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 IT WORK?
A second mortgage is a secured loan that allows you to borrow money in exchange for putting your home up as collateral when you already have an existing mortgage on the home. It’s called a “second” mortgage because it is second in line to your property title should you default on your mortgage.
You’re able to borrow more money based on your home equity. As you pay off your first mortgage, you’re building up your equity. It also increases if the market value of your home increases. A second mortgage allows you to borrow money by unlocking your home equity, which means that you won’t have to sell your home in order to access your equity.
Your existing mortgage is not affected by getting a second mortgage, since your primary mortgage is still first in line. In a foreclosure, the lender will gain ownership of the home by taking the title, which means that your primary mortgage lender will be the first to be repaid.
There’s also a maximum limit to how much you can borrow that takes into account all mortgages and HELOCs secured against the property. For example, you won’t be able to re-borrow an additional 100% of the value of your home with a second mortgage on top of an already existing mortgage. This limit, called a combined loan to value ratio (LTV), is usually 80%.
ALL SITUATIONS APPROVED REGARDLESS OF DEBT , INCOME , OR CREDIT
We believe in helping out our customers in their time of need. This is why we approach homeowners in all different financial situations. Regardless of your current level of debt, credit history, or annual income, we have a second mortgage solution that will help you with the pay-out consumer proposals, to pay off high interest debt without refinancing, pay off property & income tax arrears, or pay off judgements, garnishments, and liens. Our second mortgage solutions are designed with you in mind. Whether you are considering a second mortgage solution for home improvements, debt consolidation, education, or any other reason, our brokers will work with you to find the right solution to meet your financial needs. Just like our other mortgage solutions, you can expect approval in 10 minutes.
LET’S GET YOU APPROVED THE FIRST TIME, CALL JAMES TODAY
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