Letting Your Home's Equity Work for You
To merge your debts with your present mortgage, you need to meet the government’s authorized loan-to-value criteria, which is up to 80% of your home’s value. This means that debt consolidation through mortgage refinancing is feasible only if the homeowner has a minimum of 20% equity in their property. As an illustration, if your home is valued at $400,000, the maximum mortgage amount you can obtain is $320,000, which will leave you with $80,000 equity.
To merge your debts with your present mortgage, you need to meet the government’s authorized loan-to-value criteria, which is up to 80% of your home’s value. This means that debt consolidation through mortgage refinancing is feasible only if the homeowner has a minimum of 20% equity in their property. As an illustration, if your home is valued at $400,000, the maximum mortgage amount you can obtain is $320,000, which will leave you with $80,000 equity.
Appraisal: $___ to $____, depending on the property
Title Change or Legal Fees: $___ to $____
Penalty with the current mortgage lender: Varies
Most of these costs can be accounted into the mortgage’s refinancing, so they won’t need to be immediately paid out of pocket.
To initiate the process, we request you to complete our mortgage application online, over the phone or in person, as per your preference. Additionally, we ask you to provide us with the documents required for the next step.
We use our specialized system to analyze your financials, and evaluate the feasibility of refinancing. We will provide you with answers to pertinent questions like potential savings, duration of the solution, etc.
After thorough analysis, we will provide you with suitable options, along with our recommendations. This will enable you to make an informed decision.
If you agree to our recommendations, we will initiate the process of obtaining approval from a lender.
Depending on factors such as property type, location, etc., an appraisal may or may not be necessary.
We will meet with you to review your loan approval, and to collect any additional documents required by the lender.
Once all formalities are completed, you will meet with the closing company or lawyer to finalize the refinance. After which, within a couple of days, the additional equity accessed will be disbursed.
Consider the following options for leveraging your mortgage to achieve your financial goals:
Mortgage rates are currently low, making them an attractive option for borrowing. However, it is important to ensure that your debts and investments are allocated properly for long-term financial gain. We can help you evaluate your options and make informed decisions.
There are a couple of things that we find strange:
Mortgage Alliance – Main Street Mortgages is an Independently Owned and Operated Franchise of The Mortgage Alliance Network operating under Ontario license number 12914. Administrator license number 13319
