Mortgage Broker in Vancouver

Your Local and Reliable Mortgage Expert

Find expert assistance from a Vancouver mortgage broker with extensive knowledge and experience. I have connections to a wide range of lenders, including major banks, specialized mortgage providers, credit unions, and alternative financing options to help you find the best mortgage solution for your needs.

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

Are you considering buying a home in Vancouver and want to be sure you’re in the best possible position to make an offer? I’m here to help you get pre-approved for a mortgage so you can confidently start your house hunt!

With my pre-approval process, we’ll work together to review your mortgage documents and discuss lender options, so you know exactly how much house you can afford to buy. While this process may briefly impact your credit score by about three points, getting pre-approved won’t negatively impact your rates or your chances of qualifying for a mortgage.

Once you’re pre-approved, you’ll be able to make an offer that sellers will take seriously, which is essential in Vancouver’s competitive housing market. Plus, getting pre-approved allows us to spot any potential issues and work together to develop personalized solutions.

I’ll be there with you every step of the way. Not just during the purchase process but also in building a lasting relationship as we help maintain a path of financial success. Let’s work together to make your dream of homeownership a reality!

Vancouver Refinance

Are you looking for a way to access some of the equity in your home for a specific expense or to upgrade your loan to a more favourable interest rate? Refinancing your mortgage might be the perfect solution!

A refinance pays off your existing mortgage in full and opens a new one with a new balance. You can do this with a new lender or your current one. It’s a common way to access up to 80% of your home’s current market value, which means 20% of your home equity stays in your home. People often refinance to renovate, consolidate personal debt, buy an investment property, or cover other expenses.

It’s also 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 at a lower interest rate. If your income and credit score has improved, you might be eligible for a new mortgage with more favourable terms.
You’ll have the option to reduce your monthly payment and free up some cash flow by extending your amortization over a longer period.

That’s where my service comes in. I can help you compare multiple lenders at once and present you with the options that will offer the lowest payment, the best terms and the highest chance of approval. This service is essential for clients who need help with their credit score, as it can be more challenging to get approved for a mortgage refinance than getting approved for the initial mortgage.

Deciding whether a refinance is the right option is about more than the monthly payment. I will also help you factor in other costs, such as home appraisal, penalties, and title fees. Keeping an eye on other non-interest expenses ensures you save money with your refinance and end up in a better financial position than you started.

The refinance process takes about 30 days from the time of application. This timeline includes lender approval, appraisal and meeting with the solicitor.
I want to help you improve your financial situation with a home refinance. Reach out to schedule a discovery call today, and let’s explore your options together!

Buy a rental investment property in Vancouver

Are you ready to take the leap and buy your first investment property in Vancouver? As a landlord, you’ll build wealth and create a solid financial future. And I’m excited to help you make it happen!
Getting a mortgage for a rental property is a bit different than getting one for your primary residence, but don’t worry. I’ve got you covered. I work with various investment property lenders and can match you with the right one for your unique situation.

In most cases, you’ll need at least a 20% down payment, sometimes as high as 35% down. But many options are available, and different lenders have different preferences for properties, credit scores, and income profiles. Some prefer to work with people with only a few rental properties, while others are open to more extensive portfolios and properties in holding companies. Some are fine with short-term rentals like Airbnb and VRBO, while others require long-term tenancy agreements.

Lenders will also consider the property’s potential rental income when evaluating your ability to pay the loan. They’ll usually consider up to 80% of the property income, but it varies widely from lender to lender.

Finding a rental property mortgage without a skilled mortgage broker can be a long and confusing process, and you may not have access to all the available programs. I can help you get the best rates, match you with a suitable lender, and address any issues that might stand in the way of getting approved.

Together, we’ll make sure you can fulfill your dream of becoming a Vancouver landlord and create a solid financial future for yourself. Let’s get started and make it happen!

Refinance your mortgage to access home equity

Are you looking for a way to convert your home equity into cash to tackle some major home renovations or repairs or to pay off high-interest debts? A home equity loan might be the perfect solution for you!

I’m here to help you get loan amounts as low as $150,000 or as high as $2,000,000, depending on your home’s equity. With my help, you’ll be able to borrow up to 80% of the home’s value. And even if you currently have bad credit, I have partnerships with lenders willing to issue mortgages based entirely on the property’s value. Many of these lenders are only accessible through a mortgage broker (like me!) and I can help you save money by matching you to lenders with excellent interest rates, saving you thousands of dollars over time.

