Improve Cash Flow And Lower Your Monthly Payments
Canada faces challenging times with the COVID-19 shutdown and economic upheaval. Having a strategy in place, such as lowering your monthly payments, ensuring you have access to an emergency fund and making sure you are aware of opportunities is an excellent way to make it through this uncertain period. Below are three new mortgage products that help you gain access to the equity you have in your home to improve your cash flow and access to funds.
Product Number 1: A Fully Open Second Mortgage With A Great Rate
To help people get access to funds from the equity in their home without disturbing their first mortgage, one of our lenders has come out with a fully open second mortgage product. With this being an open product, it can be used as a short term measure to help get people through these tough times and can be paid off without a penalty once things get back to normal.
Product Number 2: A Flexible Reverse Mortgage
This home equity mortgage Solution has no age restriction and is equity-based. So income and credit are not crucial to qualify. It is available for Owner Occupied Homes, Rentals and Second Homes. It is designed to be very flexible and can be structured to meet your individual needs and requirements. Unlike traditional reverse mortgages, this product lets you convert at any time to a regular term mortgage. So if you are a business owner or landlord that is struggling, you can create a cash flow from your properties to get you through these challenging times and then convert it to a regular term mortgage once things return to something close to normal.
Product Number 3: Regular Refinance To Pay Off High-Interest Debt
The third product is a regular refinance to pay off high-interest debt and take advantage of the current low mortgage rates. You can also use this home equity mortgage solution to put in place a line of credit so that you have access to funds quickly. This can be used in case of an emergency or if a vital opportunity arises. Over the past four weeks, we have worked with several clients on doing a refinance mortgage. This saved them anywhere from $1000 to $2000 a month just by lowering their monthly payments by paying down high-interest debt while taking advantage of lower mortgage rates. As well we have helped clients put a line of credit in place while they still qualify before they are laid off or retire. This ensures they have access to the equity in their house when they need it most.
At the Best Rate Mortgage Team, we have many years of experience helping all types of clients with their mortgage needs; we can help you find the home equity mortgage Solution that’s right for you!
Be it first time buyers, investors, people who do not fit with the banks, or clients looking for the best mortgage at the best rates.