Interview with Beatrice Scott - Canadian Mortgage Broker & Advisor

Today I interviewed Beatrice Scott for this podcast. Beatrice is a Mortgage Broker in British Columbia, Canada. Beatrice is very knowledgeable about mortgages and how to help first time home buyers. She gave us some very good information regarding mortgages in Canada.

Beatrice Scott Talks about being a mortgage broker
	Listen Now! Duration: 17.5 Minutes

When you're first starting off with a new home there are many things to know regarding the financing, and the start up costs of the mortgage.

In this interview, we covered the following questions and topics.

• Introduction to mortgage brokers and what a mortgage broker does.
  
• Information for first time home buyers
  
• Costs related to first time mortgages
  
• Difference between fixed mortgage vs variable mortgage
  
• Is Canada in trouble in the subprime mortgages market in Canada as they are in the U.S.?

Some of the interesting high lights of my conversation with Beatrice.

Beatrice indicated that as a mortgage broker, she is able to shop around with 50 different banks, credit unions, and other lenders. This makes sure that she gets her clients the best deals.

The banks like to use mortgage brokers as the mortgage broker does all the work for them. Beatrice mentioned that it's cheaper for the banks to use mortgage brokers than bringing in their own clientele.

Get your finances in order before you buy
A mortgage broker helps the buyer anticipate the up front costs of purchasing their new home, so that they don't have any surprises.
Costs can include, taxes, lawyers fees, appraisal fees, mortgage insurance and more. First time home buyers should anticipate to have approximately 1.5% of the purchase price available as closing costs.

Beatrice has a spreadsheet on her website www.beatricescott.com that will help her clients list all of the up front costs that might be involved with their home purchase.

Fix Rate Mortgages
Fixed Interest Rate mortgages give you the same interest rate for the term of the mortgage. Example if you have a 5.5% interest rate with your 5 year mortgage, that rate will stay the same for the 60 month term.

Variable Rate Mortgage
Variable Interest Rate Mortgages are different in that they fluctuate with the prime rate over the term of mortgage. Example.. Variable mortgages are based on Prime minus a certain discount.

For Example you could get Prime (6.25% today) minus the discount of .90% making it 5.35%.

Variable mortgages that would be price Prime plus 2 would be for someone who wouldn�t qualify for a mortgage and they were using Subprime lenders.

Beatrice indicate that people should choose variable vs fixed rates based on their experience level, and their personal comfort level.

These are some of the high lites of my conversation with Beatrice Scott - mortgage broker in British Columbia, Canada. Beatrice gives us alot more details in our discussion so make sure give her a close listen.

Beatrice Scott can be contacted at:
www.beatricescott.com
PH: 604-299-0089

Keywords: Beatrice Scott - Canadian Mortgage Broker

Article Created: 2007-10-09
Article Updated: Not yet updated.