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Friday, December 8th, 2023

Finding Vancouver Mortgages Is Stressful

Finding Vancouver Mortgages Is Stressful

imageA recent poll conducted by ING Direct and Angus Reid was just released. This survey revealed nearly 66% of Canadians and those seeking Vancouver mortgage who were questioned do not find the process of obtaining their mortgage to be all that easy or uncomplicated.

In fact, a mere 7% of respondents found the mortgage process to be un-stressful.

In breaking the survey down, it found that biggest cause for this stress came as a result from the following:

– 59% found the most stress came from simply negotiating the mortgage rate.

– 55% found they were stressed from making their decision when choosing the best term and how they were going to make the payments.

– 35% of people surveyed found that the biggest stressor came from simply trying to get customer assistance from the lender.

Also, the survey revealed that 56% of younger lenders who were in the 18-34 age bracket found the most stressful aspect of getting a mortgage came from performing the research and comparing rates. Banks and trust companies alone have over 300 products which they are marketing and this doesn’t even include the additional thousands of other mortgage products which are being offered by credit unions, mortgage brokers, and wholesale lenders.

What is the solution to lower this stress level when looking for Vancouver mortgages?

There are 2 possible options that can help lower the stress.

The first solution is to simply contact a bunch of lenders and make sure that you ask them the right questions.

The second solution is to contact a Vancouver mortgage broker who can gather and help you make the mortgage comparisons.

There are 3 points you should also keep in mind when looking for a Vancouver home mortgage and they include:

– It is better if you don’t rely on any specific lender to give information which is objective when asking about competing mortgage products.

– It is extremely important that you know the right questions to ask about mortgages because it’s always the ones that you neglect to ask that will haunt you in the end.

– It is important to consider a mortgage broker doesn’t sell products from every source available and may lean toward specific lenders.

Most experts believe that it is best to conduct your search for the best mortgage by using several sources and don’t settle because simply because it’s convenient to do so.

Who Was Most Helpful?

The survey also showed that most mortgage seekers found the best assistance broken down as follows:

– Lenders were most helpful to 34% of those surveyed.

– Brokers were most helpful for 20% of those surveyed.

– Family and friends were the most helpful to 13% of those surveyed.

It apparently all boils down to the professionalism and experience of the individual lender or broker that you deal with when it comes to finding Vancouver mortgages.

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