Self-employed? No worries, I can still help you tap into the right home equity loan. I can help you manage your payments with flexible options that allow you to take advantage of prepayment benefits or spread the loan’s cost over 40 years to keep monthly payments as manageable as possible. And we can ensure you receive your funds fast, usually within 30 days for the best rates but sometimes in as little as one week.

Smith Manoeuvre Certified Mortgage Broker

Are you looking for a way to make your mortgage payments work harder for you? I’ve got the solution for you! As a Smith Manoeuvre certified professional, I can help you turn your non-deductible mortgage debt into a tax-deductible investment loan.

The Smith Manoeuvre is a financial strategy that allows you to borrow against the equity in your primary residence and use the funds to invest in income-producing assets such as stocks or rental properties. By doing this, the tax deductions generated by the investment loan will offset the interest expense of the mortgage, allowing you to pay down your mortgage faster while also building your investment portfolio.

It’s essential to keep in mind that the Smith Manoeuvre is a complex strategy and may only be suitable for some. It’s always a good idea to consult a financial advisor before considering this strategy. I’ll be happy to help you navigate the complexities of the strategy and make it work for you.

Get approved for a mortgage, even with bad credit

Don’t let bad credit hold you back from buying your dream home! Even if your credit score is between 550 and 659, I can help you get a mortgage loan.

As a mortgage broker, I specialize in matching borrowers with lenders willing to work with lower credit scores. Working with these lenders may mean coming up with a larger down payment. My network of private and alternative mortgage lenders is often more flexible than traditional banks regarding credit scores. They’re more interested in the property’s value than your credit profile.
If you already own a home, I can also help you leverage your current home’s equity to transition into a new home and a new mortgage.

If you can’t come up with a larger down payment, I can provide you with a plan to improve your credit profile and make it more attractive to prime lenders.
And our relationship continues after the mortgage is complete. Making mortgage payments on time can help improve your credit score. We’ll devise a plan to switch you from a bad credit lender to a prime once your credit score has improved.

When you work with me, you can choose the home loans that are right for your situation, now and in the future. I’m proud to have a long-term relationship with most of my customers, and I’m ready to make your home purchase experience easy, pleasant, and stress-free, no matter what your current credit situation looks

Spousal buyout mortgage in Vancouver

Going through a divorce can be challenging, but keeping your home doesn’t have to be impossible. If you’re interested in staying in the home you love, buying out your spouse’s portion of the home can be a great solution. I understand spousal buyout mortgages, and I’m here to help make the process as smooth as possible for you.

A spousal buyout mortgage is a unique loan that allows you to borrow a larger percentage of your home’s value than a traditional refinance, up to 95%. This means you’ll have the resources you need to buy out your spouse’s share of the home.

Even if you have credit challenges, I can still help you. I have partnerships with private lenders who understand that divorce can significantly impact credit, and they’re willing to work with lower credit scores. These lenders are hard to find on your own, but I can quickly connect you with several options that are likely to approve your loan application.

If you’re ready to explore your options for keeping your home during a divorce, let’s schedule a call today. I’m here to help make the process as easy and stress-free as possible.

Get as much as 5% cash back on your mortgage

Imagine getting a lump sum of cash along with your mortgage. It’s possible with a cash-back mortgage! You can use the money for moving expenses, to furnish your new home, or even put it into a savings account for future repairs.

With a cash-back mortgage, you can borrow up to 95% of your home’s value, making it an excellent option for those planning to renovate. My lender partners offer competitive rates and flexible terms, and I’ll be happy to work with you to find the best solution for your needs.

You can receive 1%, 1.5%, 2%, 3% or 5% of your mortgage amount as cash back. So, if you choose the 5% option on a $500,000 mortgage, that’s an extra $25,000 in your pocket!
Take advantage of this opportunity; contact us today to learn more about cash-back mortgages!

Reverse Mortgage in Vancouver

Are you a senior in Vancouver who has seen your home value increase over the years but find yourself “house rich, cash poor”? I understand how difficult it can be to make ends meet in your golden years, which is why I want to help you explore your options with a reverse mortgage.

