The Top 5 Benefits of Working with Lendlab
We work on mortgages every day so you know you will be in good hands. Lendlab knows the right questions to ask, and we listen to your needs. We work on your behalf to create a mortgage plan that fits with your goals.
Why Lendlab?
You want to know your best options, and you want that expert advice without having to fork over unfair or unnecessary fees.
That’s what Lendlab wants for you too.
Our experienced, fully licensed mortgage brokers show you what products can benefit you the most. You also don’t have to pay silly admin fees or expensive broker fees with Lendlab, AND we have an appraisal reimbursement program to help you even more! That all adds up to savings that truly matter.
Fully Licensed & Experienced Mortgage Brokers
A mortgage broker will work with you to find the best mortgage solution for your specific situation and be there to support you every step of the way. Rest assured that you are always in capable hands and we work hard for you and your family.
Why a Mortgage Broker?
A mortgage broker shops around their network of lenders for you to find the best rate and product for your situation. This included banks, credit unions, and national mortgage finance companies.
Instead of a retail environment where someone is trying to sell you a mortgage, we form a team and explore several different options for you.
Experience Matters
All advice is from a licensed and experienced professional who does mortgages, mortgages, mortgages!
Mortgages are our specialty and we are focused on doing them well. We don’t try to sell you anything else. Would you ask a plumber to do electrical work?
Our Process
We operate in a highly collaborative team system at Lendlab.
Every client is assigned a primary broker.
From start to finish you’re working and communicating with a dedicated broker who has the support to make sure your mortgage is seamless and stress free.
Appraisal Reimbursement
Financing a home can be expensive. Anything we can do to help in the process we certainly will.
What is an appraisal reimbursement?
Sometimes an appraisal is required to confirm the value of your home for your mortgage application.
We thought reimbursing this fee was standard industry practice but unfortunately it is not.
What You Save
A residential appraisal can cost anywhere between $300 and $500 when there is a rush fee involved.
We will reimburse you up to $350 on appraisals required for your qualified mortgage.
What This Looks Like
If an appraisal is required, you submit the receipt after the mortgage funds through Lendlab and we will reimburse a predetermined amount to you.
No Admin Fees
We don't believe in hidden transaction fees. We want to be fully transparent about our process and want to save you money and keep the stress levels as low as possible.
What Are Admin Fees
There are sadly others out there who try to charge administrative fees of a few hundred dollars. This is an added cost to you as the consumer for the same mortgage you could have gotten somewhere else without that fee.
Ask your broker during the initial call or email what fees they charge and ask them to be completely transparent.
Side Effects of Admin Fees
Some mortgage brokers will charge admin fees between $150 and $500 - which feels like a money grab to us.
Getting a mortgage shouldn’t feel like going to a shady used car dealership - we’re not here for the mystery fees to leave you feeling uneasy.
Our Promise
We have not and will not ever charge admin fees.
We are happy when you are happy.
We’re interested in helping you get your best mortgage and saving money where you can.
No Expensive Broker Fees
If you are being charged a fee for working with a mortgage broker, give us a call and we can tell you if it is a fair amount. There are times when a fee is justified and times when you might be overpaying. Always get a second or even a third opinion.
What are Broker Fees?
To understand this you have to know how mortgage brokers earn income and the different types of mortgage products we offer.
There is A-lending, B-lending, and private lending.
In A and B lending we are paid a finder's fee most typically differentiated by the length of term you choose. In private lending there are no finder fees so as brokers we do charge a broker fee.
There are brokers who charge unnecessary “top up” broker fees if they are earning less on shorter term mortgages.
In private lending, some charge high fees because the consumer may have very limited options.
What We Won’t Do
Other brokerages might see this as an opportunity to price gouge with exorbitant and completely unnecessary broker fees.
This can cost you thousands, if not tens of thousands of dollars more than you ever needed to pay.
Lendlab does not engage in the practice of price gouging
What This Means For You
Working with Lendlab means you are potentially saving on fees you might not otherwise know were not typical.
Sadly there are some not so professional professionals out there who think it is okay to charge these crazy fees.
Paying more in fees does not mean you are getting a better mortgage or experience. Remember, a good broker will have access to the right solution for you and will be paid fairly by a lender and won’t have to cost you more than another broker.
If you are being charged fees, call around to ask if it sounds fair.
Flexible Meeting Options
We get it. Life can be busy and setting aside time to work on a mortgage application can be tough. We have a range of options for you to choose from and are flexible to your needs.
Appointment Options
We can arrange appointments by phone, or in person, and online.
While we aren’t available 24/7, 365 days a year, we can adjust to your schedule to accommodate meetings outside the usual 9-5.
Your Preferences Matter
We have several document collection options to meet your requirements.
These range from email, secure portal, secure upload link, or in person.
Here to Help
If you need some general mortgage questions answered, we are happy to help as well. We believe in sharing as much mortgage knowledge with as many people as possible.
Our Mission
Looking out for you is our main job. Acting in your best interest is something we take very seriously. When you're choosing a mortgage product, we make sure you understand all the important aspects of each option, so you can make an informed choice that'll serve you well for years to come.
Why We Love What We Do
Learning more about you and your life helps us know what mortgage options fit your needs the best. But beyond that, we really like talking with you. We're focused on building long-term relationships that help you know you can count on us now and in the future.
It IS possible to both be nice and do well in business. Our team works hard to perpetuate positivity and support within the Vancouver Island community.
Purchase
Buying a home
Whether you are a first time home buyer or looking for that savvy investment property, stress and complications can arise when arranging financing. That's where we come in. Let us help you secure the right mortgage.
Refinance
Considering a refinance
There are many reasons to consider a refinance. Lower interest rates, debt consolidation, or even just accessing the equity in your home. We can discuss the pros and cons with you to see if a refinance is right for you.
Renewal
Renewal coming up?
Is your mortgage renewal coming up? Is your lender offering you the best rate and terms? Call us for a no obligation consultation to see if we can find you something better and if it makes sense to switch.
From Victoria to Qualicum and beyond, your Lendlab team is here to help you secure the best mortgage with the most benefits – and save you money while we’re at it.
Contact us
Reach out anytime for a no obligation conversation to see if we are right for you. Always happy to chat!