The housing market took a big hit during the pandemic. With viewings available only by video link sales dropped away. This is only understandable as the only way to get a real indication of whether you like a property or not is to be in and around it. The mortgage industry naturally followed suit, and many mortgage providers began withdrawing their products from the market in the face of uncertainty. Nobody knew, after all, what impact the virus would have in the long run.
Now that we have a better understanding of the situation and a vaccine program in full swing the housing market has taken a giant leap forward. Mortgages are flying off the shelves as people who have had to spend extended time in their homes for the first time have realized a desire to look for a new home.
So, if you’re reading this, we are guessing you are either looking for or considering looking for a new home in British Columbia, and it’s a beautiful place to live. What’s the best way to get started? First, you’ll have to think about getting a mortgage and that’s why we want to explain how a mortgage calculator may benefit you as well as why you need to talk to a mortgage broker. What is a mortgage calculator?
What is a Mortgage Calculator?
A mortgage calculator is a useful online tool that can give you a good idea of how much you will pay on a mortgage of a given length with your deposit taken into account. You simple enter the cost of the home, the percentage you will put forward, and it works out your monthly repayments using current mortgage interest rates. The latter part is important as the rate can vary not just between different lenders but also according to the base rate set by the government.
You can try a good example of a Mortgage Calculator BC at pinskymortgages.ca who are a lading broker working with clients in British Columbia. We advise that you use this as a working tool to establish whether a mortgage of the value you need is within your means, and do remember that what it tells you now may be entirely different in a few weeks as it will be working with current mortgage rates. Now let us explain why you should talk to a mortgage broker.
Why Should I Use a Mortgage Broker?
For any advice on finances of any kind it is essential you talk to an expert. When it comes to a mortgage you should find a local mortgage broker such as the one mentioned above, and here’s why: They will be able to get you the best possible deal at the right interest rates from many different choices.
Your other option is to go and see your bank or other financial institution. They will have mortgages available – and they may well be the best option – but they are limited in what they can offer you as they will be restricted to their own range of branded products.
A mortgage broker can investigate all possible options including those from your bank as they have access to many different sources of lending and will find you the package that meets with your income and current situation.
So, in the first instance bring up that mortgage calculator we linked to and give it a go. That’s your working figure for repayments. Now take that to the mortgage broker, arrange and appointment, and they will be happy take your details and discuss your options for the best possible available mortgage for your needs.
