As a self-employed individual in Aurora, ON, you may find yourself in need of refinancing your home. Perhaps you want to take advantage of the equity you have built up in your property to fund a new business venture, pay off high-interest debt, or make home improvements. Whatever your reasons for seeking a home refinance, it's important to understand your options and choose the right mortgage firm to work with.
At our mortgage firm, we specialize in providing customized mortgage solutions to self-employed individuals in Aurora, ON. We understand the unique financial challenges that come with running a business and can help you navigate the home refinance process with ease. In this article, we'll explore the benefits of a home refinance, how to qualify as a self-employed individual, and why you should choose our mortgage firm for your refinance needs.
What is a Home refinance?
A home refinance is a type of loan that allows you to borrow money against the equity you have built up in your home. Equity is the difference between the current market value of your property 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. A home refinance allows you to access a portion of that equity in the form of a lump sum payment.
There are two types of home refinances: a traditional home refinance and a home equity line of credit (HELOC). A traditional home refinance provides you with a lump sum payment that you can use to finance your business, pay off debt, or make home improvements. You will pay back the loan over a fixed period of time, usually between 5 and 15 years, with a fixed interest rate.
A HELOC, on the other hand, is a revolving line of credit that allows you to borrow money as you need it. You can access the funds through a debit card or checks, and you will only pay interest on the amount you borrow. The interest rate on a HELOC is usually variable and can fluctuate over time.
Qualifying for a Home refinance as a Self-Employed Individual in Aurora, ON
As a self-employed individual in Aurora, ON, qualifying for a home refinance can be more challenging than it is for someone with a traditional job. Lenders will typically require you to provide more documentation to prove your income and creditworthiness.
To qualify for a home refinance with a bank you will need to provide the following documentation below however if you cannot provide the documents below we have alternative lenders for you that might be able to help you because we specialize in providing alternative mortgages:
In addition to these documents, you may also be required to provide a letter from your accountant or other financial professional stating that your business is stable and has a positive cash flow.
Why Choose Our Mortgage Firm for Your Self-Employed Home Refinance in Aurora, ON
At our mortgage firm, we understand that the home refinance process can be overwhelming, especially for self-employed individuals in Aurora, ON. That's why we offer personalized mortgage solutions that are tailored to your unique needs and circumstances.
Here are some of the benefits of working with our mortgage firm for your self-employed home refinance in Aurora, ON:
Contact Our Mortgage Firm for Your Self-Employed Home Refinance in Aurora, ON
If you're a self-employed individual in Aurora, ON, and you're looking to refinance your home, our mortgage firm can help. We specialize in providing mortgage solutions to self-employed individuals and can help you navigate the home refinance process with ease. Contact us today at (888)878-4660 or fill out the short form on the top left-hand side of our website to learn more about our services and to schedule a consultation with one of our mortgage specialists.