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Marie Copeland @AxcessMortgage
How to refinance home mortgage and benefit from my proven cash flow strategies.
Technically, your existing mortgage ends when you refinance. Refinancing home mortgage offers important cash flow strategies and investment opportunities - the list is endless.
In Canada, you can refinance home mortgage to 80% of value and up to 35 year amortization on approved credit.
If you're looking for a refinance home mortgage company to eliminate credit card debts you have come to the right place. We have helped hundreds of good people improve their cash flow and quality of life.
So, how to refinance home mortgage, what happens?
There are endless benefits from refinancing home mortgage -- Tax Free:
For the most part, refinancing home mortgage involves equity take out, where you’re using available equity in your home to gain access to money that can be used for a multitude of purposes, including:
A reader asks: In Hamilton Ontario Canada how much equity can I take out of the house -- each situation is unique and depending on the property and location, your credit, overall application details, the purpose and amount you want to borrow, you may be able to cash out up to 90% of home value using a first mortgage plus a second private home loan.
Lenders will not give you a large amount of money without a legitimate purpose.
As a rule, provided your income and credit is good, "A" lenders will allow you to refinance your home to 80% of home value and a maximum equity take out (ETO) of $200,000. Depending on the amount of cash out needed, a sliding scale may apply.
For example, our client needed a $1,000,000 ETO from his existing paid off home, to buy a vacant lot. He owns a $1,250,000 free and clear home -- based on a sliding scale, we got him $940,000 ETO. The lender allowed such a large amount because the money was going directly to pay for the land purchase -- client provided an accepted Offer to Purchase.
In another case, a self employed borrower who could show enough business income needed to qualify using six months bank statements, was able to borrow up to 90%. This was a combination of a first alternative lender mortgage to 80% of property value plus another 10% from a private 2nd mortgage. Again, client needed to show what this money would be used for -- 50% was used to refinance an existing mortgage and the next 40% was used as a down payment to buy a rental property.
Refinancing home mortgage is an ideal home renovation loan.
Did you know you can get more money with the home improvement mortgage ? With renovations plus improvements mortgage you can add the cost of renovations to your mortgage up to 80% of improved value.
If you need home renovations, new furnishing or home repairs, refinancing your mortgage by using the equity in your home is by far the cheapest way to go -- whether you want to renovate for your own enjoyment or to sell your at the best price, refinance plus improvements mortgage is your best bet.
This improves your credit and cash flow.
The most common and most powerful use of refinancing home mortgage is to get cash to consolidate expensive debt into lower cost mortgage products.
This can be accomplished through both institutional and private financing.
With credit card interest rates high refinancing home mortgage can drop the interest rate you’re paying by more than half and allow your cash flow to recover in the process.
The key to a refinance home loan is to clearly understand the options that are available to you. This is going to require accurately calculating the related costs and benefits for each possible scenario.
How to refinance home mortgage to buy a rental property? If you have equity in your principal residence and good credit and income, you can refinance your home at a low interest rates. Use the the tax free proceeds for a down payment to buy your rental investment property.
Mortgage refinancing with bad credit. You too can improve your cash flow.
If you have credit problems and too much expensive debt taking a bite from your cash flow, you'll need bad credit debt help to end credit card debt and get back on track financially.
Private mortgage lenders bridge the gap when everyone else said NO. It's are a powerful source of money that fills a significant void in the market place.
You need to know the best options available to you. If your debt starts to get a bit out of control and is negatively impacting your monthly cash flow, refinancing your mortgage is an excellent solution.
Refinancing to secure a lower interest rate involves paying out an existing mortgage as well as all the costs associated with creating the new loan. Getting out of a higher rate interest term will likely cost you some money in the form of penalty. But, over the term of a new mortgage, this is insignificant - it can lower your interest rate and monthly payments and the amount of interest you will pay over the life of new loan – you could be way ahead.Remember, read refinance home mortgage tips below and take advantage of all opportunities to save money.
Marie Copeland FSU, Hamilton mortgages, refinance home mortgage company, mortgage Burlington
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Whether you want to lower your interest rate, take a trip, consolidate debt, remodel the basement, or put your kids through university, refinancing home mortgage is an approach worth considering.
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