Ramin Mortgages
Ramin Mortgages
Renovating a home can be stressful enough, but why should the funding be. Let us help find a solution.
We have lenders who specialize in second mortgage solutions.
Home equity line of credit allows you to borrow funds against your home.
Renovating a home entails a process that is refreshing yet time and resource consuming. You may be looking at renovating your home if you are recently moving in and would like a facelift that suits your whim and persona. Or if you have been in a space for too long a time and its fixtures are dilapidated, then renovating can be an option. This decision can largely be influenced by finance, and this is where the role a Mortgage Broker plays becomes necessary.
The need to renovate one’s building can be seamless if the funds needed to finance it are not a problem. From design and planning, roof, foundation, water issues, siding, windows, demolition, structural carpentry, to ductwork, electrical, plumbing, insulation, drywall, fine carpentry, interior painting, wallpaper, and other surface finishes like flooring, siding, gutters, and major auxiliary building, etc., implementing these can leave a deep hole in your pocket. One must be prepared to shoulder the responsibilities that come with the decision to renovate.
A mortgage broker is a professional who serves as a mediator between you and potential lenders. In our case, a Mortgage Broker will help align your needs for renovation with a lender that acknowledges these needs. They have a portfolio of lenders with varied interest rates, making it easier to find one that suits yours.
When you eventually settle on a loan with a lender that favors your interest, your mortgage broker, in collaboration with the bank’s underwriting section, will work together to keep the transaction going smoothly through closing day.
Apart from the financial guide of a Mortgage Broker, Home Equity is a great advantage for homeowners. A home equity line of credit is a constant means of funds, more like a credit card, that allows you unrestricted access as you choose. With this, access to funds for renovations, big purchases, or any debt repayment is possible. It is more like a loan presented as a sizeable sum, which often comes with a fixed interest rate. Home equity loans and lines of credit are protected against the worth of your home equity, so your lenders may be willing to offer rates that are more affordable than other options of personal loans.
The bane of HELOC is that they are a revolving source of funds. Most financial institutions offer a number of diverse ways to access those funds: sometimes through online transfer, other times writing a check, or using a credit card linked to your account. Contrary to home equity loans, HELOC are prone to having closing costs, and they usually are packaged with variable interest rates. However, some lenders offer static rates with a number of years in view. In all, it is important to weigh the pros and cons of HELOC before it totally becomes an option.
With the option of a mortgage broker and a home equity line of credit, your dreams of renovating your home or office are only some “documents that need to be signed” away. So if you are looking to renovate your home in earnest and you do not have enough to kick-start or cover it, then the above options should be considered.
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