Consolidating mortgage arrears
In general, you should be approved for a private mortgage so long as you own your home and that home has equity in it.
However, the amount you are able to borrow will depend on actual amount of equity in your home.
Typically, your second mortgage will have a fixed interest rate that is much lower than that of a credit card, making it an attractive and affordable method of borrowing. Here’s a look at just some of the reasons why you might opt for a second mortgage to get the money you need: • Debt Consolidation • Home Renovation or Construction • Repayment of Property or Income Tax Arrears • Repayment of Mortgage Arrears • Tuition Payments • Emergency Expenses • And Much More! Why not tap into its value with a home equity loan?
The most important thing you can do to avoid falling behind on repayments is to be completely aware of your responsibilities as a mortgage holder.
For instance, if your house is valued at 0,000 and you still owe 0,000 on your mortgage, your equity would be 0,000.
A loan specialist will be able to tell you exactly how much you could be eligible to borrow.
A private mortgage is a type of mortgage that is given to you through private investors rather than a bank.
These private mortgage lenders can be more flexible when it comes to qualifying you for a mortgage, and can complete the approval process much more quickly.