Looking for a Mortgage Loan to Bridge Yourself?
Services Offered by MAC - Mortgage Approval Corp
Low income mortgages can be required at any time due to loss of employment, where you find yourself looking for a no or low income mortgage loan to get you through tough times. This is, in essence, a stated income product, but in this case you may have no income at all and are looking for a mortgage loan to bridge yourself until you are back to work or able to solve your financial problem.
Example. Home owner with some mortgage debt, but with some income, but less then what a traditional lender will want to see for debt servicing.
A B-Lender will allow self-employed, commissioned and people earning tips to qualify up to 75% and in some cases 85%, to refinance or purchase a home with stated income.
Keys here are your taxes, and should be filed and show that no money is owed to CRA. This allows you to state your income to qualify for a mortgage. This product does have credit requirements and of course it comes with a slightly higher rate than prime mortgages.
Self-employed, commissioned or employees earning tips have options available to them in the form of a stated income mortgage loan. The basics are that individuals who can’t, or do not wish to claim their true income can simply state their income within reason to qualify for these types of low income mortgages.
Hassle Free Home Equity Loan Homeowners Can Count On.
We provide a hassle free home equity loan homeowners can count on. Our professional equity financing services can provide you with the cash you need while using your home as collateral. If a home owner has enough equity in their home, an equity loan is a great way to secure much needed funds. Loan repayment can be made over an agreed period of time, usually on a monthly basis. Loans have set terms, normally anywhere between one to ten years.
Fixed rate home equity loans provide an up-front payment in the exchange for regular reimbursements for the agreed term, and at an interest rate that is constant throughout the life of the loan.
Second or Third Mortgage may be the Most Viable Option
Most borrowers are aware of home mortgage refinancing and may prefer it over a second mortgage loan. However, there are certain circumstances where a second or third mortgage is the most viable option.
Fixed rate of interest: If your first mortgage is a fixed rate mortgage, the foreclosure charged can be extremely high. Moreover, the fixed interest charges might be much lower than the prevailing adjustable interest rates. In such a situation, it is better to borrow the supplementary amount by the use of a second mortgage.
When the Major Lenders and Banks have Turned You Down
When the major lenders and banks have turned you down for a first or second mortgage, private mortgage financing is often the answer. Private mortgage loans are a private contract between a lender and a property owner that provide the flexibility and security property owners are looking for when trying to finance their property.
At MAC we specialize in private mortgage brokering and lending (through our related companies and holdings). We offer mortgage loans for many different types of financing needs including mortgage and property tax arrears, relief and debt settlements, renovations, construction, completion of financing and foreclosure restructuring, specialty second mortgages on income properties, first mortgages on income properties and first mortgages on commercial income properties up to $10 million. Learn More...