home in Port Coquitlam or a condo in downtown Vancouver.

A broker is an independent licensed mortgage specialist. We work with a variety of lenders and mortgage rates. When you hire a Port Coquitlam mortgage broker such as myself, you are essentially hiring someone to act on your behalf. Working with a trusted Vancouver mortgage broker is highly recommended considering mortgage brokers can offer you options from all over and your bank is only limited to it’s own products, as a mortgage broker this gives us the ability to pass considerable volume savings directly to people just like you. This is just touching on the differences between a broker and your bank. There are additional differences that you should make yourself aware of. In order to fully appreciate the differences between brokers and banks, it might not be a bad idea to run through some of the key categories in which they are quite dissimilar from one another:

  • Description: A bank is a lending institution. A broker is an individual who works as an intermediary.
  • Lending potential: A bank has the ability to lend capital, but a mortgage broker does not. They are strictly working in the capacity of negotiator of the best deal possible for their client.
  • Application potential: This is actually one of the few areas in which a bank and a mortgage lender share responsibilities and power. Both will work with you to create your application, although the broker is in a better position to work with you on a more personalized basis.
  • Good research will make it clear that reputable brokers will indeed work to get you the best Mortgage options possible. A bank can only offer you its own products.

Also notable is that with a Port Coquitlam mortgage broker like myself, you’re getting someone who has insight into the entire mortgage market. I Look forward to pass that experience along to clients just like you. Get in touch today and start your journey of home ownership!

Q What benefits do I have as a first time homebuyer?

Property transfer tax exemption for purchases up to 425K (thousand) and the ability to use the RSP for down payment.

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