Mortgage brokers and alternative lenders are playing a bigger role in B.C.’s residential real estate sector, as cost-conscious homebuyers seek more financing options and turn to non-traditional products that suit their needs, goals and wealth strategies.
Mortgage brokers are no longer just for “B” clients who are self-employed or have cash-flow issues or derogatory credit reports, experts said. Even “A” households with dual incomes and sizable down payments are turning to brokers, sometimes years in advance of a home purchase.
Meanwhile, alternative mortgage products have shed their stigma and are increasingly prevalent, especially for short-term strategies or shortfalls. The disparity between interest rates on traditional versus non-traditional mortgages has
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