Mortgage Broker in Vancouver, BC

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Get expert help from a knowledgeable Vancouver mortgage broker. I’m partnered with a network of lenders which includes big banks, mortgage-only lenders, credit unions, and lenders who offer alternative financing options.

Mortgage Broker in Vancouver, BC

Step-by-Step Mortgage Approval

Get the Most Out of Your Vancouver Mortgage

Mortgage Services for Vancouver

Get pre-approved for a purchase in Vancouver

Start your house hunt with confidence. You’ll go into the home purchase process knowing how much house you can afford to buy.

The pre-approval process essentially says that your application has been reviewed by my team, and we’re just waiting on you to find a property for lender approval. You won’t be obligated to that loan until you’re ready to close on the house and sign the paperwork.

Getting pre-approved is absolutely the first step in the home purchase process.

Here’s how it works. First off, I’ll send a checklist of documents you’ll need to prove that you’re ready to take out a mortgage. After reviewing your paperwork we’ll discuss lender options so you can get an idea of the mortgage marketplace. This allows you get approved faster and when you’ve found a place, and reduces the risk of a surprise later in the purchase process.

This separates this service from the “mortgage pre-qualification” service some mortgage lenders offer, which doesn’t involve reviewing your mortgage documents. Don’t worry: while this in-depth process could briefly impact your credit score by about three points (out of 900), it should not impact your credit score enough to change your rates or your chances of getting qualified for a mortgage. 

You can’t shop for a house with a pre-qualification, but you can make an offer sellers will take seriously when you provide them with proof of pre-approval. 

Vancouver’s housing market is one of the most competitive in the country.  On average, sellers receive 5 offers on average and sell in around 5 days. If you don’t want to be squeezed out of the process, you’ll need to have confidence that you’ll be able to take out the loan when you need to. 

There are benefits that go beyond the sales process. Pre-approval allows us to spot issues that could stand between you and a mortgage, and to help you come up with personalized solutions. Together, we’ll build a lasting relationship as we help you secure the resources you need to purchase your next home.

Refinance

A refinance pays off your existing mortgage in full and then opens a new one with a new balance. Often, you’ll be working with a new lender, as well. You can access up to 80% of your home’s current market value, meaning 20% of your home equity needs to stay in your home.

It’s most common to refinance your home in order to access equity for some sort of expense. Perhaps you want to renovate, consolidate your personal debt, buy an investment property or cover any number of expenses.

It’s also fairly common to refinance if you’ve recently recovered your credit and it’s now time to upgrade from an alternate lender to a prime lender for a lower interest rate.

If your income and credit score has improved you might be eligible for a new loan under far more favourable terms. A refinance is also helpful when average national lending rates decrease, since you can end up reducing the overall cost of your loan. Of course, as interest rates can vary wildly from lender to lender, there may be a favourable refinance available to you regardless of what the average is doing.

You’ll also have the option to reduce your monthly payment and free up some monthly cash flow by extending your amortization over a longer period.

My service ensures your home refinance is strategic and helps you plan for your financial future. Working with my team allows you to quickly compare multiple lenders at once and then present you with the options that will offer the lowest payment, best terms and the greatest chance of approval. This is especially important for clients who have issues with their credit score, as it can be more difficult to get approved for a mortgage refinance than it can to get approved for the initial mortgage.

Deciding whether a refinance is the right option is about more than the monthly payment, of course. We will also help you factor in other costs such as home appraisal costs, penalties, and title fees. This ensures you save money with your refinance and end up in a better financial position than you started in. 

The refinance process takes about 30 days from the time of application. This includes the lender approval, appraisal and meeting with the solicitor.

If you’re ready to improve your financial situation with a home refinance, reach out to schedule a discovery call today.

Build wealth in Vancouver real estate

Ready to buy your first investment property? I’m excited to help you build wealth as a Vancouver landlord. 

Taking out a mortgage for a rental property is different taking out a loan on a home you’re going to live in (aka, your primary residence). I work with a wide variety of investment property lenders and can match you to the lender who will work with your unique situation.

