4 Services Mortgage Brokers Provide to Stabilize Your Finances

Mortgage Brokers

Some people think a mortgage broker is no longer necessary after your home’s been purchased. Why would you work with someone whose job it is to finance a home if you’ve already got one?

It’s more accurate to think of a home as an asset that can be leveraged continually in different ways, and mortgage brokers are there to give expertise and guide your decision making.

Here are four services mortgage brokers offer that can help stabilize your finances.

1. Home Equity Loans

If you have a significant purchase on the horizon, you may want to free up cash by borrowing against the equity in your home that has built up over the years. For example, people may take out a home equity loan when it’s time to pay for things like a new car, education, or even another property.

Whatever your current credit score, debt levels, or income, you can apply for a home equity loan with a professional, accredited mortgage broker and access up to 85% of your home’s value. A designated appraiser will assess your property’s current market value, which determines your loan amount.

A home equity loan may help you address burdensome monthly payments, as the interest rate is usually lower. Speak to a professional, experienced mortgage broker to see if a home equity loan is right for you.

2. Second Mortgages

Taking out a second mortgage on your home doesn’t need to be confusing or overwhelming when you have support from an award-winning mortgage broker. It may seem daunting, but a second mortgage is a common borrowing tool homeowners use to make the most of their equity.

A good mortgage broker can help reduce what you owe each month by hundreds or even thousands by pairing you with the right lender. Imagine saving over $12,000 a year just by rearranging your finances!

You will be able to find ample support across Ontario, no matter your credit score, debt levels, or income.

3. Debt Consolidation

Sometimes paying off several debts at once introduces logistical complexities to financial stresses. Bundling your debts into one monthly payment can simplify the process and lower the amount you owe.

Don’t feel guilty or alone if you’re suffering from debilitating finances. Speak to a committed professional who can help you take the right first step before your financial problems grow any further.

4. Refinancing Mortgages

Your financial situation may be different now than it was when you originally purchased your home. Some people refinance their mortgage to replace their existing loan with a revised one that better suits today’s needs, either from a new lender or the previous one.

Refinancing your mortgage can benefit you in a few ways. You might get a lower interest rate, or perhaps you need quick access to the equity you’ve built up in your home. 

Everyone has unique financial needs, and each phase of life brings with it its own demands and burdens. A mortgage broker will help you find the most suitable path based on your finances, your home’s equity, and your life goals.