Invis - Richard Batke Mortgage Broker, Wilkins & Associates, Penticton BC - Richard's Blog

According to the 2010 Mortgage Consumer Survey from Canada Mortgage and Housing (CMHC) mortgage brokers continue to enjoy a 45% market share of all first time home buyers, 39% of all real estate buyers and show significant favour for refinances.

Mortgage Broker Use

Mortgage consumers included these benefits of using a mortgage broker:

  - They are able to get the best deal or rate for their
clients

  - They are convenient 

  - They offer time savings when obtaining a mortgage

The necessity of using a Mortgage Broker has
dramatically increased!

The mortgage lending landscape has changed so much recently, that you need to be intimately acquainted with each mortgage lender's policies.

For example:

The value of Rental Income

Most mortgage lenders do not value the rental income as they have in the past, drastically reducing the purchasing power of rental income.

For specific examples, see my previous blog entry: Rental Properties: How the new mortgage guidelines affect your buying power.

Today, there are very few lenders who will give you the full benefit from your rental income, and if you are shopping for yourself, the odds are that you not find the rental policy that you need.

Acceptable Income Types

Each lender has a list of income sources that they allow you to use as income. Some allow the use of Child Tax Benefits, some don't. Some allow Universal Child Care allowance, some don't. The list goes on.

Mortgage Qualification Criteria

Now most First Time Home Buyers will find themselves getting a 5 year fixed rate term as the savings and extra leverage of Variable rate Mortgages have been reserved for those buying a home less than they are qualified for and those with 20% down payment.

for specific examples, see First Time Home Buyer: Your Buying Power Has Changed

When you your purchasing power has been has been reduced, it is vitally important that you can make use of ALL your resources when qualifying for the home you want to buy.

If you have a lending institution who has the most conservative mortgage lending guidelines, they will decline your application.

If you use a Mortgage Broker, you will enjoy not only the best interest rates and mortgage products,
but you will get the maximum benefit from all of your specific resources!

I shop your mortgage to many different mortgage lenders including Chartered Banks, Credit Unions, "Mortgage Only" lenders and much more.

I have creative mortgage products including:

  - Home Equity Line of Credit
    (HELOC)

  - 50 / 50 Mortgage - combined variable
     and fixed rate mortgage

  - Re-advancable Mortgage - not a Line
     of Credit, though the funds can be
re-advanced

  - Simple fixed or variable
    rate mortgages

Richard Batke - Mortgage Broker

2004 Main St.
Penticton, BC
V2A 5H4

Direct: 250-809-0285
email: richardbatke@invis.ca
web: www.thehomefinancecentre.com
map: 2004 Main St., Penticton, BC

Richard Batke
Mortgage Broker

* Purchase * Refinance * Renewal * Debt Consolidation *
* Business Equipment Leasing *

Serving the South Okanagan, including:

Summerland BC | Penticton BC | Naramata BC | Okanagan Falls BC
Oliver BC | Osooyoos BC | Keremeos BC | Princeton BC