The Federal Government’s Updated Mortgage Stress Test
In April 2020, it got a little bit easier to qualify for a mortgage in Canada when the Federal Government put into effect new rules used to test whether homebuyers can afford their mortgage, even if the rates increase. The Big Six banks are required to apply the mortgage stress test for every application and must deny the application if the applicant fails to pass the test, even if they satisfy all other criteria. With the change, the mortgage stress test has become easier to pass and will allow more people—especially first-time home-buyers, to enter the market. Get in touch with us for an explanation of the changes and how they may impact you.
Are Self Employed Mortgage Rates Higher?
Traditional mortgage lenders don’t always make it easy for self-employed people to get mortgages. Borrowers are often left to search for alternatives which in turn means that the average self employed mortgage rates are higher than they should be. However, with more than 20% of the population claiming self-employment income, and the trend towards more freelance and contract work moving upward, lenders are getting the hint and beginning to offer better self employed mortgage rates along with greater flexibility in the application process.
Get the Lowest Mortgage Rates in Burlington
Call us or make an appointment to find out how HW Advantage can help you get the lowest mortgage rates in Burlington. Mortgage brokers in Burlington have access to multiple lenders and special offers that may not be available to the public. So if you are thinking about buying a home, coming up to mortgage renewal time, or looking for a 2nd mortgage, get in touch.
HW Advantage – Search Mortgage Broker Close to Me
Shopping around for a mortgage takes a lot of time, and there is no guarantee that you will get the best rates for renewal or a 2nd mortgage. If you live in Oakville, Burlington or Hamilton do a quick search for a mortgage broker close to me to find HW Advantage. It pays to find a mortgage broker you can trust and who better than a mortgage broker close to me who lives and works in your area. Submit to the form below and let’s talk!
Finding the Best Mortgage in Oakville
Mortgage rates are low, prices are stabilizing, and the changes to the mortgage stress test mean that it is a great time for first-time homebuyers to get into the market. Navigating the application process, understanding all of the options and finding the best mortgage in Oakville can be tricky. The advantage of working with HW Advantage is that we take the time to explain everything, manage the applications and do the shopping for you so that you get the best mortgage in Burlington, without the confusion and time.
Call Us for The Lowest Mortgage Rates in Oakville and Burlington
Give us a call to talk about our situation. We can help you get the best mortgage rates in Oakville, Burlington and Hamilton and put you on the path the getting into your dream home sooner. Call HW Advantage mortgage broker in Oakville us at 905-541-6961 or submit the form below to get in touch.