BC Mortgage Brokers works on your behalf to look for a number of good deals on real estate projects to select from. They offer you with the best deals available in the market. Many people don't prefer seeking the help of a mortgage broker while selecting a loan. The broker has many links to the lenders in the market. Mortgage brokers work on the basis of commission. They don't charge anything from the borrowers or their clients as they are commissioned by the lenders or banks. They are professionals in the market and the broker works like an agent for the lender. In order to sell the mortgage products to the borrowers, the lenders hire mortgage brokers.
Mortgage brokers make good money in BC. Mortgage brokers in BC are governed by the Financial Institutions Commission - FICOM. FICOM is the regulatory body which exists to regulate the activities and practices of mortgage brokers and lenders. They have a special interest in the area of second mortgage lending.
In BC when a loan is made wherein real estate is the collateral for securing the repayment, a commercial mortgage exists. The borrower must approach a bank or building society and apply for BC Mortgage financing to take place.
Commercial mortgage financing terms depend on the type of business that is being run and the specific type of premises or land the borrower would like to buy. It is very important for the borrower to take special advice from a specialist because mortgage financing is a highly complex area.
The Mortgage Credit Certificate (MCC) program was primarily initiated by the U.S. Tax Reform Act of 1984. The program was initiated in order to help and encourage the low and moderate income earners to buy real estate - usually their first home purchase.
The BC Mortgage Credit Certificate reduces your federal taxes thus leaving more of your income available to qualify for a mortgage loan. Thus you can afford to purchase a larger home with the MCC i.e. they are tax credits that put extra cash in your pocket so that you can more easily afford a house payment. It is a great way to save taxes on your home purchases.
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