As the best mortgage expert in Surrey, the most common pre-sales calls I receive are from first-time homebuyers. Surrey’s real estate market is very active, and there are a lot of professionals and growing families looking to make this picturesque Canadian city their home. These people have a lot of questions to ask, from the necessity of down payments to the interest rates available on mortgages to how the home buying process works.
A couple in their late twenties wants to buy their first home, a two-bedroom townhouse, and is starry-eyed about it. They need some help with the details of using their savings to put down a deposit, along with getting the best possible mortgage rate in advance of making an offer. That sort of thing is a hugely positive part of the job.
The Savvy Investor’s Strategy
Today’s sophisticated investors, who grow their real estate assets, are on the other extreme. I also work with many repeat buyers. My clients often have multiple investments in addition to their own homes, and they frequently seek unique financing opportunities. Maybe they want to acquire a multifamily building, or they are looking to buy a commercial building.
One of the investors I work with always wanted to buy a small apartment building, about thirty miles south of downtown. We had to manage the nuanced commercial lending requirements and tailor a mortgage to match his long-term buy-and-hold strategy. These transactions require me to think of creative solutions and utilize my network of lenders to find the right mix.
The Refinancing Revolution
With interest rates continuing to spiral up and down, many Surrey homeowners are looking to refinance their mortgage to pay high-interest debt or take advantage of the equity in their home for renovations or investments. Being the best mortgage expert in Surrey, I helped a typical Canadian family the past month by refinancing their mortgage and paying off high-interest debt to fund a major renovation of their home—creating their dream kitchen without the high debt of their current credit card.
The Self-Employed Conundrum
Many residents of Surrey, who own small businesses and are entrepreneurs, work for themselves. These individuals have difficulty getting mortgages, and in underwriting their mortgage applications, the rules of “income qualification” may not paint an accurate picture of their financial position and require a more nuanced approach to mortgage qualification.
I remember collaborating with a freelance graphic designer who was earning great money but was not getting approved the traditional way. By approaching financial technology-backed lenders, we were able to get her approved for a mortgage and go into the market to buy her dream home—a cute little white house.
The New Canadian’s Journey
Surrey is a diverse and inclusive community, and it is not uncommon that we have first-generation immigrants coming to our branch looking for a hand. Because of our mortgage backgrounds, they will often share their apprehensions and request to learn about programs created specifically to help immigrants purchase their first home. Sometimes, they simply need an explanation of Canadian mortgages. At others, it may be a referral to an immigrant settlement program or legal aid. However, ultimately, it can prove very rewarding to have been an agent in their path toward homeownership. Call Guninder Hundal now to schedule a consultation at your convenience with the best mortgage expert in Surrey!