Welcome to HW Advantage – Mortgage Broker in Burlington
So you’re buying your first home and don’t know anything about how mortgages work. Maybe you’re a seasoned homeowner looking to cash in on the current low-interest rates. Either way, we are here to help. HW Advantage is a mortgage brokerage in Burlington, led by mortgage professional Harrison White. Call HW Advantage, or contact us through the webform below to get answers to your questions about mortgage applications, approvals, interest rates and repayment terms. As a mortgage broker in Burlington, we can help you find the best interest rates with the right terms to match your financial needs. We can help you get a mortgage if you are self-employed or whether you’ve been turned down in the past. Give us a call, and let’s talk about mortgage financing.
Wondering How to Get a Mortgage?
If you’ve never purchased a home before, getting a mortgage can be an intimidating process. After all, a mortgage is probably the largest personal loan you’ll ever have. Finding out more about how to get a mortgage can be as simple as an internet search. But take care with the links you click from there. Banks and alternative mortgage lenders spend millions of dollars on advertising to try to get you in the door. Getting a mortgage from the first internet offer you see may mean that you are not getting the best deal you can get. Or it may mean that you end up in a mortgage that doesn’t have the repayment terms or other conditions that best suit your situation. Instead, find a mortgage broker in Burlington who will take the time to understand your financial needs. Then your mortgage broker will shop around many lending partners to find the lowest interest rate offer with the best terms. Getting a mortgage through a mortgage broker is the better, simpler way to get a mortgage.
Second Mortgages versus HELOCs
Many homeowners eventually find themselves needing to borrow a larger sum of money to cover costs like renovations, university tuition, weddings, travel, or to consolidate other debts. One option to get access to additional credit is through a 2nd mortgage. Just as the name implies, a 2nd mortgage is an additional mortgage on top of the one you already have. Second mortgages are often subject to stricter eligibility rules and higher interest rates than first mortgages, and they are not the best solution for everyone. Just like your first mortgage, a second mortgage may have repayment terms that prevent you from paying the mortgage off early, which means you pay more in interest.
An alternative is a home-equity line of credit, also called a HELOC. The biggest advantages to a HELOC are the fact that you can draw on the money anytime you need it, and the repayment terms are much more flexible. Get in touch with a mortgage broker for more on the difference between HELOCs and 2nd mortgages.
How to Flip Houses Without Getting Burned
Buying an investment property can be a stable investment that even delivers a steady stream of rental income over time. Flipping a home has the potential to give you a larger return on your investment over a shorter period of time. The problem is that many people don’t know how to flip houses and end up in a situation where they have to invest much more or sell for less than they expected. Read our blog about some of the pitfalls to avoid when flipping a house, so you can protect your investment. And when you are ready to buy, call us to talk about investment mortgages.