A 20% down payment is necessary in all cases unless you are living in the rental, such as a home with a suite. But there are a wide variety of options. Different lenders will prefer different properties, different credit scores, and different income profiles. Some will only work with people who have a few rental properties to their names, whereas others consider larger portfolios and properties in holding companies. Some will have high standards for your net worthwhile others will scrutinize the property much more closely. Different lenders will have different requirements for how you run your property as well: some, for example, are fine with short term rentals (Airbnb, VRBO) and others have strict rules requiring long term tenancy agreements. 

Almost all lenders will consider the property’s rental income and potential rental income when evaluating your ability to pay the loan. Lenders will consider up to 80% of the property income when considering your ability to repay this type of mortgage.

We can help you get the best rates for these mortgages and match you to lenders who are most likely to approve the property you’re considering. Attempting to find a rental property mortgage without a broker can be a long and confusing process, especially as you may not have access to all the programs that are out there without one.

We can also help you address any issues that might stand between you and the loan you are seeking. We will work closely with you to ensure that you can fulfil your dream of becoming a Vancouver landlord.

Refinance your mortgage to access home equity

Need to convert your home equity into immediate cash?

A home equity loan can be a smart solution to tackling major home renovations, major home repairs, raising capital to start a business, paying off high-interest debts, or paying off debt that could otherwise result in a home lien.

We can help you get loan amounts as low as $25,000 or as high as $2,000,000 (or more) depending on the amount of equity in your home. With our help, you’ll have the ability to borrow up to 80% of the home’s value.

We can even do this if you currently have bad credit, as we have partnerships with lenders that are willing to issue mortgages based entirely on the value of the property. Many of these lenders are only accessible through a mortgage broker like me. In addition, we can help you save money by matching you to lenders with excellent interest rates, which can save you thousands of dollars over time.

Self-employed? We can still help you tap into the right home equity loan. 

We can even help you manage your payments with flexible options that either allow you to take advantage of payoff options or allow you to spread the cost of the loan over a 40-year period to keep payments as manageable as possible. 

We can even ensure you receive your funds fast. 

There has never been a better time. Housing prices are on the rise. The long-term trend indicates the price of real estate in the Vancouver area generally increases over time. 

This means you’re likely to have more equity than ever. Used wisely, this loan can be an incredible wealth-building tool. You may even be able to make your home even more valuable than it was before.

Smith Manoeuvre Certified Mortgage Broker

I’m a Smith Manoeuvre certified professionals.

The Smith Manoeuvre allows you to convert the interest you’re paying on your mortgage right now into tax-deductible investment loan interest. It requires you to take out a special kind of mortgage known as a readvanceable mortgage.

A readvanceable mortgage includes both a mortgage and a line of credit known as a HELOC. A HELOC is similar to a home equity loan but it’s not the same: instead of receiving a lump sum of cash you receive access to a credit line that you can use for various purposes as the need arises. 

Yet you won’t be using this HELOC for home repairs or to buy a car.

Instead, as you pay your mortgage payment, the principle is borrowed again under the line of credit and then invested in a qualifying investment. The debt doesn’t move, but your wealth begins growing because of the power of compound interest and tax refunds.

As a Smith Manoeuvre Certified Professional, I match you with the right lender and help you navigate the complexities of the strategy so you can maximize your tax refunds.

Most importantly, the Smith Manoeuvre lets you cut 7 to 10 years off your mortgage without increasing your monthly payments. You save for retirement at the same time. Eventually the tax savings and the investment growth allow you to pay off your home while enjoying a sizeable nest egg. This one-time mortgage restructuring has been life-changing for may of my clients. I will be happy to discuss how we can make it work for you. 

It is a technique used by the wealthy every day, and any homeowner can take advantage of it.

Get approved for a mortgage, even with bad credit

Bad credit doesn’t have to prevent you from purchasing the home of your dreams. If you have a credit score between 550 and 659 I can help you get a mortgage loan. 

My service helps to match you with lenders who will work with lower credit scores.  This may mean coming up with a bigger down payment, but it’s possible. My network of private and alternative mortgage lenders are often willing to take a risk where the big banks you can find online won’t. Most of them care more about the value of the asset than the credit profile of the borrower. 

