How to Get a Mortgage During COVID 19
Mortgage rules are changing, making it a little bit harder to get a mortgage during COVID 19. However, there are still many options available to first-time homebuyers and existing mortgage holders. The Big Banks have strict rules they must adhere to in qualifying buyers for a first or 2nd mortgage including applying the mortgage stress test. CMHC may also be involved when the mortgage is considered high-risk. Homebuyers now need higher credit scores, source downpayments without using additional credit, and show adequate proof of income to get a mortgage. A mortgage broker is your best bet to help you understand the changes and how they may affect your ability to get a mortgage.
The Best Mortgage Rates Are Here – HW Advantage
We are mortgage brokers in Burlington, helping homebuyers get the best mortgage rates available. Mortgage brokers have access to a variety of lending products. They can help you through the application process and shopping around for the best mortgage rates. Get in touch with HW Advantage, a mortgage broker in Oakville today, and let’s talk about your mortgage!
Talk to Us if You Need a Self Employed Mortgage
People who own businesses or are independent contractors face an additional challenge when applying for a self employed mortgage. Big Banks and traditional lenders need to see proof of income that most self employed people cannot supply. However, non-traditional and private mortgage lenders may be willing to consider other forms of income. They may also be more willing to take on the risk of a self employed mortgage. Be sure to contact a mortgage broker in Burlington to help you with non-traditional lenders. A broker can help you get the best rate and ensure that the terms are favourable for your situation.
How Does Mortgage Pre Approval Work?
When applying for a mortgage, the lender will take into consideration all of your income, expenses and debt and apply a calculation that yields the maximum amount of money that you qualify to borrow – your mortgage pre approval. However, your mortgage pre approval is sometimes more than you had budgeted to spend. Don’t make the mistake of committing to more house than you can comfortably afford. Talk to a mortgage broker in Oakville for advice and help shopping for rates.
Why You Might Consider a 2nd Mortgage
There are many reasons why people choose to apply for 2nd mortgages. Perhaps they need to finance a major renovation, consolidate credit card debts, go back to school, or pay for an expensive life event. 2nd mortgages can be tricky to navigate, so it’s best to get the advice of a mortgage broker in Burlington who can explain the pros and cons of a 2nd mortgage versus a home equity line of credit.
Call us to talk about your mortgage needs. Whether you are buying a home for the first time, or are looking to upgrade. We help people in Burlington and Oakville find the best mortgages. Find out more about the HW Advantage, call 905-542-6961 or submit the form below and let us help!