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DOMINION LENDING CENTRES – BURNABY & GREATER VANCOUVER MORTGAGE BROKER

Dominion Lending Centres is the largest Mortgage Brokerage company in Canada and by a wide margin. Over the years you may have seen some of their TV commercials. They tend to provide the  best training, support, and marketing help for their Brokers and advisors. Dominion Lending Centres may get a bit of priority treatment from the Banks and other lenders due to their size and reach across Canada. As a Burnaby and Greater Vancouver Mortgage Broker, I do the Mortgage shopping for you at no cost to you. We also service all of BC.

You rarely get the best deal from your own Bank. You are already under their roof and they often think or assume that you will just take the deal that they are offering. Sometimes your situation does not fit well within their parameters but will fit with a different lender. Keep in mind that with any publicly traded company the top executives and employees have a fiduciary duty to maximize the profits for the company shareholders at your expense, and do it with a smile on their face. A Mortgage Broker is independent and works for your best interests along with professional advice every step of the way.

We know where the money is and which Mortgage lenders are the best bet to give you the best deal for your situation and Mortgage financing needs. As a Greater Vancouver Mortgage Broker at Dominion Lending Centres I can help you with a variety of home financing options including a first Mortgage, renewals, re-financing, home equity loans, reverse mortgages, new construction financing, and commercial loans. Shop for your dream home with confidence.

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FREQUENTLY ASKED QUESTIONS:

WHAT IS A MORTGAGE BROKER?

In simple terms a Mortgage Broker is a licenced and trained professional that does the Mortgage shopping for you and tries to get you the best deal for your situation and financing needs. At Dominion Lending Centres in Vancouver and Burnaby we have deals with more than 50 lenders. Banks, Credit Unions, Mono line Banks, private lenders or Mortgage Investment Corporations. Private lenders are not required to apply the stress test of 2% above the contract rate.

DO I NEED A PERFECT CREDIT SCORE TO OBTAIN A MORTGAGE?

No, you do not need perfect credit to obtain a Mortgage. There are lending options available that may work with a damaged credit history or lower credit scores. A high credit score will give you an advantage in obtaining lower interest rates on your home loan. However, if you have a lower credit score it does not necessarily disqualify you.

WHY USE A GREATER VANCOUVER MORTGAGE BROKER?

Generally it will save you time and money on your home Mortgage financing and the same applies for new construction or commercial loans. It would usually take you a lot of time and effort talking to many lenders and filling out many applications along with many hard credit checks, (which can affect your credit score), in order to get as good a deal as a Greater Vancouver Mortgage Broker can provide. We already know which lenders are the best bet to approve your specific needs and credit situation. This applies more so for self employed, business owners, people wanting to use a business to purchase property, construction loans, bridge financing, and those with less than perfect credit.

DOES USING A BURNABY & VANCOUVER MORTGAGE BROKER COST ME ANYTHING?

No, about 95% of the time it does not cost you anything. The lenders pay a small finder’s fee commission to the Mortgage Broker. There may be some rare situations if we have a hard to place loan and have to deal with a private lender that does not pay a commission to the Mortgage Broker then we have to charge a fee and you would be notified in advance and given a choice before we even go down that road. It costs the Banks and other lenders money for their employee in house loan officers as well as office space. The costs for them with a Burnaby & Greater Vancouver Mortgage Broker are about the same and it is an extra source of business for them.

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ARE MORTGAGE BROKERS & AGENTS IN BC, CANADA REGULATED?

Yes, Mortgage Brokers and agents in Greater Vancouver and all of BC Canada are highly regulated. To become a Mortgage Broker, a person needs to take a comprehensive course from UBC Sauder School of Business. Then you have to pass a difficult test in the UBC exam room. You need to pass a background check and a criminal record check. Then you choose a Brokerage office to work with and register with BCFSA. Moving forward there are all kinds of rules and regulations we have to follow.

WHAT IS THE BEST PROCEDURE TO FOLLOW?

A good procedure to follow is early on get a quote from your own Bank. You rarely get the best deal from your own Bank, for a few reasons mentioned earlier on this page, but you can use it as a reference point. Then talk to a Burnaby and Vancouver Mortgage Broker and get a quote. Two applications and hard credit checks and you are done. That is probably the most efficient way to go about it and ensure you are getting the best deal. You want to do this before arranging private showings to view homes so that you know how much you can afford to invest. Realtors want to know in advance that you are qualified so that they are not wasting their time and the listing agents time as well as the seller.

There are advantages to using a Mortgage lender outside of your own Bank. Your own Bank has intimate knowledge of your ongoing daily financial situation and the option to freeze some things to protect their interests. Where as an outside lender does not. If you ever lose your job or source of income and your savings cushion is minimal it is better if your mortgage is with an outside lender. Legally you have six months to get it together and make things right with the lender before they can take the home and sell it. If you can’t make a Mortgage payment it is best to talk to the lender and often you can work something out to defer things. Two months in, if your prospects for recovery are not looking good, then consider selling to pay off the lender. You don’t have nearly the same leeway when you are renting.

DO YOU ARRANGE COMMERCIAL & HOME LOAN FINANCING ANYWHERE IN BC?

Yes, as a Mortgage Broker it does not matter if it is Vancouver, Burnaby, Coquitlam, Surrey, or Victoria, or anywhere else in B.C. Canada, we can arrange the commercial or home loan financing . These days Mortgage financing documents are sent back and forth via email and signed using Docusign or Verisign. You don’t need to have this software at your end, but I do at my end to send it. Mortgage payments are set up and automatically sent electronically to the lender.

AS A BURNABY & VANCOUVER MORTGAGE BROKER WHAT HOURS DO YOU WORK?

As a Burnaby & Greater Vancouver Mortgage Broker I am available from 9:30 am to 8:00 pm Monday to Friday and 10:00 am to 5 pm Saturdays. I am more accessible than the Banks or other Mortgage financing institutions and happy to help you any way I can.

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BIO – Tom Browne at Dominion Lending Centres

Tom was raised in Fort St James BC until the age of 14 when the family moved to Burnaby. Tom has lived most of his life in North Burnaby, 5 minutes from Vancouver, except for five years in Surrey. He has a Diploma of Technology in Operations Management from B.C.I.T in Burnaby.

He works out of a Dominion Lending Centres office in Vancouver at 2681 Kingsway. Prior to becoming a Greater Vancouver Mortgage Broker he has 22 years experience as a small business owner operator. He also has some previous experience working as a Realtor, witch can potentially be helpful for you in some situations. Tom enjoys helping people get the mortgage financing they want and need.

BURNABY & GREATER VANCOUVER MORTGAGE BROKER SERVING:

Vancouver, North & West Vancouver, Burnaby, Coquitlam, Maple Ridge, Surrey, Langley, Abbotsford, Richmond, Delta, Squamish, Whistler, Chilliwack, Hope, Victoria, Nanaimo, Kelowna, and all of British Columbia, Canada. Shop for a home with confidence. Dominion Lending Centres Burnaby & Greater Vancouver Mortgage Brokers and advisors have been helping Canadians with their home and commercial  financing since 2006.