Mortgage Broker in Agassiz, BC

No — Agassiz is a community within the District of Kent, which also takes in Harrison Mills, Kilby, Mount Woodside, Kent Prairie, Seabird Island and Ruby Creek. It matters practically rather than financially: zoning, permits and property questions go to the District of Kent, not to an Agassiz municipal office. Harrison Hot Springs, a few kilometres up the road, is a separate village entirely.

It restricts how land can be used, built on and subdivided, and lenders take that into account because it affects what the property could be sold for. In practice fewer lenders will finance ALR land, some will only lend against the house and a limited area around it, and a working farm may need agricultural lending rather than a residential mortgage. None of this prevents a purchase — it simply determines where the file should go, and going to the wrong lender first costs weeks.

Usually the house plus a limited area of land, with little or no value attributed to the remainder. Barns, shops, greenhouses and other outbuildings typically count for far less than owners expect. The practical consequence is that a property can appraise at one figure while supporting borrowing against a much smaller one, and that gap is worth establishing before you commit to a price rather than after.

A potability test on the water and usually a flow test showing the well produces enough, plus evidence the septic system is sound — the filing held with Fraser Health under the BC Sewerage System Regulation for anything installed or repaired since 2005, or the older health authority permit for systems predating that. Expect a shorter list of willing lenders and a slower appraisal than a serviced lot would attract.

Differently by every lender, which is the point. Some read your personal tax return literally, which penalizes any operation that legitimately reduces declared income. Others will look at the business itself, work from deposits, or take a considered view of the farm as a going concern. The spread between the best and worst reading of identical information can be very large, so the lender should be chosen after the income is understood, not before.

A pre-approval is usually ready within a couple of business days of your documents arriving. After an accepted offer the appraisal is the variable, and rural properties take noticeably longer to appraise because the comparable sales are dispersed. I will tell you at the outset which category your property falls into so the subject dates are set sensibly.

Nothing on a standard residential mortgage — the funding lender pays the commission. Agricultural, private or alternative lending can carry a fee, and you would have the figure before any work started.

Harrison Hot Springs, Chilliwack, Mission, Abbotsford, Maple Ridge and the wider Fraser Valley, along with Metro Vancouver. Licensed in British Columbia and Alberta.