Conventional Mortgage Solutions
Purchase Mortgage
Are you looking to purchase a new home? Let me help you with a purchase mortgage.
1. Access to expert advice and guidance throughout the home buying process
2. Assistance with shopping for the lowest interest rates and best terms
3. Help for first-time home buyers navigating the complex home buying process
4. Access to a wide range of mortgage products and options to suit your needs
5. Negotiation with lenders on your behalf to secure the best mortgage terms possible
Refinance Mortgage
Are you looking to lower your monthly mortgage payments or access the equity in your home? Consider a refinance mortgage.
1. Access to expert advice and guidance on your refinancing options
2. Help with consolidating high-interest debts to lower your overall debt load
3. Assistance with obtaining the lowest interest rates possible to reduce your monthly payments
4. Help with using the equity in your home to finance renovations or other major expenses
5. Access to flexible prepayment options to pay off your mortgage faster and save on interest costs
Mortgage Renewals
Is your mortgage up for renewal? Let me help you find the best mortgage rates and terms for your needs.
1. Access to expert advice and guidance on your mortgage renewal options
2. Assistance with shopping for the lowest interest rates and best terms
3. Help with negotiating with your current lender to secure better mortgage terms
4. Access to a wide range of mortgage products and options to suit your needs
5. Assistance with renewing your mortgage without incurring any extra costs or penalties
Home Equity Loans
Looking to access the equity in your home to finance a major expense? Consider a home equity loan.
1. Access to expert advice and guidance on the best ways to use the equity in your home
2. Help with obtaining the lowest interest rates possible to reduce your overall borrowing costs
3. Assistance with accessing the equity in your home without having to sell it
4. Help with financing major expenses, such as home renovations or a child’s education
5. Access to flexible prepayment options to pay off your loan faster and save on interest costs.
Alternative Mortgage Solutions
Alternative Mortgage Solutions
Alternative lending solutions are becoming increasingly popular in the mortgage industry, providing borrowers with an alternative source of financing when they are unable to secure a conventional mortgage with a traditional bank.
There are many reasons why someone may not qualify for a conventional mortgage, such as insufficient credit history, high debt ratios, self-employment income, or non-traditional sources of income. In these cases, alternative lending solutions may be the best option.
As an experienced mortgage agent, I have helped many clients secure alternative lending solutions when conventional options were not available. With my expertise in the industry, I am able to assess each client’s unique situation and provide tailored solutions that meet their individual needs.
Whether you’re a first-time homebuyer, a real estate investor, or someone who has been turned down by traditional lenders, I am here to help. I have a deep understanding of alternative lending solutions and the lenders who offer them, and I will work tirelessly to find the best solution for your specific situation.
Contact me today to discuss your options and find out how I can help you secure the financing you need for your dream home.
Private Lending Solutions
Private Lending Solutions
Private lending refers to loans that are funded by private investors or companies, rather than traditional banks or financial institutions. These private loans are often used as an alternative to conventional lending options, particularly in situations where borrowers are unable to obtain a mortgage through a bank because of time constraint. These types of loans are used as a short-term solution, to buy you more time in rush and unexpected situations in life. Despite being less well-known than traditional lending options, private lending is a highly regulated and secure financial product.
Types of private mortgage lending – Is this the right product for you?
Equity-Take-Out (ETO)
It involves borrowing against the equity that has been built up in a property. You may have trouble refinancing with bank to take out the equity you have in your home. This can be useful for homeowners who need to access funds for a major expense, such as home renovations or debt consolidation.
Construction loan
These loans are typically used by builders and developers who need financing for new construction projects. Because banks are often hesitant to finance construction projects due to the higher risk involved, private lenders can be a more accessible option. There are a lot of things to lookout for when registering a construction loan, as an experienced construction loan underwriter, I will guide you step-by-step to make sure you are in good hands.
Bridge loans
A Bridge loan is a short-term loan that is used to bridge the gap between the purchase of a new property and the sale of an existing property. This can be useful for homebuyers who need to purchase a new property before selling their current one, most seen when equity is stagnant on the property about to sell, thus unable to use that equity to acquire the home of your dream that is on the market right now.
