Mortgage Broker in Vancouver BC | Debt Consolidation, Equity Mortgage

Mortgage Services

Home Purchase Mortgage

The purchase of a home is the largest purchase most people make during their lifetime. I want to make every purchaser aware of the many mortgage options available to them prior to their purchase and closing date.

Now, more than ever, financial institutions are regularly launching new products and programs, making it easier to get into that new home sooner.

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Construction Mortgage

Traditional construction mortgages are done in draws on a “cost to complete” basis. The typical structure is a land draw, a draw at lockup (approx. 40% completion), a draw at drywall (approx. 60% completion) and when the house is done (100% complete).

However, this structure often doesn’t work for builders and developers who need cashflow throughout the build. I have years of experience doing construction lending, and can custom tailor your draws so that you get them more often to ease the cash flow concerns during a build. If you need 5 draws, 6 draws, or more, we can still arrange financing with this in mind.

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Private Lending

Private lending is an ever growing segment of the lending world in BC. As banks continue to tighten regulations and make obtaining bank financing more and more difficult, more borrowers have to turn to private lending. In addition, as more clients sell their homes and downsize, they often wish to invest in private loans.

Private lending is ideal when a person’s income or credit may not fit the “bank box” or fit within the new regime of mortgage rules. The loans are all custom tailored to the specific property, credit rating, location, and type of property being offered as security.

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Equity Mortgage

Do you need a mortgage but cannot show income in the traditional manner that the banks want? Have significant equity in your home and need access to some money but have a damaged credit score?

If you are looking to purchase a property with a large down payment but don’t have the traditional means of proving your income, Rowan Smith Mortgage Broker can help!

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Debt Consolidation

Debt Consolidation services in Vancouver are a very common need. Now, more than ever, it seems many home owners have accumulated significant debt and are looking to consolidate. It isn’t that people have just been fast and loose with their credit cards; for many the global pandemic has shuttered their business or they’ve lost their job. With consumer debts having significantly higher interest carrying costs, this can be a debt spiral that is very hard to get out of.

You debt consolidation can take many forms: mortgage, line of credit, or even a second mortgage. The fact is any of these options which is a secured form of debt consolidation, but much less expensive than an unsecured debt consolidation.

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Self Employed Mortgage

Rowan Smith Mortgage Broker at City Wide Mortgage Services can assist with self employed borrowers who cannot provide the traditional income confirmation that the banks use. Getting a self employed mortgage has never been easier. There are many non-conforming lenders that exist outside of the banks and offer a self employed mortgage.

There are three main programs for a self employed mortgage:

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About Rowan Smith