Cory Vance | Mortgage Broker

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CORY VANCE

Partner & Mortgage Broker at A Better Way Mortgages

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About Me

Relationships matter, I demonstrate this daily by assuring every step of your journey is clearly understood and that the solutions we arrive at fit your unique needs. As a licensed Mortgage Broker I offer unbiased advice via access and understanding of several top banks, credit unions, and national mortgage lender policies and programs. I distill the dozens of options available into a shortlist of the very best for you to decide upon. Twelve of my twenty years of financial services experience were spent working on the inside of one of our country’s largest banks which gives me a unique perspective on what the market offers

As Managing Partner of A Better Way Mortgages, I’ve developed my expertise in financial services working with hundreds of clients. A Better Way Mortgages is a top Dominion Lending Centres franchise with more than 80 Mortgage Brokers serving Alberta, British Columbia, and Ontario.

Born and raised in Regina and a long time Riders fan, our family moved to Calgary in 2000 and we’ve never looked back…except to cheer for the Riders. When I’m not in my office building spreadsheets and analyzing ways to make finances fun (for real), I’m spending time with my wife and our two active kids.

I can also be found working with Between Friends an organization providing social and self-development opportunities for people with disabilities to connect, grow and feel a greater sense of belonging.

My passion is in tailoring a strategy that meets your needs. If you are looking to buy, build, renew, refinance or simply want an unbiased second opinion please give me a call.

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Whether you're just getting started, have a home in mind, or want to refinance or renew an existing mortgage, why not start by using my online calculator?

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Mortgage Services

MORTGAGE EDUCATION

I believe that in order for clients to feel confident about the mortgage process they need to be educated on all available options. My goal is to guide you through the process so you can make an informed decision.

HOME PURCHASE

If you are looking to buy or build a property, chances are you will need to get a mortgage. With so many options and mortgage products available it is hard to know where to start. I am here to guide you through the process. Why be tied to a single lender when you can have options from several at no cost to you?

RENEWAL OR REFINANCE

If you’re looking to access some of the equity in your home or you have a mortgage that is up for renewal in the next six months, you have options. Often a quick phone call can result in huge savings.

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I have developed excellent relationships with lenders across the country, let’s figure out which one has the best products for you.

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Older Canadians Have Mortgage Options

By Cory Vance • 07 May, 2024

Although it’s ideal to have your mortgage paid off by the time you retire, that isn’t always possible in today’s economy. The cost of living is considerably higher than it has ever been, and as a result, many Canadians are putting off retirement, hoping to make just a bit more money to add to that nest egg. So if you find yourself in the position where you’re considering your mortgage options into retirement, you’ve come to the right place. The advantage of working with an independent mortgage professional instead of a single bank is choice. When you work with an independent mortgage professional, you won’t be limited to an individual institution’s products; rather, you will have access to considerably more options. Here are some options available to older Canadians as they plan for mortgage financing through their retirement. Standard Mortgage Financing If you’ve got a steady income, decent credit, and equity in your home, there is no reason you shouldn’t qualify for standard mortgage financing, which usually comes at the lowest interest rates and best terms. Some lenders use pension and retirement income to support your mortgage application even if you’ve already retired. Reverse Mortgage Financing A reverse mortgage allows Canadian homeowners 55 years and older to borrow money from their homes with no proof of income, no credit check, and no health questions. A reverse mortgage is a fabulous mortgage solution that has helped thousands of older Canadians enhance their lifestyle. Home Equity Line of Credit (HELOC) A line of credit secured to the equity you have in your home is an excellent tool to allow you to access money when you need it but not pay interest if you don’t need it. Many older Canadians like the idea of rolling all their expenses and income into one account. Private Financing If you happen to be in a bit of a tight spot, you have a plan but need a financial solution; private financing might be the answer. Indeed not the first choice for many because of the higher interest rates. However, private financing can provide you with options where a traditional bank can’t. If you have any questions about securing mortgage financing for your retirement, please connect anytime. It would be a pleasure to work with you and walk you through all your options.