Purchase Loan
In this 90% sellers’ market, having 2-3 months closing period maybe one of the reasons you keep not getting the home you want. Purchase loan can help you make sure you can close on time and secure your dream home. If a borrower has difficulty obtaining a traditional mortgage, they may turn to a private lender to help finance the purchase of a property for a quick closing date and buy them time to get a financing with low interest rate via conventional mortgage.
Reverse Mortgage
What is reverse mortgage?
As you age, you may find yourself in a difficult financial situation, especially if you don’t have a steady source of income. If you’re a homeowner, a reverse mortgage could be the solution you’ve been searching for.
It’s a type of loan that allows homeowners over the age of 55 to access the equity in their home without having to sell it. Instead of making monthly payments, the loan and interest are paid back when the home is sold or when the homeowner passes away.
For seniors who are struggling with day-to-day expenses, a reverse mortgage can provide the financial support you need to live comfortably. With a reverse mortgage, you can receive a lump sum payment, regular monthly payments, or a line of credit to use as you see fit. The best part? You can continue to live in your home as long as you want.
Qualification
Qualifying for a reverse mortgage is simple
- Applicant must be over 55 years of age
- Own your home outright or have a significant amount of equity/ low mortgage amount
- Don’t need to have a steady source of income
- No regular payment needed
Plus, the loan is highly regulated and insured by the government, so you can rest assured that you’re protected.
If you’re struggling to make ends meet in your golden years, a reverse mortgage can be a lifeline. Not only can it provide you with the financial support you need, but it can also help you stay in the home you love. Don’t let your age or financial situation hold you back – reach out to a trusted mortgage professional today to learn more about how a reverse mortgage can benefit you.
Mortgage Renewals
Is your mortgage up for renewal? Let me help you find the best mortgage rates and terms for your needs.
1. Access to expert advice and guidance on your mortgage renewal options
2. Assistance with shopping for the lowest interest rates and best terms
3. Help with negotiating with your current lender to secure better mortgage terms
4. Access to a wide range of mortgage products and options to suit your needs
5. Assistance with renewing your mortgage without incurring any extra costs or penalties
Scenarios
Scenario 1:
Samantha is a retired senior citizen who has been living in her home for over 30 years. She has no income and is having trouble paying her bills. She also has a mortgage of $100,000 that she needs to pay off. Samantha applies for a reverse mortgage and is approved for a loan of $150,000. She uses the funds to pay off her mortgage and the remaining $50,000 for her daily expenses and medical bills. She does not have to make any monthly payments and can continue to live in her home as long as she wants.
Scenario 2:
Bob and Linda are a retired couple who want to renovate their home to make it more accessible for their elderly needs. They apply for a reverse mortgage and are approved for a loan of $200,000. They use the funds to renovate their home with a new bathroom, wider doorways, and a ramp. They also have some money left over to take a trip to visit their grandchildren. They do not have to make any monthly payments and can continue to live in their home as long as they want.
Scenario 3:
David is a senior citizen who wants to help his children with a down payment for their first home. He applies for a reverse mortgage and is approved for a loan of $100,000. He gives $50,000 to each of his children as a down payment. He does not have to make any monthly payments and can continue to live in his home as long as he wants.
In all of these scenarios, the homeowner’s ownership of their home is not transferred to the bank when they receive a reverse mortgage. The reverse mortgage is registered against the home in the same way most regular mortgages or home equity lines of credit are. The remaining equity on the home depends on the difference between the home’s current value and the amount owing on the reverse mortgage. Homeowners can use the funds to pay off their regular mortgage, cover daily expenses, make home renovations, pay for medical bills, in-home care, trips, or to help a relative with a down payment of a home of their own. Homeowners must pay property taxes directly to the municipality. If both spouses are registered as joint tenants, the surviving spouse can continue to be a borrower and is entitled to all the benefits a reverse mortgage has to offer. Independent Legal Advice (ILA) must be obtained by the legal titleholder of the property and, if applicable, any non-title holding spouse. Finally, to reduce interest accumulation, homeowners can limit the amount of their initial advance and take out additional funds only as needed. You can also paydown the interest annually to keep the cost down, but by absolutely no means that this is mandatory.