08 Aug Dream Home in Kelowna: What are Your Mortgage Options?
Buying Your Dream Home in Kelowna? A Mortgage Broker Can Help.
You have been patiently waiting for years, envisioning your beautiful dream home that is nestled in the Okanagan Valley. After years of renting, or living in a home that has not lived up to your standards, it’s time to realize your aspirations and invest in the home of your dreams.
Most potential home buyers are aware that they will need a mortgage to accomplish this feat, but they are typically unsure of what their options are.
Who Can Give you a Mortgage?
When you receive the funds that are required to purchase a new home, via a mortgage, those funds come from a lender. A lender is typically a public or private group/financial institution that provides the funds necessary to make a large purchase, such as a home. They hand out these funds with the expectation that the amount they have made available will be repaid in the future, along with interest and/or applicable fees.
Banks
As consumers in Canada, we have many different options to choose from when it comes to mortgage lenders, although, most home buyers immediately head directly to their bank when they require funds. This can be a massive mistake, potentially costing the homebuyer thousands of dollars in extra interest charges and fees. Just because you are comfortable with a financial institution for your day-to-day banking, does not mean that they have the best mortgage products or rates on the market at that time.
Less Traditional Options
The mortgage industry has been changing drastically over the past few decades, with many homebuyers now realizing that there are various options when it comes to mortgage lenders. Every lender can have different interest rates and unique conditions related to their products.
Some of these other lenders are credit unions, insurance companies, loan companies, trust companies, and specialized mortgage groups.
Once you decide to enter into an agreement with one of these companies, you are not stuck with them forever, however it is more fitting to find an exceptional institution to partner with right off the bat, as switching lenders down the road often results in large penalties or fees. This is where it is paramount to understand the differences between the various lenders and the terms and conditions of the potential contract that will be created between you and the institution.
What is the Most Cost Effective Lender?
Unfortunately, there is no simple answer to this question. The most cost effective option for a prospective home buyer changes almost every single day. In order to remain competitive, the financial institutions are constantly adjusting their interest rates, often coupling attractive numbers with additional perks.
In order to find the best deal, one must constantly scour all the available options on the market and weigh the advantages and disadvantages of each. This is where the mortgage broker comes in.
Mortgage Brokers
Everyone who is interested in buying or selling a home has heard of a mortgage broker previously. A mortgage broker is not a lender and they do not directly provide any of the funds that you require. Instead of providing funds, they act as your personal mortgage and lending expert, dealing with all of the available lenders on the market to find their customers the best possible mortgage deals.
By working with a wide range of financial institutions regularly, a broker can typically offer their clients a vast array of mortgage options instantly. This is extremely valuable to a prospective homebuyer as they will be provided with the lowest interest rates on the market, while having their broker by their side to walk through any confusing fees or conditions. There are even some mortgage products on the market that are offered to brokers exclusively, which are then made available only to their clients.
The Best Option is the One You Trust
At the end of the day, the best mortgage option for you is the one that you are comfortable with. The John Antle Mortgage Broker Team works hard for their clients every single day, now recognized as Kelowna’s top mortgage broker. Our team connects on a person level with all of our clients to fully understand their needs and will fight tooth and nail to get them the mortgage deal they deserve.
If you will require a mortgage in the near future, please give us a call and put us in your corner. We can show you all the mortgages options currently on the market and help you find the best option for you and your family.
JOHN ANTLE MORTGAGES – KELOWNA’S MORTGAGE SPECIALIST
We specialise in offering mortgage solutions that go above and ‘beyond the bank’. This means we are able to provide flexible solutions at great rates, often better than what traditional banks have to offer. Working with a mortgage broker can open up your options, allow for potentially greater solutions for your situation. We work with a variety clients including first-time buyers, those looking to transition from renting to owning or renewing a mortgage, self-employed business people, as well as investors in rental and/or vacation properties.
For more information about working with a mortgage broker in Kelowna call us direct at (250) 212-8512
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