It’s Time to Find a Mortgage Broker
With a hot housing market and mortgage rules getting tighter all the time, getting a mortgage and buying a home has become a harrowing experience. It’s time to find a mortgage broker who can help you get through it quickly and without the missteps that may occur for first-time homebuyers. Self-employed people or those whose financial situation may have changed throughout the pandemic may also find it more difficult to navigate mortgage rules and requirements.
Mortgage brokers near me assess your financial reality and talk to you about your goals for buying and paying for your home. Then mortgage brokers use their extensive network of lending partners to find you the correct type of mortgage at the best mortgage rates. There’s less uncertainty and wondering if you’ll be approved because your mortgage broker can help you gather the paperwork and fulfill the obligations needed for lenders to approve your application. If you’re buying a home for the first time, renewing or refinancing your mortgage, or looking for a 2nd mortgage, it’s time to find out why you should work with a mortgage broker.
Choosing the Right Kind of Mortgage
If you’ve done some research, you know there is more than one kind of mortgage. YOu can choose from a fixed-rate mortgage or a variable rate mortgage, depending on your needs and your risk tolerance.
Fixed vs variable rate refers to the interest rate offered for the current mortgage term – not the entire life of the mortgage. Also, you can change between variable and fixed rate mortgages types each time your mortgage renews. Early in your mortgage, when you are most vulnerable to interest rate increases, it may make sense to stick with a fixed rate mortgage. Fixed vs variable means that the interest rate does not change during the mortgage term. However, if you are less worried about the impact of changing interest rates, you may be able to save some money with a variable rate mortgage. With variable mortgages, the interest rate is tied to the prime lending rate sent by the Bank of Canada. If the prime rate goes down, you pay less. If the prime rate increases, your mortgage rate increases accordingly. Using a calculation similar to the mortgage stress test calculation is an excellent way to test whether your finances can tolerate increased rates. If you can, then you can feel more confident in a variable rate mortgage and save on interest costs for some time.
How to Get a Mortgage with the Lowest Interest Rate
Shopping around for mortgages in Burlington is the best way to ensure you get the lowest interest rates available. Most websites offer a mortgage approval calculator to help you know what amount you will qualify for and how much the mortgage payments will be. You can use mortgage approval calculators as a tool to help you compare mortgage offers. But shopping around can take a lot of effort and data entry as you fill out every mortgage application. The better way to get the lowest mortgage rate is to let a mortgage broker do the legwork for you. A broker may also have access to deals and incentives that you, as a member of the public, do not.
Looking for an Investment Property Mortgage
Banks are not always willing to take on the risk of lending mortgages for property investments. However, a mortgage broker can match you up with a private mortgage lender who may be willing to fund your project.
Real estate investing is one of the most popular investments for Canadians because other securities-based investments offer such low interest rates and low rates of return. However, property almost always increases in value, making it a good investment for the long term.
Harrison White Mortgage Broker In Burlington
Whether you are thinking about investing in real estate, buying a home, renewing a mortgage, looking for bridge financing, a second mortgage or a home equity line of credit, your mortgage broker is ready to help. Harrison White has been serving homeowners in Burlington and Hamilton for many years. Call Harrison and the HW Advantage team at (905) 541-6961 to talk about your next mortgage or apply now.