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How to Get a Mortgage in Canada

toy house sitting on a stack of papers - how to get a mortgage in CanadaMore Canadians than ever are looking to get into the housing market. Almost all of them need mortgages, but the process of getting one isn’t as simple as it seems. Wondering how to get a mortgage in Canada? There are plenty of hoops to jump through, including proof of income, minimum credit scores, maximum debt service ratios and loan-to-value ratios. On top of that, there is the mortgage stress test and minimum down payments depending on the price of the home.

There are plenty of lenders who are willing to give mortgage loans. Banks and other financial institutions must follow strict criteria for new mortgage applications. These criteria can make it difficult for some people to get a mortgage. In particular, self-employed people, contract or gig workers have trouble providing the proof of income that regulated lenders require. However, not having verifiable income doesn’t mean you can’t get a mortgage. It just means you may need a little help in finding out how to get a mortgage.

Working with a Mortgage Broker is Best

A mortgage broker can help you navigate the process of getting a mortgage. Brokers can help you do the paperwork of applying for a mortgage and securing mortgage pre-approval. Find a mortgage broker near me, and you’ll get access to a network of mortgage lenders, including traditional lenders like banks, alternative lenders, and private mortgage lenders. Alternative lenders do not have to follow the strict criteria of regulated financial institutions. Therefore, they have more flexibility to approve mortgages that your bank may deny.

Working with a mortgage broker can help you get a mortgage when you can’t meet the traditional criteria. Mortgage brokers can also find the best mortgage rates available by comparing and shopping around with different lenders. Mortgage brokers work for you – not the lender- so you can be sure you are getting the lowest interest rates and the right type of mortgage.

Many Needs, Many Types of Mortgages

Buying a home is just one reason why you might be in the market for a mortgage. Sometimes, people seek mortgages to gain access to funds for school tuition, to start a business, or pay off other consumer debt. Debt consolidation mortgages are a good way to get control of your debt and start on the path to repaying it. Mortgages often have lower interest rates than credit cards, car loans or other consumer debt. A mortgage broker can help you apply for a debt consolidation mortgage that will allow you to pay off the high-interest debts so that you can focus on paying fixed payments on a lower interest loan.

HW Advantage – Mortgage Broker in Burlington

If you are looking for a mortgage in Burlington, find out why the HW Advantage can help you find the best rates for the right mortgage. The best mortgage broker in Burlington does more than simply get you approved. They offer personalized service and expert advice to help you get the mortgage that fits our budget and will allow you to meet your longer-term goals for repayment. The best mortgage broker takes the time to listen to your concerns, answer your questions, and provide recommendations to help guide your decisions. Should you choose a fixed rate or variable rate mortgage? Which interest rate offer is the best? Are all mortgages the same? A mortgage broker can help you sort it all out.

Call Harrison White and the team at HW Advantage at 905-541-6961 or start your mortgage application on the website. HW Advantage has helped hundreds of homeowners in the Burlington, Ontario, area get new mortgages, renewals, home equity lines of credit and real estate investing. We’re here to help!

Questions? We’re here to help.

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