Sometimes people fall on tough times. Job loss, a slowdown in business and divorce are all reasons that individuals sometimes run into financial problems. A loss of income can make it really easy to fall behind on your bills. Alternatively if you are self-employed and are trying to raise money, you may be having difficulty proving your income.
If you are a homeowner, your home is a natural place to turn to raise money, whether it is to pay off debt and get your finances bank on track or to raise capital for your business. Only if your credit has been damaged or if you have difficulty proving your income you may be worried that you dont qualify and this is where an equity only mortgage comes in.
Equity only mortgages are approved based on the equity in your home, not on the strength of your credit or financial profile. The more equity you have in your home, the more likely that you will be approved for an equity only mortgage. Usually trust companies, private investment corporations fund these types of mortgages and broker their funding through mortgage agents. If you have bad credit or cant prove your income, you will need to have 15%-25% equity in your home in order to qualify for an equity only mortgage.
If you want to see if you qualify for an equity only mortgage you can do this by contacting your local mortgage agent. They will ask you questions about your property and financial circumstances and can give you an idea of what you can qualify to borrow before you even apply.
They also have access to lots of lenders that can include a private individual who may be willing to extend private financing to you.
For more information about equity only mortgages please visit http://www.themortgagedoctor.net.
http://www.themortgagedoctor.net
Marlon Daley is a mortgage agent with one of Canadas largest mortgage broker networks, The Mortgage Centre. If you have a mortgage problem, Marlon has the remedy.
If you are a homeowner, your home is a natural place to turn to raise money, whether it is to pay off debt and get your finances bank on track or to raise capital for your business. Only if your credit has been damaged or if you have difficulty proving your income you may be worried that you dont qualify and this is where an equity only mortgage comes in.
Equity only mortgages are approved based on the equity in your home, not on the strength of your credit or financial profile. The more equity you have in your home, the more likely that you will be approved for an equity only mortgage. Usually trust companies, private investment corporations fund these types of mortgages and broker their funding through mortgage agents. If you have bad credit or cant prove your income, you will need to have 15%-25% equity in your home in order to qualify for an equity only mortgage.
If you want to see if you qualify for an equity only mortgage you can do this by contacting your local mortgage agent. They will ask you questions about your property and financial circumstances and can give you an idea of what you can qualify to borrow before you even apply.
They also have access to lots of lenders that can include a private individual who may be willing to extend private financing to you.
For more information about equity only mortgages please visit http://www.themortgagedoctor.net.
http://www.themortgagedoctor.net
Marlon Daley is a mortgage agent with one of Canadas largest mortgage broker networks, The Mortgage Centre. If you have a mortgage problem, Marlon has the remedy.
