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Victoria Mortgage Brokers
Our mortgage brokers in Victoria have seen the average mortgage size go up considerably over the past couple of years. Beautiful Victoria and the rest of Vancouver Island still continues to draw many retirees and young families to the area to settle. Although finding the perfect home is slightly cheaper on the island than the lower mainland, our best rate mortgages are definitely a must to keep the payments down in Victoria.
Just as we feel it is important to have realtors who know the area when looking for that new home, we also feel having brokers who know Victoria, the Island and the rest of British Columbia is a must. We have Victoria mortgage brokers that live in the area, have seen the market trends and also know the challenges of finding that perfect home in Victoria.
Why is using a mortgage broker a must in Victoria? It's because Victoria mortgage brokers operate on a different model than the branch network of the banks, we are given access to the banks best wholesale rates on a daily basis as they try to compete with the other banks brokerage channels for your business. Bank appetites for new business can vary, but we have access to so many different lenders that you are always guaranteed to get the best wholesale rates available on the market on any given day!
Another popular product our mortgage brokers use in Victoria are the non conforming loans. Today our Victoria mortgage brokers have access to a number of financial institutions that offer these non conforming loans. These loans are designed for clients who don't qualify at the banks due to bruised credit or insufficient income. We refer to these lenders as 'common sense lenders'; so even if the bank says no, we can usually help.
The banking system today relies very heavily on a clients beacon score (credit bureau score) to determine a clients credit worthiness. The problem with using the beacon score however is that so many different factors can bring down a clients credit score that have little or nothing to do with the clients past credit history. These types of situations are the most common form of non conforming loans; low beacon scores. Although in cities as pricey as Victoria, flexible debt ratios are very useful as well.
Mortgage Brokers
Call one of our Victoria Mortgage Brokers today, or apply online for a Free Pre-Approval today.
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