Welcome to HW Advantage – Harrison White Mortgage Broker
For people looking for how to get a mortgage to buy their first home, working with a mortgage broker is a good idea. Not only does a mortgage broker help you get the best interest rates, but they can also advise you on how to get a mortgage, what kind of mortgage suits your financial situation and what you will need to show lenders to get pre-approval.
Harrison White is a mortgage broker in Burlington who has helped countless families and individuals get a mortgage with great interest rates and repayment options. Find out more about the HW Advantage and why it pays to work with a mortgage broker. Harrison and his team support you through the entire process from application to well beyond the closing of your home. Because mortgages are complicated, not everyone knows the ins and outs, especially as you buy your first home.
What is the Prime Rate in Canada?
As you shop for a mortgage, you’ll hear a lot about the prime interest rate. What is the Prime Rate, and how does it affect the mortgage rates you eventually pay? The Prime Rate is the interest rate at which banks lend each other money. It is considered the lowest interest rate in the country and is used as a benchmark by which banks and other lenders can determine what a fair rate to demand from businesses and consumers is. The Prime Rate is set by the Bank of Canada and is sometimes used to manipulate the economy when inflation becomes too high or too low. Recently, the Prime Rate has been set at historically low levels to help maintain the economy as we recover from the pandemic. The Prime Rate sometimes impacts whether people choose fixed vs variable rate mortgages and the length of the mortgage term they choose.
Get the Best Mortgage Interest Rates in Burlington
Ultimately, homeowners want the lowest mortgage rates they can find in Burlington and the surrounding area. But interest rates can vary depending on whether you choose a fixed vs variable rate mortgage. To find the best rates, work with a mortgage broker. They have access to many more mortgage products and options based on their relationships with multiple mortgage lenders. If you go to the bank for a mortgage, they may offer you one of three or four products at their posted mortgage interest rates. However, a broker can give you more choices and find you a better deal on interest rates.
Alternative Lending in Burlington, Hamilton and the GTA
Mortgage lending criteria in Canada are rather strict. When the big banks and other regulated financial institutions won’t approve your mortgage due to a poor credit rating, or lack of verifiable income, some alternative lenders may be able to help. These organizations use different criteria to assess the risk of lending you money for a mortgage. They may consider your transaction history or be more willing to consider self-employment income. Either way, alternative lenders make it possible for people who cannot get a traditional mortgage to buy the home they have been dreaming of or even get a 2nd mortgage. Call HW Advantage to discuss your situation and find out if alternative lending is the solution for you.
Buying an Investment Property – Call Us First
With low interest rates and a hot housing market, many people are considering purchasing an investment property. Flipping a home can give you a big payback on your investment, while a rental income can provide a steady income stream over time. Call us if you are considering a real estate investment property. We can provide a plan to help you get the mortgage financing you need to make your investment a reality. Call HW Advantage at 905-541-6961 or fill out the form below to get started on your mortgage application today.