Types of British Columbia Mortgages

Consult with me today for a professional overview of your financial situation and how I can help you achieve your mortgage goal.

· First Time Home Buyers I help you understand the process and take advantage of your options.
· Second Mortgage Adding another mortgage to a property when you are in need of a large sum of money.
· Renew vs Refinance Each method has a different financial impact on the life of your mortgage.
· Self-Employed Requires a different approach to inform lenders of the full story.
· Reverse Mortgage A tax-free way to supplement your income with your existing equity.
· HELOC A Home Equity Line of Credit is an alternative to a second mortgage.

Choosing the right lender and mortgage combination is key to a successful financial portfolio.

 

Available Mortgage Products

A mortgage broker is someone that helps a client through the process of finding, negotiating, and finally closing with mortgage lender.  As an experienced mortgage broker, I take you through the process step by step and provide support and guidance.  Detailed information about my services are described below.

I offer a variety of Surrey & Metro Vancouver mortgage services to meet your needs. My mortgage brokering services are free of charge and strive to find the ideal mortgage for your situation and make it a simple, worry-free process.

Here is some information to help you prepare for your upcoming purchase.  Please feel free to contact me with any questions you may have as you read through this information.  I’ll be happy to walk you through the process and ensure you find the right financing solution!

First Time Home Buyers

Buying your first home can be overwhelming.  As a Surrey mortgage broker, I have gone through the process many times and pride myself in educating my clients before the application begins.  First time home buyers can also take advantage of some lending and tax rules that are very beneficial to borrowers.

Second Mortgage

A second mortgage allows you to borrow against the equity you already have in your home or property while maintaining a first mortgage on that same property.  Usually second mortgages are only used when a large, lump sum of money is needed by the homeowner all at once. 

Renew or Refinance Your Current Mortgage

There is a big difference between a Refinance mortgage and a Renewal mortgage. Each option has a very specific purpose and it is important to know how each can be applied to your specific needs.  The renewal rate you are initially offered by your existing lender is rarely the best option for you.  Refinancing a mortgage may come with unforeseen penalties and fees that may affect your decision.

Self-Employed Buyers

Reducing your taxable income doesn’t need be a problem to qualify for a mortgage. Qualifying for a mortgage as a self-employed borrower requires that you apply to a lender that understands your story. As a mortgage broker, I have access to a variety of lenders that understand the financial documents of self-employed applicants. Frequently, these mortgage options are at the same or similar rates to what salaried workers get.

Reverse Mortgages

This type of mortgage is an option for homeowners with a paid off home or property and would like to supplement their income.  It is geared towards a person or couple approaching retirement, have no plans to move out of the home, will maintain the home in its current condition, and do not require a lump sum.  The title stays in the homeowner’s name, and the loan is repaid only if the homeowner sells the property or dies.

Home Equity Line of Credit

A much more popular option when compared to a second mortgage. A home equity line of credit allows you to borrow against the equity already in your home as you need it.  Because it is considered a secured loan against your property, you will generally get a better interest rate vs an unsecured loan or line of credit.  The money can be used for anything the homeowner wants to use it for, such as renovations or a vacation.

I’m always happy to schedule an in-person meeting or phone call if you have any questions or concerns regarding your Surrey mortgage.
Jaret Forman
604-816-5988