Benefits of using a mortgage broker
Blog Benefits of using a mortgage broker September 26, 2022 Approved by James Admin Entering the housing market can be as intimidating as it is exciting. While the thought of
PAY OFF YOUR DEBTS & HIGH INTEREST LOANS!
- Tax Arrears
- Mortgage Arrears
- House Liens
- 2ND & 3RD Mortgages
- Consumer Proposal
- Account In Collection
- Maxed Out Credit Cards
- High Interest Loans
- Bankruptcy
- Spousal Payout
REGARDLESS OF CREDIT, INCOME, & EMPLOYMENT
APPROVED IN MINUTES
We know that you want to eliminate debt and find a solution to your financial situation as quickly and pain-free as possible. When you apply for a mortgage solution with the Approved By James Team, you will have peace of mind in knowing you won’t have to wait days or weeks for an answer. Having to wait for an answer only places additional and unnecessary stress on you during the application process. In fact, you’ll be approved in just 10 minutes! That’s right, you will have an instant solution for your financial situation. We ensure you get the mortgage solution you need, when you need it most.
HOW DOES REFINANCING WORK?
How a cash-out refinance works is that you are replacing your existing mortgage with a larger mortgage. After paying off your existing mortgage, you will have money left over that you can then use. The amount that you can borrow with a cash-out refinance will depend on how much home equity you have.
Your home equity is based on the value of your home and the size of your mortgage. A home appraisal may be conducted to consider the appraised value of your home. The difference between your home’s value and any debt tied to your home, such as your mortgage, is the equity that you have in the home. That’s because you will need to pay off this debt when you sell your home, so the amount remaining is your equity. You can use your home equity to borrow money by using your home as collateral. This lets you access your home equity without needing to sell your home. Otherwise, you will only be able to get access to your home equity when your home is sold.
Over time, as you continue to make mortgage payments, your mortgage balance will decrease. This increases your home equity if your home value stays the same. However, your home value also affects your home equity. If the value of your home increases, then your home equity also increases. That’s because if you were to sell today, you will be able to get a higher selling price while the mortgage debt tied to the home stays the same. If home values decrease, then your home equity will also decrease. It’s possible for your home equity to decrease even when you are making regular mortgage payments during instances where your home value decreases more than your mortgage principal payments.
With a cash-out refinance, you can borrow up to 80% of the value of your home. This includes both the mortgage balance and the amount that you want to cash out and is also referred to as your loan to value (LTV) ratio. The higher your loan compared to the value of your home, the higher the LTV ratio.
REFINANCE MORTGAGES FOR ALL SITUATIONS REGARDLESS OF DEBT, INCOME, OR CREDIT
With the James Khan team, we make refinancing your home simple. We know that you don’t want to have to jump through hoops to get access to the financial solutions you need to achieve your goals. Our flexible and affordable financing options allow you to access up to 85% of the equity in your home to meet your financial needs. Many of our customers use this LOW INTEREST RATE solution to consolidate high credit card and/or household debt, while others use this product to renovate their home or buy an investment property. When you use mortgage refinancing to consolidate debt and loans into one,you can save thousands of dollars in interest and strengthen your financial situation. Regardless of your current financial situation or amount of debt or credit history, there are many reasons why you may want to consider mortgage refinancing as an option. Most commonly, homeowners use refinancing to reduce high interest rate mortgage payments or to pay off property tax or income tax arrears. Others use it to complete a project or achieve a goal such as renovating your home to increase its value, purchasing a vacation property or income property, or using it to fund education.
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