In addition, if you already own a home I might be able to help you transition into a new home and a new mortgage by taking advantage of the equity that is locked into your existing home. 

If you can’t come up with a larger down payment, then I can help advise you on the targeted changes that you can make to make your credit profile more attractive to other lenders in my network. 

Our relationship won’t end once we help you get a bad credit loan and get into a house. Mortgages tend to improve your credit score if you stay on top of your payments. And in addition, I can provide you with a step-by-step plan to recover your rating. That will put you in an excellent position to take advantage of a mortgage refinance in as little as 1 year.

Working with a broker who is ready to forge a long-term relationship with you means having the power to choose the home loans that are right for your situation, right now, and then to make changes as your life changes. I’m proud to have retained most of my customers over the years. Let me show you how I can make your home purchase experience easier, more pleasant, and less stressful no matter what your current situation looks like!

Spousal buyout mortgage in Vancouver

Going through a divorce?  

If you want to stay in your home, buying out the other party might be a valid option for your settlement negotiation. It’s a way to satisfy court requirements while allowing you to stay in the home you’ve grown to love. Spousal buyout mortgages can also help you avoid a court requirement to sell the home in order to split the equity, or handle a bank’s refusal to refinance the home because your equity is simply too low.

The spousal buyout loan gives you the resources you need to do that. These powerful loans allow you to borrow against more of the home value than a traditional refinance. 

A spousal buyout mortgage isn’t a refinance. You’re literally buying a portion of the home from the other party. So while a refinance will only allow you to access 80% of your home’s equity, a spousal buyout mortgage gives you access to 95% of the current market value. The spouse is removed from the mortgage. Once the transaction is complete, you own the home free and clear.

You can secure one of these loans as soon as you have a legal separation agreement that supports your right to seek the buyout. You’ll need an appraisal, and you’ll need to show you have enough income to pay the loan. If you can do that, I can help match you with a lender who will offer a spousal buyout on fair terms.

Divorce tends to wreak havoc on people’s credit, but you don’t have to worry. I work with many private lenders who understand what divorce does to a person’s life and finances. They’re willing to work with lower credit scores in many cases up to 80% of your home value. You won’t find these lenders on your own, but I can quickly offer you access to several lenders which will work with your unique situation. You can then choose between options that have been pre-vetted and are likely to approve your loan application.

If you’re going through a divorce and want to explore your options for keeping your home, reach out to schedule your discovery call today.

Get as much as 5% cash back on your mortgage

What if you could take out a mortgage and get a cash lump sum at closing? 

A cash back mortgage lets you do just that, and the possibilities are endless. 

You can use it to pay moving expenses or to buy furniture for your new home. You can put it into a savings account so you have the funds available to make repairs. People who earn a variable income sometimes use these mortgages to keep a cash buffer in the bank to ensure the mortgage gets paid every month.

While interest rates can be a little higher on these mortgages, structuring them the right way can mean lower monthly mortgage payments even if you don’t use the cash to pay back a portion of your mortgage right away.

The only thing you can’t use it for is the down payment on the mortgage.

A cash back mortgage is powerful because it lets you borrow up to 95% of the home’s value. And if your plan is to renovate your home, it’s a dramatically more convenient option than Purchase Plus Improvements.

My lender partners offer great rates and flexible terms on cash back mortgages, and in many cases the terms are far more generous than the ones you’d find at any bank. In addition, I’ll be happy to sit down with you to discuss how the math works and how your cash back mortgage might vastly improve your cash flow and your ability to pay back your mortgage over the long run. These mortgages aren’t right for everyone, but they might be the perfect solution for you.

How much will you receive? You have the option of 1%, 1.5%, 2%, 3% or 5% of your mortgage amount. For example, if you choose the 5% option on a $500,000 mortgage, you can immediately put $25,000 in cash right into your pocket.

Contact us to learn more about cash back mortgages today.

Reverse Mortgage in Vancouver

Many elderly people in Vancouver have watched their home values increase by leaps and bounds over the years. For some seniors, that’s meant being “house rich, cash poor.” 

You can take advantage of rising home values by taking out a reverse mortgage. 

If your home is either paid off or very close to paid off then I may be able to help you turn your home into either a lump sum cash payment or monthly income source.

You essentially take out a loan that’s worth up to 55% of the value of your home and are not required to pay it back for as long as you live in that home. You can invest that amount and live off the dividends, use it to start a small business, for living expenses or to pay off major expenses that might be eating into your monthly cash flow. You can also choose planned advances which will be paid to you so that you can turn your home into a source of regular income without having to deal with the hassle of investing it.

This money will not impact your OAS or GIS payments in any way. The cash you receive is also tax-free.

The requirements are light: you must be over the age of 55, and the home must be your primary place of residence. You must demonstrate an ability to pay property taxes and insurance, which can often be satisfied with OAS and CPP income.

You retain ownership of your home, including your title. Because you do not have to pay back the loan you are at no risk of foreclosure or suddenly losing your home. There is no way for you to miss a payment. In addition, many of the lenders we work with offer a “No Negative Equity” guarantee that ensures that you will never end up owing more than the fair market value of the home. 

You can even pass the home to your heirs. Mortgages are generally paid out by the estate after our clients live long and happy lives in the homes they worked so hard for. 

Have additional questions about the program? Schedule a discovery call today!

Consolidate your debt into your mortgage

If you’re deep in personal debt, I can help you use your home equity to consolidate your debt. The benefits are immediate: fewer bills to pay, lower interest rates, increased cash flow, and reduced stress.

Many of my clients have used debt consolidation to roll all their smaller debts into their mortgage for one lower payment, a move which gives them the cash flow and freedom to begin building real wealth. Imagine what you could do if your student loan, car loan, credit card bills, and other bills were completely eliminated, virtually overnight, leaving just a single payment behind. Most of my clients see their cash flow increase because the monthly payment of the debt consolidation loans is far lower than the total amount of the multiple payments they’d been making to keep all their creditors satisfied.

If you have sufficient credit, you can borrow up to 80% of the current appraised value of your home. A home refinancing loan will give you the ability to tap into your home equity so you can pay off all your debts at once. That debt payment will then be part of your monthly mortgage obligations, an obligation you’ll pay anyway.

I’ll help you run the numbers to make sure the consolidation is part of a healthy financial strategy. My goal is to leave you in a stronger financial position, armed with all the information you need to succeed.

I can help even if your current debt troubles have had a negative impact on your loan payment. Many of the lenders I work with offer refinancing and debt consolidation loans to clients with poor credit. It’s just a matter of matching you to the right programs and finding the terms that are going to be most beneficial to you. I can do this all at once, saving you time and effort, and can even connect you with lenders that most homeowners can’t access to on their own.

If you’re drowning in debt, I’ve got solutions. Schedule your discovery call today.

How It Works

Hey, I’m Alan 👋

Since 2013, I’ve been a mortgage broker specializing in the Greater Vancouver area. I also personally invest in real estate, and I’m a business owner. So no matter your situation, I understand exactly what you’re going through. I’ve helped others, and I can help you, too.

I work with people of all types, from first time buyers to experienced investors. It’s my job to help you safely navigate the world of real estate financing, no matter your experience level.

Frequently Asked Questions

That used to be a very simple to answer, but these days it depends on a lot of factors. Your income, debt, credit score, rental revenue, property tax amount, other properties you own. If your goal is to maximize your purchasing power, I can help you get a bigger mortgage than you can with a bank. Just one of the benefits of working with a mortgage broker.

Yes. I’m licensed to work with clients across British Columbia, and since the COVID-19 pandemic I’ve been working with all of my clients via phone and email. Geographic restrictions don’t mean much these days! We can easily have our discovery call, then manage your approval process remotely.

Short answer: I suggest you check out CBC’s exposé on how bank employees are pressured to dupe customers to sell more. Keep in mind, bank reps are often good, hard-working people like you and me. But ultimately they work for the bank, and the bank’s goal is to maximize shareholder profits. And they’re big enough to get away with it.

