The role of a Vancouver Mortgage Broker is to help their clients with their mortgage financing.
A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses. Typically, a mortgage broker is paid by the lender based on the loan he or she successfully placed with a lender.
A Vancouver mortgage broker would prefer working within a geographical area so as to better serve their clients.
A Mortgage Broker has to perform many tasks like:
* Marketing to attract clients
* Assessing borrowers circumstances, including credit history and incomes.
* Assessing the market to find a mortgage product that fits the clients needs.
* Getting a pre-approval or approval from the lender(s)
* Gathering all needed documents like paystubs, bank statements, employment letter, etc.
* For strata propertries, ensure all required documents are gathered for the lender.
* Explaining the legal disclosures and forward Solicitor contact to lender.
Market Acceptance
The proportion of purchasers using the services of mortgage brokers has risen to 33% from 2006's level of 27%. Mortgage brokers enjoy 26 per cent of the mortgage market share in Canada, according to an annual survey of mortgage buyers by Canada Mortgage and Housing Corp. (CMHC).
Even with today's low mortgage rates, an increasing number of Canadians are shopping around for the best rates. They are all motivated by getting the best rates possible to save money on their mortgage payments. There are huge savings a home owner can benefit by learning how to manage and optimize their mortgage payment.
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