When buying your first home, or any home, getting a mortgage pre-approval is a good idea. Knowing how much you can spend is a good defence against getting caught up in bidding wars that can quickly spiral out of control. With a mortgage pre approval in your pocket, you can create a budget of new home costs, so there are no surprises after you buy. Getting a mortgage pre-approval is easy when you call a mortgage broker in Burlington. Call us today to get started!
Working with a Mortgage Broker in Burlington
If you’ve never worked with a mortgage broker, you may not realize how easy it is and what the benefits are. First, a mortgage broker in Burlington will collect all of the personal and financial information needed to get a mortgage application started. Provide this information just once and let your mortgage broker do the shopping for you. Mortgages are complicated. A mortgage broker near me can explain the different types, repayment options, interest rates and downpayments. Your mortgage broker will find the best interest rates with the right amount of repayment flexibility. Mortgage brokers work with multiple lending partners to give you more options than banks or financial institutions can. Get started today by giving us a call, and let’s talk about your needs.
Fixed Mortgage Rates, Variable Mortgages and More
Knowing what type of mortgage is the best option for you can be confusing. You may hear from the media that interest rates are set to increase or decrease, but sometimes the information is conflicting. And yet, you need to make a decision about fixed rate mortgages or variable mortgages. A professional mortgage broker will help you understand the current interest rates and recommend fixed mortgage rates or a variable mortgage based on your longer-term financial goals.
Being Your Own Boss – Getting a Self Employed Mortgage
The pandemic has made many people evaluate their career options and choose to become their own bosses. However, getting a self-employed mortgage can be difficult unless you have advice. You’ll need to gather the paperwork to verify your income and find lenders that are open to self employed mortgages. The Big Six banks are required to follow strict lending criteria that are not always easy to meet when you own your own business. Get the help of a mortgage broker to assist you with finding the right lender that provides self employed mortgages with great interest rates.
Alternative Lending is Gaining Ground
One of the options when you can’t get a mortgage from a bank or credit union is to use alternative lending. Alternative lenders or private mortgage lenders are businesses or individuals that are not regulated financial institutions. As such, they are not required to follow strict rules such as the mortgage stress test and maximum loan to debt ratios. Some alternative lenders are fintech companies that use analytics and artificial intelligence to rate the risk of potential borrowers using different credit models. That can help homebuyers who are self employed, have bad credit, or have other unconventional financial situations.
Harrison White – HW Advantage Mortgage Broker in Burlington
Working with a mortgage broker takes the pressure off of you to find the perfect mortgage. The best mortgage brokers are committed to finding not just the best mortgage rates but also the terms and repayment options that match your financial needs for now and for the future. Call Harrison White of HW Advantage to get started on your mortgage pre approval application. Whether you are self employed, you have been denied a mortgage from another lender or are looking to purchase an investment property in Burlington, get in touch with Harrison White at (905) 541-6961 today.