Coastal Life Realty Ltd

Why would I use a mortgage broker over my own bank?

It might make sense to use your own bank instead of a broker, but you won’t know unless you shop around.

Mortgage brokers are professional mortgage shoppers.

1)      They are in touch with dozens of lenders and can tell you in short order what the most competitive rates are.

2)      They can tell you if your lender or bank lends mortgages in your area.

3)      Different lenders lend for different purposes and to different clients. For instance, if you are self employed, some lenders will treat you more favorably than others.

4)      Many loans officers at branch level are just getting started in their careers and they are not as familiar with the mortgage process as a seasoned mortgage broker. For instance, many lenders have leeway in what documentation is required such as income confirmation and property appraisals. Mortgage...

Should you be concerned about the increase of Mortgage rates?

 If you saw the news yesterday you might be feeling a bit of a panic. It seems that anytime they can run with a ball they will. I am not going to give you any recommendations on if you should lock in your mortgage now or hang tight. I also won’t promise that rates will continue to go up or down. If we all knew those answers we would have clear idea of where to go from here.

What I will tell you is that if you are shopping for a new mortgage or you have a variable interest rate on your current mortgage there are two things you should do:

1) Ask your lender to provide a rate guarantee for you.

Depending on the lender they will hold for 30 - 120 days with the norm being 90 days.

This will ensure you can get the possible interest rate available to you. If the interest rates increase then you will get the guaranteed interest rate, if they go down you will get the lowest of the two.

2) Discuss with your...

Why are there less available rentals in the summer months?

The Pender Island rental market definitely has some seasonal trends. It can be very difficult to find available rentals during the summer months. Most people secure their rentals in the spring if they plan to be here in the summer.  

There are a few reasons why there are less available rentals on Pender in the summer...

Many people that have second homes here like to use their homes in the summer months so if they have been renting their home during the off season these renters now need to find a new home. Some of these renters can be at an advantage because they are already on Island and will be able to network to increase their odds of finding a place.

The next reason there is a shortage is because the summer months bring increased employment. Many people come to Pender and just stay for the summer while they are working. The increased amount of renters decreases the available...