If you have or thinking of getting a mortgage, or a loan you may have heard the term prime. If you are in the industry you have probably heard of the “overnight lending rate.” Lines of credit, Home equity lines of credit, and variable mortgages are all considered fluctuating rates. These rates go up or down based on the prime rate. Prime is a rate that financial institutions lend at. Depending on the product that you are getting ie. mortgage or loan, the rate offered would be at prime – […]
Tag: mortgage broker
Is the new norm a subject free offer for real estate in the lower mainland? If so what are the associated risks?
More and more of my clients are making subject free / no condition offers to win the the bidding war when purchasing a home. Some of them have been looking for months and are getting frustrated with the process and also the increased values. A traditional offer includes a subject removal period which is a period of time, usually one week where the potential buyers has their financing arranged, completes their home inspection, and goes through the property information (mostly for condos- minutes). With a subject free offer, the buyer is essentially taking […]
If you take out a mortgage through your bank, then you may be missing out on these benefits you could have gotten from an independent mortgage broker: Comparison shopping. A mortgage specialist at a bank will only offer you the interest rates available through that bank. But an independent broker who works with multiple lenders can show you a wider range of rates and options, potentially saving you thousands of dollars over the life of the loan! Specific mortgage industry knowledge. Your banker may have to be informed in all […]
If you’re planning to take out a mortgage, then an independent mortgage broker can help you through the process, from initial underwriting to closing and beyond. However, not all homebuyers understand how mortgage brokers work or the value they can bring to the table. Here’s a look at five key reasons you may want work with one instead of going it alone. No cost to the buyer: Many people assume that it costs big bucks to work with a mortgage broker. Imagine their surprise when I tell them that in […]