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HELOC in Alberta and Calgary

If you have equity in your property you have several refinance options. A HELOC (Home Equity Line of Credit) is one of them. My Mortgage Broker (Verico) can help you with a HELOC refinance plan in Alberta or Calgary.

If you have enough equity in your home the you will likely qualify for a home equity loan. You can use a HELOC for home improvements, to pay off high interest debt, to pay for a holiday, for a grand child’s education, to buy a boat, for emergency funds or basically whatever you want.

A HELOC is special type of home equity loan. IT has 2 phases – the first is the draw period. The draw period is normally 10 years but sometimes can be longer. During this period, you can draw funds as agreed and you only need to cover the interest.

The second phase is the amortization period during which you pay interest and capital. Basically, you begin paying the loan back. This is when the monthly repayment can jump a lot. The more you owe, the bigger the jump in payments.

You can also refinance a HELOC to delay the amortization phase. You can refinance a HELOC with a new one, with a fixed payment home equity loan or a new primary mortgage loan.

There are many considerations when it comes to a home equity loan such as a HELOC. You must weigh up all the costs such as closing costs, monthly repayments, alternative costs and so on. Home equity loans generally have lower closing costs but higher interest rates than primary mortgage loans.

It is a good idea to consult with an experienced and reputable mortgage broker such as My Mortgage Broker (Verico) before committing to a HELOC or other type of home mortgage.

Best Mortgage Broker in Alberta and Calgary

If you are looking for the best mortgage broker in Alberta or Calgary, then you don’t need to look further than My Mortgage Broker (Verico). When you deal with a reputable mortgage broker you can expect attentive and personalised service as well as best mortgage rates and conditions.

 

Buying a new home is a life changing decision that involves a substantial amount of money. It is a good idea to have the best mortgage broker on your side from the start. A good broker will help you make the right decisions and get you the best deals.

 

A mortgage agent who has worked for banks as a mortgage specialist has the inside take on the whole process and fully understands all the intricacies involved. When you have the best mortgage broker batting for you can expect fast and effective results. Results such as pre-approved mortgage, no down payment, lowest possible interest rates, lowest closing fees and more.

 

Buying a new home requires several careful steps. A pre-approved mortgage is one of the first steps. This puts buying power and negotiating power in your hands. A professional broker such as My Mortgage Broker (Verico) can help get you a pre-approved mortgage.

 

Maybe you already own a home and thinking about home improvements. Or maybe you just wat to explore refinance options. You may well qualify for a second mortgage to finance home improvements or you could get a refinance mortgage at a lower rate. Maybe you are a senior citizen and want to utilise the equity in your home for retirement purposes. A broker can help you with a reverse mortgage. You can also use a home equity loan to pay off high interest debt.

 

When you want the mortgage deals it helps to work with the best mortgage broker in your area.

Calgary Alberta Canada private mortgage, mortgage lenders

How can you benefit by investing in a private mortgage?

To get a mortgage actually rests on a person’s financial situation along with getting the finest payment terms and rates. To get any form of mortgage from the bank will be difficult if your credit history is poor. It is here where choosing a private mortgage lender will help and who can be a better choice than My Mortgage Broker. Joining hands with us will be an intelligent choice and be rest assured you will not regret on your decision. People residing in any part of Alberta or Calgary can make the most of our services.

My Mortgage Broker Difference

When you join hands with us you can avail the following list of benefits namely,

  • Being a private lender, we will not insist on our client’s good credit history. We offer these mortgages to people with the existing home equity
  • Besides a mortgage we can also help you with myriad other choices such as agricultural loan or construction loan for developing a property. The best part is we can actually work with a mortgage broker for securing the finest rates of mortgage for you
  • We can assist you in getting a mortgage which will wonderfully suffice your specific needs. The icing on the cake is, we also provide flexible payment choices which will work as per your situation. So come join hands with us to enjoy peace of mind

With regards to creating a flourishing investment portfolio, diversification is the name indeed of the game. Although you can avail incredible returns from a stock market, but it comes with an extreme level of risk. Government backed securities on the other hand offer minimal risk, yet returns may not keep place especially with inflation. It is private mortgage that delivers the finest of both worlds that is a great ROI and very little risk. To know more contact us today.

Calgary, Alberta, Canada home mortgage, second mortgage

Interesting facts about second mortgage

You must have heard about second mortgage, but do you really know what it is? Well, in simple terms, it is a loan which is taken against a property’s value along with a primary mortgage. Such loans can offer you plentiful benefits. Considering its growing demand we at My Mortgage Broker offer such mortgage facilities to people residing in and around Calgary, Alberta, Canada.

