top rated mortgage broker
Langley Mortgage Broker
Do you live in Langley, BC? If so, get started today and enjoy an optimized, stress-free mortgage experience from the comfort of your home! Start by filling out our online application and we will be in touch soon!
The Pre-Approval Process
1: Strategy Call
A Strategy Call is a conversation with a Jarrett White to gather information about your financial situation and mortgage goals. This helps determine if you qualify for a mortgage and what documents are needed. The first step is to schedule an insight call so we can have a quick chat to discuss your situation. You do not need to prepare anything for this call.
2: Online Application
Our online mortgage application is a user-friendly tool that provides a detailed assessment of your financial situation. By answering questions and submitting required documents, we can determine how much you can borrow for a mortgage, estimate your monthly mortgage cost, and provide you with various lender options.
3: Mortgage Consultation
Our mortgage consultation is a personalized review of your situation where we discuss your mortgage qualification, lender options, and answer any questions or concerns you may have. This consultation is vital before looking at homes on the market. After this consultation I guarantee you will feel confident in knowing exactly where you stand.
Shop 50+ Lenders to Ensure You get the Best Rate!
Did you know each and every bank you get a rate quote from pulls your credit? Not only is shopping lenders on your own time consuming, but it can also have a negative effect on your credit rating. One major benefit of using a mortgage broker is we shop the banks for you to find you the best rate. We offer 100% unbiased advice because we don’t work for a specific lender, we work for you!
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Frequently Asked Mortgage Questions
Do I Need Great Credit to Get a Mortgage?
Not necessarily, but it will certainly help. It is possible to get a conventional mortgage with a credit score as low as 500. However, be aware that the lower your score, the higher your interest rate will be. You can obtain a higher-cost Alternative/Private mortgage if you have 20% to put towards a down payment and pay an initial fee
How Much do I Need for a Down Payment?
To buy a home in Langley, BC, you can get into a home with as little as 5% down. The minimum down payment is 5% on homes under $500,000. 10% for the remaining amount over $500,000 up to $999,999, and 20% on the total purchase price for anything over $1,000,000.
Speak to a Langley Mortgage Broker to learn more about your unique situation.
How Much Should I Budget for Closing Costs?
The most expensive closing cost is Property Transfer Tax (PTT). It is 1% of the first $200,000 and 2% on the remaining amount up to $2,000,000. On a $500,000 purchase, you are looking at an $8,000 fee when you purchase a home. If first-time homebuyers purchase under $500,000 you are exempt from this fee. Other closing costs include Lawyer Fees ($1,500 – $2,500), Appraisal Fees ($350 – $500), Home inspections ($350 – $700) and Lender Fees (if applicable). Consider budgeting at least 1.5% of the purchase price for closing costs.
Should I Hold an Interest Rate?
A rate hold means you’re guaranteed today’s mortgage interest rate for some predetermined period, typically 90 to 120 days. If interest rates have been trending upward, it’s generally a good idea to lock in your rate. While the prevailing mortgage rate doesn’t usually make a big move in a month or two, it’s certainly possible.
Contact a mortgage broker in Langley today to get pre-approved and hold an interest rate.
Should I Get a 25 or 30-Year Mortgage?
To get a 30-year mortgage, you are required to put 20% down. If you have 20% to put down, Jarrett always recommends getting the maximum amortization for a mortgage. The reason is you can always increase your payment to turn your 30-year mortgage into a 25-year mortgage. However, you can’t lower your monthly payment to change your 25-year to a 30-year if you were to choose the 25-year option.
Want help deciding what is best for you? Jarrett White is a mortgage broker based in Langley ready to help whenever he is needed.
What Documents do I Need to Get Pre-Approved?
To streamline the mortgage process, please prepare these documents in advance.
- CRA Tax Documents (T4, T1, NOA)
- 2 Recent Paystubs
- Letter of Employment
- 90 Days Bank Statements
- 2 Pieces of ID
- Mortgage Statement (if applicable)
- Property Tax Statement (if applicable)
For further explanation please click the link to my blog Pre-Approval documents explained
Pre-Qualification vs Pre-Approval
A Pre-Qualification is a rough estimate of how much you can borrow based on the information you provide. While this number is in the ballpark, getting a full pre-approval is safest. A Pre-Approval is when you submit all your documents to your Langley Mortgage Broker and they do a full review of your entire situation. Pre-Approval is preferred and by far the safest option if you wish to buy a home.
How Long Does the Pre-Approval Process Take?
We complete our Pre-Approvals pretty much as fast as you can submit your required documents. If you are interested in getting Pre-Approved, start your application at the top of the page and submit the necessary documents. After all the documents have been uploaded we will reach out to you within 24 hours.
Does it Cost Money to Use a Mortgage Broker?
Typically you don’t pay anything to use a Mortgage Broker in Langley. We work in your best interest and we are paid directly by the bank as a finders fee. The only time you will ever pay a Mortgage Broker is if you obtain alternative or private financing. The Broker will then charge a 1 – 1.5% fee as we don’t get compensated for those specific files. All the costs will be outlined in advance to avoid surprises.
Do I Need to Meet in Person?
No. One of the significant benefits of using a Mortgage Broker is you can fill out your application online at your convenience. Most of our interactions will be over the phone, via email, or via Zoom. However, suppose you want to meet in person. In that case, I am always open to it after reviewing your documents and mortgage application.
How Many Lenders do You Work With?
Dominion Lending Centres has access to 100+ Lenders all over Canada. We work with 2 of the big five banks, TD & Scotiabank, many credit unions such as Coast Capital & Envision, and tens of Monoline & Alternative lenders.
Why Should I Work With You Instead of my Bank?
As your independent Mortgage Broker, I am working in your best interest 100% of the time. I am not employed by one particular financial institution, so I have no bias about whom I choose for you. I want what is best for you and to be happy with your selected product.