Ask the Expert – Mortgage Broker Tricia Sanche

In the first of our Ask the Expert series, our members had the opportunity to question local Mortgage Broker Tricia Sanche who is a member of Mortgage Architects, a national brokerage firm.

Kelowna resident and Mortgage Broker Tricia Sanche brings a unique understanding of our region’s real estate dynamics to the table. Tricia knows it is not always easy to qualify for a mortgage as an entrepreneur, and her commitment is to craft tailored lending solutions that align with your business goals. Whether you’re purchasing your first home, an investment property, or seeking a refinance or renewal, Tricia is your go-to expert for all your mortgage financing questions.

What does a Mortgage Broker do?

In a nutshell, Mortgage Brokers guide you through the process of securing financing for the purchase of a home or investment property.

If you had to put on your prediction hat, how will the mortgage market be different in five years? It feels like there have been so many dramatic ups and downs!

The mortgage market is unpredictable. In the past few years, we’ve seen interest rates take us on a a rollercoaster ride. They hit rock bottom during Covid, then shot up like never before in a fairly short period of time. The buzz recently is that the BOC might ease up on the overnight rate as inflation finds its balance. But here’s the reality check – it doesn’t mean we’re heading back to those pandemic-era super-low rates. It will take time for the rates to come down, one BOC meeting at a time. Change is on the horizon, no doubt, but it will be a slow and steady journey.

What are the benefits of working with a Mortgage Broker over a bank?

The common belief that mortgage qualification is the same with every type of lender can be misleading. Generally banks have a specific set of guidelines they use to judge whether you qualify for a mortgage. Either you fit their mold, or you don’t. What often escapes notice is the abundance of alternative options. Mortgage Brokers know all the options and have relationships with all the lenders. We train with each lender to know exactly what they offer. We make it our mission to match you to the lender that has the perfect mold for your unique circumstances.

What are some common challenges your clients faced in 2023, and how did you help them overcome them?

Rising variable rate mortgage payments. If you had a variable rate, you may have seen your payments double in some cases. This made it exceptionally difficult to stay afloat, especially given the rising cost of groceries and gas.

Many of my clients reached out to me to help them find solutions to get them back on track. Some found relief by refinancing, tackling their debt head-on. Others, tired of the rollercoaster, switched to a fixed-rate mortgage for some much-needed stability and peace of mind. The only way to know for sure what the best course of action was for each of them was to reach out and have a discussion around their concerns and ideal outcome.

How does the regularity of my income impact the mortgage application process?

If a friend asked me to borrow money, one of the first things I’d want to know is whether they can pay it back in the future. While lenders aren’t your best buddies, they share a similar concern – they want assurance that you can repay them without any issues. Having a steady income stream gives them peace of mind, knowing you’ve got money coming in to service your debts. With that being said, there are mortgage products that base your qualification on your net worth or other factors rather than your income. This is a great example of how not all mortgages are built the same way.

What if my credit is not good – Can you still help me?

Absolutely. Having credit issues doesn’t ever mean a flat-out rejection when it comes to borrowing for a home purchase. The key is to take a proactive approach and address credit issues head-on. It all boils down to planning. The more you understand about your overall financial situation before applying for a mortgage, the better your chances of finding a solution that aligns with your unique circumstances. It really is about being aware, taking steps to address potential issues, and working towards a financial picture that supports your home-buying goals.

Do you have any resources to share with our readers?

There is so much information out there; it’s tough to decipher what applies to you and what doesn’t. My best advice is to reach out to me with any questions you have. My job is to get you a mortgage, whether it’s today or down the road. I want to make sure you are set up for success, and the only way to do that is to have a conversation.

Facebook @Tricia Sanche Mortgage Solutions
Instagram @tricia_sanche47
Twitter @trish_sanche

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