Money Matters: How to select a Mortgage Expert for your renovation needs!
As seen in Metro Vancouver Home Decor & Renovations.
Although many Mortgage Experts (including banks) offer only basic services, there are others that will analyze your entire financial requirements to develop a strategy to help you qualify for the right mortgage, using all their resources.
Mortgages for construction or renovations
When you are looking for a construction or renovation loan you need to work with someone that understands the construction process and has extensive real estate experience. It is important they are going to be there to oversee the funding from the start to the end of the project to ensure the draws are paid on a timely manner and they are in constant contact with the lender throughout the project. There are different options to finance a renovation such as mortgage financing, home equity lines of credit, purchase/ refinance plus improvement programs, alternative lending and other non-banking solutions. Sometimes the client thinks that because of their long term relationship with their bank, they will get the best financing options. That’s not the case!
Before you engage the services of a Mortgage Expert
As Mortgage & Leasing Experts, we know all the information the client provides is personal and confidential and we strongly recommend for the client to always verify the identification of the person they are going to work with. This can be achieved by doing the following:
- Visit their web site and confirm the services they offer.
- Ensure the Mortgage Expert works for a reputable company.
- Verify that they have an active license and are registered with the government of BC (For verification click here and click under sub-brokers).
- Confirm that the location of their office where they work.
- Read testimonials from their clients on their web site.
- Unless someone referred you to the Mortgage Expert, make an appointment to meet them in person before you give them any confidential information, this will give you peace of mind and you will know how this person will handle your personal information. It is important to meet the Mortgage Expert in person and that they don’t deal with you only via phone. Even though it might be more convenient.
From the initial contact, the client will realize the type of service the Mortgage Expert is going to provide. Remember this person is going to be a guide and support for obtaining the financing to purchase the greatest investments of their life.