The Burlington housing market has always been strong. It’s an attractive area that many Canadians wish to live in. However, 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 Burlington? 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.
At HW Advantage, we can help you break into the Burlington housing market by providing some of the lowest and best mortgage rates in Burlington, Ontario. While the big banks may offer you their best rates, we have access to over 30 different lenders, guaranteeing you the lowest mortgage rates in Ontario. We can also help with a myriad of other housing-related topics, including providing guidance on a short term rental investment property, navigating the Ontario housing shortage, information on Canada’s real estate bubble, and more.
There’s no downside. Just the lowest mortgage rates in Ontario that we can find. At HW Advantage, you can have a mortgage that meets your needs. Get started by calling us at 905-541-6961 or schedule an appointment online with us today.
Getting Started with a Short Term Rental Investment Property
If you are looking to purchase a short-term rental investment property, we can help. You will need to apply for an investment property mortgage. This type of mortgage has similar restrictions to a second home mortgage, as it also requires at least a 20% down payment to access good rates, a good credit score and a stable income. However, you do not need to reside in the property for a portion of the year.
There is one big caveat to keep in mind with an investment property mortgage: there is a big difference between long-term and short-term rentals. Long-term rentals generally provide a stable source of income, which lenders like. Short-term rentals present a lot more uncertainty in terms of income. They rely on seasonality, reviews and a host of other factors to generate consistent income. Lenders see this instability as a huge risk.
At HW Advantage, we can help you navigate the difficult process of getting a mortgage for a short-term rental investment property. Contact us today to get started.
Break into the Burlington Housing Market with HW Advantage
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. We offer personalized service and expert advice to help you get the mortgage that fits your budget and will allow you to meet your longer-term goals for repayment. We take 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.
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. Reach out, and see how we can help you land your dream home.