It may be time to refinance your mortgage to lower the interest rate on an existing mortgage. The rule of thumb generally is that refinancing is a good option if you can reduce your interest rate by a minimum of 2%. Many lenders would say that even saving 1% is enough incentive to refinance your mortgage. The pandemic is causing many people to refinance their mortgages. According to a new survey, a whopping 10.2% of people plan to refinance their mortgage within the next year. Talk to a mortgage broker in Hamilton about private lenders and alternative lending options. We can discuss your options and determine whether you might benefit from choosing to refinance your mortgage.
What Is The Mortgage Stress Test?
The mortgage stress test is a way of testing how you, as a potential homeowner, would be able to handle your mortgage payments in the case of rising interest rates or other financial emergencies. You will need to prove you can afford your potential mortgage based on your lenders’ minimum qualifying rate. This year, and due to the pandemic, the mortgage stress test has experienced some rule changes. Having a good credit score is more important than ever. We understand that this year has been stressful enough for all of us. If you are confused or concerned about the mortgage stress test and are hoping to achieve mortgage pre-approval, contact us. We can help answer all of your questions and relieve unnecessary worry or stress!
We Can Find The Best Mortgage Rates – Hamilton
Do you live in Hamilton? Are you searching for the best mortgage rates in Hamilton and don’t know where to turn? At HW Advantage, we can help! A mortgage broker in Hamilton can help you find the best interest rates and get mortgage pre-approval. We can also help you make serious decisions like determining whether or not you should take out a 2nd mortgage. We pride ourselves on prioritizing our clients’ best interests. We work for you!
Find a Mortgage Broker in Hamilton – HW Advantage
HW Advantage is the best mortgage broker in Hamilton. If you have been thinking about buying a home this year and are not sure where to start, call us at 905-542-6961 or submit our form here to get started! We can help you get pre-approved, find the best mortgage rates in Hamilton, and take you through the home buying process from start to finish!