You talk to the broker directly
The broker handling your application is your contact through to funding: they send it to the lender and call you as each step closes. There is no second person to bring up to speed.
That matters most when something needs explaining: income from two sources, a build that is still on paper, a lease that ends next year. The person explaining it to the lender is the person who heard it from you.
Four people work here, and you will know which one is looking after you by the end of the first call.
Four kinds of financing, one office
The same broker can look at your home, your build and your business premises.
Residential
Buying, refinancing, renewing or switching. First-time buyers, self-employed owners, people new to Canada and anyone whose income needs explaining to a lender.
Residential mortgages →Construction
Custom homes, building to sell, duplexes with garden suites under BC's small-scale multi-unit rules, four-unit buildings and land. A construction loan advances in stages against a budget, and we set it up that way from the start.
Construction financing →Commercial
The unit your business works from, a building with tenants sized on its net income, or the premises and a business credit line arranged together.
Commercial financing →Agricultural and business
Farmland and acreages, including land in the Agricultural Land Reserve, plus business lines of credit and term loans, BDC programs among them.
Agricultural financing →Your bank's offer, beside the alternatives
We place mortgages with a range of banks, credit unions and alternative and private lenders across British Columbia: banks such as TD, Scotiabank and BMO; credit unions such as Coast Capital, Prospera, Beem, Envision Financial and Community Savings; WealthONE; and BDC for business programs. Beyond the big banks there are lenders for people whose income or credit does not fit a bank's template.
Each lender has its own rules about income, property and credit. Knowing them is the job: it decides which lender sees your application first, and how it is written up so the lender has what it needs the first time.
If your bank has already made you an offer, bring it. We put our lenders' options beside it, in writing, and you choose.
Answers in writing, before you decide
Every option comes to you in writing: what the lender has offered, what it costs, what the conditions are and what we would do in your position. Nothing is left to be discovered at the lawyer's office.
If the honest answer is to wait a few months or stay with your bank, that is the answer you get.
For most residential mortgages the lender pays the brokerage when the mortgage funds, so you usually pay no broker fee. On commercial, construction, agricultural and private lending a fee may apply; it is disclosed in writing before you commit to anything.
Licensed to broker, licensed to build
Lendrite Mortgages Inc. is a mortgage brokerage licensed by the BC Financial Services Authority, the regulator for mortgage brokers in the province. The licence numbers are in the footer of every page.
Sunny Bal, the principal broker and owner, also holds a BC residential builder licence and renews it every year. On a construction application it shows: the budget sits on the lender's own template, the schedule of stage payments matches the real build, and the builder package carries the exhibits a lender asks for.