Vancouver Mortgage Brokers and Agents
To secure the best mortgage rates in Vancouver, contact a mortgage broker or agent in your area. Using a local broker gives you the ability to meet in-person to discuss your needs and concerns and gives you access to the best mortgage rates offered by banks and lenders across Canada.
Why get a Mortgage Broker?
Mortgage brokers can help in a number of ways, some advantages of using a broker are:
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- greater access to lenders, mortgage products and rates
- the ability to compare mortgage rates without having your credit report being pulled multiple times (if you conducted your own comparison shopping, your credit report would be pulled once by each of the lenders you go to)
- all negotiations are handled by the mortgage broker
- greater flexibility when finding a time to meet with your broker in-person as mortgage brokers usually have extended hours
- access to your mortgage broker’s in-depth industry knowledge
- it is a free service; mortgage brokers are paid by the lender that provides your mortgage
Mortgage Brokers Association of BC
Vancouver mortgage brokers falls under the Mortgage Brokers Association of BC which represents its members when dealing with local issues at the provincial level, and when dealing with agencies, licensing bodies and regulators. They deliver licensing and continuing education courses to their members. By being a member of the Mortgage Brokers Association of BC, Vancouver mortgage brokers are agreeing to the professional and ethical standards outlined by the association and meet the qualification requirements.
Mortgage Broker Licensing in Vancouver
Vancouver mortgage brokers are licensed by the province and must meet the education requirements outlined by the Financial Institutions Commission (FICOM)’s Registrar of Mortgage Brokers. FICOM enforces the Mortgage Brokers Act and Regulations to protect the public and better the mortgage broker industry.
Other Professionals
When purchasing a new home or property you may choose to use the services of various professionals who all have a role in your new home purchase. These professionals include:
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- Realtors—Realtors have access to home sales data to navigate the competitive Vancouver housing market. They can use their expertise to help you find the right property and negotiate with the seller on your behalf. Realtors are overseen by the provincial Superintendent of Real Estate, and the Real Estate Council of British Columbia.
- Home Inspectors—Provide home inspections to determine the condition of the property. A home inspection will allow you to determine what repairs and maintenance may be required in your property. In Vancouver, home inspectors must be licensed by Consumer Protection BC.
- Real Estate Lawyers—Executes all legal documents such as a purchase agreement and mortgage agreement, and ensures your rights as a buyer are upheld.