Check out the different benefits

  • As it rests on the equity amount built in the home it will enable you in borrowing a huge sum with the flexibility of using the same for any purpose. When it comes to personal bank loans and credit cards these are smaller and also limited in scope.
  • With such mortgage plans you can deal with home improvement, debt consolidation, investing in properties, paying for school/college tuition or avoid the private mortgage insurance. The truth is other types of loans available will not be sufficient for covering such expenses
  • This form of loan is safer by lenders in comparison to others as it is secured via the house. Banks will get back something if you default the loan which means the borrower will score lower rates of interest in case of second mortgages compared to credit cards or unsecured loans
  • It will offer you the flexibility to borrow quite a big amount
  • It will serve as an emergency credit, which means it will prove beneficial for consolidating debt or if you face financial hardship.

Taking into consideration the above-mentioned benefits that second mortgages offer, it is indeed a variable option for every homeowner who seek to consolidate his/her debt, create a HELOC (Home Equity Line of Credit) or renovate the home. If you wish to reap the benefits of such loans get in touch with us today through phone or mail. We look forward to help you in the best way possible.

 

Calgary, Alberta, Canada HELOC-Home Equity Line of Credit

HELOC loan considerations

You can use the equity in your home to obtain a line of credit. This type of equity loan is known as a HELOC (Home Equity Line Of Credit). My Mortgage Broker (Verico) can help you with a HELOC in Alberta or Calgary. A home equity line of credit is a type of revolving credit secured by your home. It is a type of second mortgage.

If you have enough equity in your home a HELOC can be used to obtain low interest financing. This means you have access to a revolving source of funds during the draw periods. You can draw and payback as many times as you want. In some case the interest on your equity loan may be tax deductible. The interest rate is usually variable unless you negotiate a fixed rate advance. If you have a variable rate, you can also negotiate rate caps.

The normal draw period for a HELOC loan is 10 years. At the end of the draw period you will no longer be able to access available funds in your line of credit account. Repayments if any continue normally after the close of the draw period. Your monthly repayments on a HELOC will include principal and interest. If you have a variable rate loan, repayments will change if interest rates change.

There are several benefits to a HELOC. There are also potential risks. The benefits include access to liquid funds that you can use as you please. You can use them for home improvements, to pay off another loan, to pay for college education or whatever you want. Since HELOC loans are secured loans you will get a lower rate of interest. The interest is often tax deductible. The potential risk is that if you fail to make repayments problems will start to build.

 

 

 

 

Equity loan, home equity loan in Calgary, Alberta, Canada

Equity loan considerations

An equity loan against your property can provide you with funds for whatever purpose you need. My Mortgage Broker (Verico) can help you with an equity loan in Alberta or Calgary. Their team have many years’ mortgage experience and can help you make the right choices when it comes to equity loans.

Equity is the net value of your home. That is the difference between the value of your home and any outstanding mortgages against your home. So basically, if your home is worth a million and you have a mortgage of four hundred thousand your equity is six hundred thousand. It is possible to obtain an equity loan based on the net value of your property.

You will need a reasonable amount of equity to qualify for a second mortgage or line of credit. Equity loans can be used for a variety purposes. For example, you can use an equity loan for home improvements, or to pay off a high interest debt, or to pay for your child’s college education.

What is important when it comes to an equity loan is to get the best terms and conditions. A mortgage broker such as My Mortgage Broker (Verico) can help you do just that. There are two main types of equity loans. First there is the lump sum loan. With a lump sum loan a mortgage is registered against your property and you get paid out a lump sum. Another type of equity loan is known as HELOC (Home Equity Line of Credit). With this type of equity loan, you can draw smaller amounts as and when needed. Another option is a reverse mortgage loan.

Equity loans also have other option such as fixed or variable interest rates, loan period and repayment terms. It is best to consult with your broker in order to get the right advice and make the right decisions.

Calgary, Alberta, Canada debt consolidation, equity loan

Debt consolidation loan and its many benefits

Your search for a company that offers debt consolidation loan will end with us at My Mortgage Broker. Every staff in our company has been hand picked and have undergone rigorous training to help you serve better. They will guide you on the different benefits that you can avail through this loan that will help you a great deal in handling your outstanding debt. People residing in any part of Alberta and Calgary can reap the benefits of our services.

Benefits galore

  • Single payment- when it comes to debt consolidation this process includes taking out a single loan and paying off all the other accounts. Most people these days have multiple credit accounts and credit cards with some balance on each one of it. With the help of debt consolidation loans you can consolidate just everything into a single source.
  • Reduce stress- Debt in fact is a common reason that is known for creating stress. By consolidating all your debt into a single account naturally you will be capable of reducing your stress significantly.
  • Stop collection calls- the best part is you will no longer require worrying about the collection calls. This loan will help you in paying off the outstanding balance and thereby eliminating the collection calls
  • A lesser interest rate- debt consolidation loans will work wonders to help you save a good amount on the interest. Typically, credit cards have interest rates, which are astronomical in comparison to other interest rates available in the market. This loan will help you in availing a cheaper rate of interest that in turn will save you a good amount of the monthly payment and also the entire life term of the loan
  • Improve credit score- last but not the least it will help to improve the credit score. When you continue making late payments it will automatically hurt your credit score. So if you consolidate all your debt into a single place you will be capable of rebuilding your credit again

For more information, please feel free to contact us through phone or mail.

 

Best mortgage broker, rates in Calgary, Alberta, Canada

Why is it wise to consult the best mortgage broker?

If you are looking around to purchase a new home naturally a time will come when you will require in applying for a mortgage. Today there is no dearth in the availability of mortgage brokers so you must select wisely and hire the best mortgage broker to attain successful results. It is here where we at My Mortgage Broker can help. We have some of the most talented and experienced brokers who will act as a liaison or middlemen between you and the lender. They are well aware of the industry and will directly work with the borrower and the lender for getting the borrower approved and at a favorable mortgage rate. No matter you plan to buy a home or refinance your existing home, we can have you covered. The areas that we serve include the whole of Alberta and Calgary.

The benefits of hiring our mortgage brokers

  • Save stress and time- lending agencies and banks will offer you reading material and literature on the given loan in surplus. Most of this is available in abstruse language which is time consuming and difficult to decipher. Relax, our mortgage brokers will help in decoding this information and also provide advice after the information is deciphered
  • Provide options- it is our mortgage broker’s task in overcoming obstacles and finding the most appropriate loan for you. We have access to a massive electronic network, especially with regards to lending agencies in order to find the best loan for your financial and personal circumstances. After you will be presented with a lot of choices which are exclusively tailored for you, automatically it will become easier in feeling comfortable to make a decision
  • Will not charge any fee- our brokers usually do not charge any fees because they will be paid through the lending institutions which provide the mortgages.

A mortgage broker undoubtedly is an asset while acquiring or negotiating a big loan. In fact, they can create the difference to find the loan which perfectly fits your financial and personal needs. Hurry, book an appointment with us right away.

 

 

Get a Heloc using mortgage specialist in Calgary, Alberta

A HELOC can be a great way to finance home improvements

There are different types of home loans and HELOC (home equity line of credit) is one type. It is line of credit over and above your primary mortgage. If you need a HELOC in Calgary, Alberta, then My Mortgage Broker (Verico) can help.

A HELOC can be an inexpensive form of finance provided you have enough equity in your home and you have a stable income. If you don’t have a stable income, then an equity line of credit is not a good idea.

A HELOC is a line of credit that allows you to draw funds as and when you need them. You only pay interest once you use the funds. You can also structure a HELOC so that capital payments are deferred. This means you initially only need to pay the interest portion and principal repayments are deferred for a certain amount of time.

A HELOC can be a sensible way to finance home improvement o renovations. For example, you can periodically draw funds when you need to pay contractors. You only pay interest on the funds you actually use – in this way the loan is like an overdraft. Your interest payment might also be tax deductible.

With a HELOC you have the flexibility of drawing funds as when you need to. You can draw funds up to the approved limit. You must keep in mind that interest rates are variable. That means if the rates go up, you will end up paying more and vice versa.

A HELOC credit line will be available for an agreed term after which you will need to repay the capital portion. The finance experts at My Mortgage Broker (Verico) will explain the pros and cons of various home loans such as first mortgage, home equity loan, HELOC, cash out refinance and reverse mortgage.

 

 

 

 

 

Equity loan and home equity loan in Calgary, Alberta

You can use a low-interest equity loan to finance important things

The value of your home minus what you owe on it is the equity or net value of your home. If you have enough net value in your property, then you could qualify for an equity loan. My Mortgage Broker (Verico) specializes in home loans, such as mortgages, equity loans and reverse mortgages. They can help you with an equity loan in Alberta or Calgary.

Why would you want or need an equity loan? An equity loan can be used to pay other high-interest debt. So if you have debt that is costing you a lot in interest, you can use a low-interest equity to pay off high-interest debt. This called debt consolidation. There are several other sensible uses for a home equity loan.

You can use a home equity loan from home improvements. Maybe you want to remodel your kitchen, renovate your bathroom, remodel your basement, add a sunroom, replace your windows, add a deck. Whatever home improvement project you have in mind, an equity loan is a sensible way to pay for it. Equity loans tend to attract low-interest rates and therefore a cost-effective way to add value to your property and improve your lifestyle.

You can use an equity loan to pay for life-changing events, such as your child’s college education, a wedding or an unexpected event. Using other forms of finance such as credit cards or personal loans could work out a lot more expensive.

One of the benefits of a home equity loan is low interest. Apart from low-interest rates, there is also the possibility that you could deduct the interest from your taxes. Your accountant or tax consultant or mortgage brokers will be able to advise about the tax advantage of an equity loan.

 

 

 

 

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