Your interests and my interests are very much in line with each other. I only earn my income when you get a mortgage (see below), and my business relies on referrals and repeat clients. I’ve been in this business for a long time, and I’ll continue to be a mortgage broker for many years. If you call my number in 5 years when your mortgage matures, I’ll still be the one that answers your questions.

The lender pays me a fee based on the size of the mortgage. But my commission doesn’t increase your interest rate, and in a lot of cases I can get you a lower interest rate and/or better lending terms. This is because the lender doesn’t need to pay marketing, office space or a salary.

5-year fixed rates closely follow the 5-year Government of Canada bond rates. Variable rates are largely affected by the Bank of Canada’s overnight lending rate, plus the cost and risk of arranging the mortgage. That’s why the 5-year variable rate increases when there’s economic uncertainty.

You should probably get a variable mortgage. But most people end up getting a fixed mortgage.

Why? Typically it comes down to a feeling of security. A lot of people feel very unsettled knowing their rate could change anytime. But you know what? On average you’ll save money, but it’s often worth it simply to avoid the higher penalties of the 5 year fixed rate.

For example, a week ago (at the time of writing) my brother-in-law asked me about breaking his mortgage to get a lower rate. The penalty is over $10,000 on a $250,000 mortgage. That’s 4% of the balance, which is staggering. If he had a variable mortgage, that penalty would have been a manageable $1,900.

I’ve personally seen penalties in excess of $50,000. It really depends on the size of your mortgage, the lender and how they calculate the penalty.

You might be thinking to yourself that you’re not going to break your mortgage early. But statistically, most Canadians do make a change to their mortgage between year 3 and 4.

So is it worth the risk? You decide and let me know!

Absolutely. I can either help you switch lenders or negotiate a better rate with your existing lender, depending on your personal preferences. I suggest you ask your bank their best rate before doing comparison shopping. You can’t compare what you don’t know.

The call will be kept ‘high level’ so you only need approximate numbers. Because when you send me your documents, I’ll verify the numbers anyway. Here’s the outline I usually follow for calls:

  • Your goals and timeline
  • Pre-tax income
  • Liabilities (i.e., existing debt)
  • Credit history
  • If purchase — down payment, the property you want to buy
  • If refinance — the property you own, market value of the property
  • Other properties you own

Not at all — here’s what you can expect. On the first call we’ll have a high level discussion about your finances and goals and what you can expect if we work together. If it’s a good fit, I’ll send you a checklist of documents and information that I need for a more detailed approval.

Once my team reviews your documents I’ll call or email you with your mortgage options. If at that point you decide to move forward, I’ll ask you to sign a Letter of Engagement. It’s a non-binding agreement laying out the terms of our arrangement. By signing it you confirm you’re not working with any other mortgage professionals.

Interest rates generally come down to features and risk. If you want more prepayment benefits, a lower penalty, better portability, you might end up paying a slightly higher rate to get those features built into the contract.

Then there’s risk, and I could write a whole book on the topic. There are a lot of factors, but here are a couple examples:

Low Risk: Pretend a home buyer wants to get into the market with a 5% down payment. You might think that’s a high risk, but when putting down less than 20% a home buyer pays for CMHC insurance. CMHC (default) insurance protects the lender if the homeowner defaults on the loan. That means the risk is practically non-existent for the lender, so they can offer a very low interest rate.

Medium Risk: Imagine an enterprising homeowner wants to buy a house in a tourist town and rent it on Airbnb. If something were to happen that hurts the tourism industry (e.g., a pandemic), there’s a decent chance they’d stop making payments on the mortgage. So the rate would be a bit higher to reflect this chance.

High Risk: Let’s say a very motivated individual wants to build a home from the ground up. If the house is half built and the owner stopped making payments. The lender would have a very tough time selling the house and recovering the loan, so the rate should be higher.

Often, yes. I’ll ask you some questions, and in the majority of cases I can give you a ballpark rate estimate after about 15 minutes on the phone.