What You Need To Know About Online Mortgage Calculators

By Cory Vance • 23 Apr, 2024

You’d think an online calculator is a pretty straightforward device, one that you should be able to place your confidence in, and for the most part, they are. Calculators calculate numbers. The numbers are reliable, but how you interpret those numbers, not so much, especially if the goal is mortgage qualification. If you rely on the numbers from a “What can I afford” or “Mortgage Qualification” calculator without talking to an independent mortgage professional, you’re going to be misinformed. Don’t be fooled. Even though an online mortgage calculator can help you calculate mortgage payments or help you assess how additional payments would impact your amortization, they’ll never be able to give you an exact picture of what you can afford and how a lender will consider your mortgage application. While mortgage calculators are objective, mortgage lending isn’t. It’s 100% subjective. Lenders consider your financial situation, employment, credit history, assets, liabilities, the property you are looking to purchase. Then, they will compare that with whatever internal risk profile they are currently using to assess mortgage lending. Simply put, they don’t just look at the numbers. An online calculator is a great tool to help you run different financial scenarios and help assess your comfort level with different payment schedules and mortgage amounts. However, if you rely on an online calculator for mortgage qualification purposes, you’ll be disappointed. The first step in the mortgage qualification process is a preapproval. A preapproval will examine all the variables on your application, assess your financial situation, and provide you with a framework to buy a property based on your unique circumstance. Securing a preapproval comes at no cost to you and without any obligation to buy. It’ll simply allow you the freedom to move ahead with confidence, knowing exactly where you stand. Something a calculator is unable to do. Please connect anytime if you’d like to talk more about your financial situation and get a preapproval started. It would be a pleasure to work with you.

Understanding the Recent Housing Affordability Measures in Canada

By Cory Vance • 19 Apr, 2024

In recent years, housing affordability has become a significant concern for many Canadians, particularly for first-time homebuyers facing soaring prices and strict mortgage qualification criteria. To address these challenges, the Canadian government has introduced several housing affordability measures. In this blog post, we'll examine these measures and their potential implications for homebuyers. Increased Home Buyer's Plan (HBP) Withdrawal Limit Effective April 16, the Home Buyer's Plan (HBP) withdrawal limit will be raised from $35,000 to $60,000. The HBP allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) to use towards a down payment on a home. By increasing the withdrawal limit, the government aims to provide young Canadians with more flexibility in saving for their down payments, recognizing the growing challenges of entering the housing market. Extended Repayment Period for HBP Withdrawals In addition to increasing the withdrawal limit, the government has extended the repayment period for HBP withdrawals. Individuals who made withdrawals between January 1, 2022, and December 31, 2025, will now have five years instead of two to begin repayment. This extension provides borrowers with more time to manage their finances and repay the withdrawn amounts, alleviating some of the immediate financial pressures associated with using RRSP funds for a down payment. 30-Year Mortgage Amortizations for Newly Built Homes Starting August 1, 2024, first-time homebuyers purchasing newly built homes will be eligible for 30-year mortgage amortizations. This change extends the maximum mortgage repayment period from 25 years to 30 years, resulting in lower monthly mortgage payments. By offering longer amortization periods, the government aims to increase affordability and assist homebuyers in managing their housing expenses more effectively. Changes to the Canadian Mortgage Charter The government has also introduced changes to the Canadian Mortgage Charter to provide relief to homeowners facing financial challenges. These changes include early mortgage renewal notifications and permanent amortization relief for eligible homeowners. By implementing these measures, the government seeks to support homeowners in maintaining affordable mortgage payments and mitigating the risk of default during times of financial hardship. The recent housing affordability measures announced by the Canadian government are aimed at addressing the challenges faced by homebuyers in today's market. These measures include increasing withdrawal limits, extending repayment periods, and offering longer mortgage amortizations. The goal is to make homeownership more accessible and affordable for Canadians across the country. As these measures come into effect, it's crucial for homebuyers to stay informed about the changes and their implications. Consulting with a mortgage professional can help individuals explore their options and make informed decisions about their housing finances. If you're interested in learning more about these changes and how they may affect you, please don't hesitate to connect with us. We're here to walk you through the process and help you consider all your options and find the one that makes the most sense for you.

Cory has been providing mortgage advice to me and my family as well as my clients for many years. What has always impressed me is his prompt personal service, “get it done attitude”, and he not only meets but often exceeds tight timelines facilitating a worry-free experience.
Cory is a well-respected industry leader and demonstrates this when providing valuable knowledge from his long background in financial services. He takes a personal interest in every client and is a great communicator with all parties involved creating a smooth transaction for all.

ROD B (REALTOR)

In a word, our experience with Cory was outstanding. Considerations were explained clearly with progress communicated consistently and honestly right through to closing. We were extremely pleased with the end result and would not hesitate to recommend both Cory and his team at Dominion Lending Centres – A Better Way.

ANDREW G

We have worked with Cory Vance and Nicole deBoer for four mortgages that have included primary residences, as well as, rental properties. Cory and Nicole’s advice is excellent, they have many contacts with different banks and credit unions and have consistently secured interest rates from lenders that were lower than we were able to ourselves. When you are a client of Cory and Nicole’s, the process of applying for and obtaining a mortgage is very straightforward. They know exactly what documents you need and the right questions to ask to make sure you obtain the best mortgage product for your needs. They are also super helpful in the application process making sure forms are filled out correctly and advocating if necessary.
We expected Cory and Nicole to be excellent and they surpassed that expectation. We are grateful for both the mortgages and the properties they have secured us and we cannot recommend them enough and know we will be working with them again in the future.