Surrey Mortgage Brokers Serving The Lower Mainland

surrey mortgage broker
By: waferboard

Do you need a mortgage in Surrey?

If you are considering buying a home in Surrey, you might be looking for a Surrey mortgage broker. Surrey mortgage brokers will often have some more specific knowledge of some of Surrey’s unique features and housing by-laws necessary to ensure a smooth and easy approval for a Surrey home.

Surrey Mortgage Brokers And Secondary Suites

One example that is particularly prevalent in Surrey is regarding secondary suites. Many single family homes in Surrey have secondary suites, also known as “mortgage helpers.” These suites are definitely helpful for many people in helping to offset the cost of owning a home in Surrey, and are a source of affordable housing for those who are not currently able to own their own homes. The difficulty arises when someone needs a mortgage and need the rental income to qualify for the home. In Surrey, most secondary suites are “illegal” suites, meaning that they are not approved officially by the city, despite the fact they often conform to building codes.

As a Surrey mortgage broker and serving the entire lower mainland, I have had extensive experience with secondary suites, and with making tough deals work at “A” market interest rates. Beyond the things I can do as a mortgage broker to help get a tough deal approved, I can also provide advice to you that will help increase your chances of an approval.

Surrey Mortgage Broker vs. The Bank

I have written at various times about the differences between dealing with a mortgage broker vs. the bank. If you wish to read more about that, you can go to that page by clicking on the hyperlink. I will make a point of a couple things that are applicable on this issue specifically regarding Surrey mortgages.

  • We have lenders who look at rental suite income more favourably than banks usually do.
  • Many times, banks will want a tenant in place in order to use rental income. I can use rental income without having tenants yet, which is significant if you are purchasing a home and will not have tenants until after you complete the purchase.
  • If you wish to purchase an acreage type of property like a farm, I have much greater flexibility and options for borrowers. Some banks will have a greater difficulty with agricultural land reserve (ALR) properties. I have done these before for borrowers who had previously been declined with the chartered banks.

Let Us Start With Your Mortgage Approval Today!

We are experienced mortgage brokers who can help you with your surrey property. We also work with top-notch Surrey realtors to help you with your purchase if you need help with buying a home. Getting started is easy; just fill in the contact form or give us a call.