When it comes to finding the right mortgage in Canada, most home buyers don’t think very far beyond interest rates. Now, the interest you’ll pay on your home loan certainly is important – especially when you figure out the difference even a 10th of a percentage point can make over 15 or 30 years – but there are other things to consider, too, and issues that your Canadian mortgage broker can help you with.
To illustrate what we mean, let us tell you about a recent situation where the client came to us looking for a loan on a unique property. The home they wanted to buy was technically situated on one lot, but the seller was including another lot (in this case, a vacant piece of land) as part of the deal. But, because the “value” of the home and property was being calculated from the first house/lot only, traditional lenders wouldn’t approve the transaction.
If our client had stopped there, their dream of owning this new home – and the great value that this house with two large lots represented – would have been gone.
But, when they came to Source Mortgage, we immediately started researching the situation and talking with our network of lenders. As it turned out, we didn’t just find lots of banks who were more than willing to give a loan on this type of property, but also at a rate that was in line with what they had been looking for from their neighborhood bank.
To the home buyers, this seemed like a bit of magic, finding them a creative solution to their problem so quickly. In reality, though, it was simply the combination of experience and relationships that our mortgage agents have built up with lenders over more than two decades – in other words, it helps to know where to look.
While this situation might have been unique, the outcome wasn’t. If you are looking for a mortgage that doesn’t fit traditional guidelines, or if you aren’t your neighborhood bank’s “standard” type of borrower, then maybe it’s time to talk to a mortgage broker at Source Mortgage team today.
Written by Lori Donovan. Visit Lori on Google+
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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