Well its about time it happened.  You have a new kind of mortgage broker Victoria.  This full service mortgage broker is working hard to find the exact product for a range of client situations including those with bad credit or recently out of bankruptcy. “It’s a moral issue.”, says mortgage broker Andrew Libera. “Obviously the majority of mortgage products out there are designed for people with a 680 beacon credit score or higher, but there are many hardworking people that have just had some tough breaks, and if they have a strong covenant we will work hard to get them into a home of their own.  Sometimes its a short one or two year solution that can get them back on track.  Rates are great right now and that sure helps. ”

Victoria’s Best Mortgage is a full service mortgage broker right in the heart of Cook Street Village, Victoria, BC.  According to Mr. Libera, “We have a wide range of products for first time buyers, business owners and investors as well as a range of options for people looking for more flexibility than the big banks can offer.  We have excellent rates available but sometimes the flexibility of low pre-payment penalties can mean much more than a few dollars each month.  Invis calls it ‘rate handcuffs’.  I think that says it all.  Just because you are offered a very low rate, doesn’t mean you are getting the best product.  We have seen pre-payment penalties as high as $40,000 in our office.  It can be devastating. ”

And what about the big banks?  They have had some public relations trouble lately with the CIBC being the target of a class-action suit that has just been given the green light by the BC supreme court.  Mr. Libera says, “The banks are executing on their business plan, and we really aren’t privy to what that is.  We just see the result of the policies through the eyes and voices of the borrower that is forced to make a change and terminate their contract early. And based on the recent class action lawsuit, apparently the consumer is not happy with the types of penalties that can be incurred.  We always ensure our clients are aware of the possibility of a pre-payment penalty, and what that penalty could be.  This could be the largest purchase you ever make and the most debt your ever carry.  Its amazing to me that people often don’t drill down to the fine details of what could happen.”  So the message seems to be, protect yourself by asking all the critical questions.  Start by finding the right knowledgeable professional and begin thoroughly educating yourself.

“People love to talk about rates.  It’s all about the numbers.  Well think about this number,”  Mr. Libera concludes, “according the last CMHC study, over 70% or Canadians end their mortgage contract prior to the end of their term.  Now that is a very, very big number.”