With a reverse mortgage, you can turn your home into a cash source without giving up ownership or moving out of your beloved home. You can take out a loan worth up to 55% of the value of your home and use it for whatever you need – whether it’s for living expenses, starting a small business, or dealing with a surprise expense. And the best part is, you don’t have to pay it back as long as you live in your home.

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

I’ll work with you to find a lender who offers flexible terms and competitive interest rates and can provide a “No Negative Equity” guarantee that ensures you’ll never owe more than the fair market value of your home. And with a reverse mortgage, you can rest easy knowing that you won’t lose your home to foreclosure and the loan will not affect your OAS or GIS payments in any way. Plus, you can even pass your home on to your heirs.

Let’s schedule a discovery call today to learn more about how a reverse mortgage can give you the financial freedom you deserve in your retirement years.

Consolidate your debt into your mortgage

If you’re struggling with debt and feeling overwhelmed, I’m here to help. I can show you how to use the equity in your home to consolidate your debts and simplify your payments. This restructuring can lead to lower interest rates, increased cash flow, and reduced stress.

Many of my clients have used debt consolidation to roll all their smaller debts into a mortgage for a lower overall payment, which gives them the freedom to start building real wealth. Imagine having all your student loans, car loans, credit card bills and other debts wiped away, leaving just a single payment behind.

If you have good credit, you can borrow up to 80% of the current value of your home. A refinance will allow you to access your home equity and pay off all your non-mortgage debts. This debt payment will be part of your monthly mortgage obligations, which you’ll pay anyway.

I’ll work with you to ensure debt consolidation is part of a healthy financial strategy, and my goal is to leave you in a stronger financial position. I can even help if your current debt troubles have damaged your credit score. Many lenders I work with offer refinancing and debt consolidation loans to clients with poor credit. I can match you with the right programs, find the best terms for your situation, and connect you with lenders that most homeowners can’t access.

Don’t let debt control your life. Let’s talk about your options and find a solution that works for you. Schedule your discovery call today.

How It Works

Alan Harder in Hawaii

Hey, I’m Alan 👋

Since 2013, I’ve been a mortgage broker specializing in the Greater Vancouver area.

Let’s chat and figure out what’s the best option for you. Whether you’re looking to buy your first home, invest in a rental property, or refinance your current mortgage, I’ve got you covered. My extensive network of lenders, including banks and private lenders, gives me access to various options and competitive rates. My experience and industry knowledge allows me to tailor solutions that fit your specific needs and goals.

I’ll be there every step of the way, guiding you through the process and answering any questions you may have. And, even after the loan is closed, I’ll still be available to help you with any future needs.

So, let’s connect and start exploring your options today. I’m excited to work with you and help you achieve your real estate dreams!

Frequently Asked Questions

The mortgage amount you can borrow based on your salary in Canada can vary depending on several factors, such as your credit score, the size of your down payment, and the type of property you purchase. Generally, lenders will consider your debt-to-income ratio, which compares your monthly mortgage payment to your gross income. A general rule of thumb is that you can qualify for a mortgage (approximately) 4x your annual income. However, there are a lot of variables that impact your qualification amount. It’s best to speak with a broker or lender to get a more accurate assessment of how much mortgage you can afford based on your salary in Canada.

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.

When deciding whether to go through a mortgage broker or directly to a bank for your mortgage, you should consider the options available and the incentives of the mortgage professional.

Options Available

  • Mortgage brokers have access to about 30 to 50 lenders, meaning they can offer a wider variety of solutions.
  • Banks and credit union employees only have access to one lender, but sometimes they can have competitive options for niche mortgage products. Construction financing is a good example. As a mortgage broker, if I wanted to rebuild a house, I’d go to direct to either CIBC or Vancity.

Incentives

  • A mortgage broker is an independent business owner, so they may have more incentive to maintain good relationships for future business.
  • Banks can be a high-pressure environment for employees to sell more mortgages and maximize shareholder profits. Check out CBC’s exposé on how bank employees are pressured to dupe customers to sell more.

A mortgage broker gets paid by the lender as a commission based on the size of the mortgage. This commission is separate from the interest rate on the mortgage. In many cases, a mortgage broker can secure a lower interest rate and better lending terms for the borrower. The lower rate is because the lender does not need to pay for marketing, office space or a salary when working with a broker, which can result in a better deal for the borrower. It’s worth noting that this commission does not increase the interest rate for the borrower.

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.