Mortgaging a home will directly be affected by an individual’s long and short term goals. It is crucial to consider a BC mortgage lender that not only offers a lower interest rate but also offers flexible and alternative lending options even to those who may have the most challenging circumstances.
Key questions that should be asked when analyzing a mortgage should be: Can the mortgage be transferred? Can it be taken over by the buyer (assumable) if the home is sold? Are their options to make a prepayment or skip payment? What is the frequency of the mortgage’s compounding interest?
Taking these considerations into account can save the homeowner money and help them avoid unexpected expenses that may come along the way as their circumstances change. For example, homebuying trends in British Columbia involve a growing number of people who are specifically looking purchase Laneway homes. This is partly due to the increasing cost of housing and due to traffic congestion caused by those who have to commute to residences located in the suburbs. These factors have led many to choose Laneway homes since they offer a place to live within a much smaller space that is usually between 500 to 1200 square feet.
Currently, there are only a few discount lenders that offer a BC mortgage with flexibility on various types of residences. It is important that homeowners across British Columbia learn as much as they can about certain bylaws in their area. This will help them take advantage of the benefits of renovating their homes under a BC mortgage lender who could then incorporate their renovation expenses into their mortgage.
People will oftentimes overlook the necessary steps needed to find a mortgage lender that can benefit them if their situation suddenly changes. It is crucial that a BC mortgage be obtained that can adjust to the purchase of a new home, a dated home or on a renovation without the homeowner having to pay a heavy penalty in the process. No doubt, this is a convenient option to take advantage of especially if the current mortgage’s interest rate is significantly lower than what it would be if a new mortgage was processed. Unlike with most banks, private non-traditional lenders can provide lending options through their services that would not be attainable to the would-be-homeowner.