allJesse helped us to use the equity in our home to do some landscaping, build a fence and pay for our daughter's education. Even with a very low credit scores, he was able to give us a good mortgage rate. After 2 years our credit had improved and Jesse got us approved with a traditional bank and got us the lowest 5 year fixed rate in Canada. We are very impressed with his knowledge and services.
Remortgage with No Credit in Burlington, ON: How Remortgages Can Help You
If you are a homeowner in Burlington, Ontario, and need cash but have bad credit, a remortgage or remortgage might be the solution you're looking for. With this type of loan, you can borrow against the equity in your home, and it doesn't require you to have good credit.
Our mortgage firm specializes in helping homeowners like you to access the cash they need through remortgages. In this article, we will explain what remortgages are, how they work, and how you can apply for one in Burlington, ON.
What is a Remortgage?
A remortgage is a loan that you take out using the equity in your home as collateral. Equity is the difference between the value of your home and the amount you owe on your mortgage.
For example, if your home is worth $500,000, and you owe $300,000 on your mortgage, you have $200,000 in equity. You can borrow against that equity with a remortgage.
How Does a Remortgage Work?
A remortgage works like a regular mortgage. You apply for the loan, and if you're approved, you receive a lump sum of cash. You then repay the loan over time, usually with fixed monthly payments.
The amount you can borrow with a remortgage depends on the amount of equity you have in your home, as well as other factors such as your credit score and income. In general, you can borrow up to 80% of your home's value, minus the amount you owe on your mortgage.
For example, if your home is worth $500,000, and you owe $300,000 on your mortgage, you could potentially borrow up to $100,000 ($500,000 x 80% - $300,000) with a remortgage.
What are the Benefits of a Remortgage?
One of the main benefits of a remortgage is that it allows you to access the cash you need without having to sell your home. It can also be a more affordable option than other types of loans, as remortgages typically have lower interest rates than credit cards or personal loans.
In addition, remortgages can be a good option if you have bad credit or no credit. Because the loan is secured by your home, lenders are more willing to approve borrowers who may not qualify for other types of loans.
Remortgaging your home with no credit can be a daunting process, but using a mortgage agent in Burlington can provide several benefits. Here are some benefits of using a mortgage agent when remortgaging your home:
In summary, using a mortgage agent in Burlington for a remortgage can provide homeowners with access to multiple lenders, expert advice, time-saving, competitive rates, personalized service, flexibility, stronger negotiation power, reduced risk of rejection, and ongoing support. These benefits can make the remortgage process smoother, more efficient, and more beneficial for homeowners in Burlington.
How to Apply for a Remortgage in Burlington, ON
To apply for a remortgage in Burlington, ON, you'll need to follow these steps: