Why use a mortgage broker versus going to my bank?

Do you trust your banker to tell you that their competition has a better mortgage? Me neither! I work on your behalf and can get you a mortgage from over 50 different banks, credit unions and lenders. It'll save you from going bank to bank to see what they can offer you, I do that for you. With one application and one credit check too!

Are there any extra fees or costs to use a broker?

No. The bank pays me a referral fee for doing the work, at no cost to you.

Do I have to move my other accounts to the new bank?

No. You can keep your existing accounts and mortgage payments can be withdrawn from your current account.

The lender pays me a referral fee for arranging your mortgage, so there is typically no direct cost to you.

Why use a mortgage broker instead of going to my bank?

A mortgage broker like Chad Watts works for you, not the bank. With one credit check and one application, Chad shops your mortgage across 50+ banks, credit unions, monolines, and private lenders in BC to find the best rate and terms for your situation. Your bank only shows you their own products. A broker shows you the whole market — at no cost to you.

How does a mortgage broker get paid? Are there fees?

For most standard residential mortgages — purchases, renewals, and refinances — there is no cost to the borrower. Lenders pay Chad a referral fee for placing the mortgage with them. For some alternative or private lending situations, a broker fee may apply and will always be disclosed in writing upfront.

Can I get a mortgage if I am self-employed in BC?

Yes. Self-employed mortgages are one of Chad's core specialties. Many major banks struggle with self-employed income because it looks irregular on paper. Chad works with lenders that have specific Business-for-Self (BFS) programs — including bank statement mortgages, stated income programs, and Alt-A products — to help self-employed borrowers qualify where the big banks say no.

Can I get a mortgage with bad credit in BC?

Yes. Through B-lenders, credit unions, and private mortgage lenders, Chad can often find solutions for borrowers with bruised credit, collections, consumer proposals, or past bankruptcies. The interest rate will be higher than an A-lender, but these options help bridge the gap while you rebuild your credit.

What is the minimum down payment to buy a home in Canada?

In Canada, the minimum down payment is 5% on homes up to $500,000. For homes between $500,000 and $999,999, it is 5% on the first $500,000 and 10% on the portion above $500,000. For homes $1,000,000 and above, a minimum 20% down payment is required and CMHC mortgage insurance is not available.

Should I choose a fixed or variable rate mortgage?

It depends on your risk tolerance and financial situation. Fixed rates give you payment certainty — your rate and monthly payment don't change for the term. Variable rates fluctuate with the lender's prime rate and can save money when rates fall, but payments can rise. Chad models both scenarios with every client so you can make an informed decision based on your specific numbers.

What areas does Chad Watts serve in BC?

Chad serves clients across Metro Vancouver and the Lower Mainland, including Vancouver, Burnaby, Richmond, Surrey, Coquitlam, North Vancouver, West Vancouver, New Westminster, and Port Moody. All consultations are available by phone or video, and Chad also offers mobile service throughout the Lower Mainland.

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