MORTGAGE BROKER IN CAMBRIDGE

Many people underestimate the relief you get when you do not have to pay rent, yet it is one of the best experiences because it provides immeasurable freedom. That is why homeownership is something most people desire. Achieving such dreams is usually an uphill task for many who do not have enough money. However, there are lenders willing to give you a chance as a first-time buyer, but finding them on your own may not be easy. You require reputable mortgage brokers.
Applying for a mortgage as a first-time buyer can be tedious when you do not have professional help. When you have a reliable mortgage agent guiding you through, you get to explore all the possibilities, such as the consequences that the loan will have on your lifestyle and your finances. To do that properly, you must calculate the loan to value ratio and all the relevant costs to ensure you do not take a loan you cannot afford.
Several mortgage options are available for different first-time borrowers, and our brokers will explain all the possibilities to help you choose the best one. We will also help you with the challenging application process to ensure you get the loan within a shorter period. Our goal is to help you purchase your first home successfully. We will help you determine the total costs and compare them to your income to ensure they are less than 40%. We also compute the costs, including taxes and maintenance charges, to ensure they do not take up more than 32% of your salary.
We do not just care about helping you get the loan, but also about your ability to pay it back affordably. We can get you other perks such as First Time Home Buyers’ Tax Credit and every additional benefit professional brokers bring.

Mortgage refinancing means using your home equity to get the money you need to fund a big project or obtain reduced interest rates. It is only worth it when you do it for the right reasons because of the penalties. You must think about the potential outcome of taking the mortgage, meaning you must research the merits and demerits. It is the only way to avoid the extra financial burden from the loan.
Most lenders can give up to 80% of the equity through refinancing. That can give you enough money to settle some of your other debts and start afresh with a new loan with better rates and terms. It provides an opportunity for you to realign your economic situation with your lifestyle to begin working towards a debt-free life.
When analyzing the new mortgage conditions, focus on how they might change. Do not just think about the low interest, but about the possibility that they may change and how that will affect you as well. The same applies to the mortgage terms and penalties. When you confirm you can handle the conditions, choose a suitable refinancing option from the available choices. They include adding a new mortgage to the old one and paying more every month, breaking the current mortgage and dealing with penalties, or using the Home Equity Line of Credit.
Most people fear refinancing because of the fines, but that should not deter you from giving it a chance. When you get dependable experts, handling the penalties and enjoying the reprieve that mortgage refinancing offers is possible. We are here to help reduce your financial burden, and we can do so by helping you choose the ideal option and overcoming the other obstacles associated with the loan.

Are the terms of your current mortgage no longer suitable for your lifestyle? If so, consider mortgage renewal – a way of replacing the old loan with a new one. Renewals allow you to make more appropriate changes to your current situation. Contrary to popular belief, it does more than just allow you to extend the loan term. You can use the chance to work out better mortgage terms with your lender to increase your monthly savings. Explore all the benefits with the assistance of our mortgage brokers.
With a renewal, the old mortgage terms become invalid. The new loan comes with a different set of rules. You will not use all the money because part of it must clear the remaining first mortgage balance. That means you only remain with one loan and better conditions if you renegotiate for a better loan period.
The lender is likely to propose new terms for the loan, but that should not stop you from suggesting your own. Since you get at least three weeks of notice, you can weigh your options and determine whether the renewal will benefit you or not. You also get to decide whether you want to use the same lender or look for a different one but do not forget to consider charges associated with changing creditors.
Possible inconveniences you might experience with a renewal include extra costs or pre-payment penalties, higher monthly payments, which can be harder to manage, and a change in interest rates.
Your current situation and financial objectives should be a priority when you are thinking about the flexibility of the loan. They can help you determine if the new terms are ideal. Our brokers can also help you make the right decision by getting you the best lenders in the area.

Your bank may be your first lending option, but that does not guarantee they will approve your application. Most traditional lenders, including banks, will reject a mortgage application if you do not meet their conditions. Chances of getting approval are higher if you have a stellar credit score, a steady job, or want to use the money on a well-known investment. If you do not meet any or all of those requirements, private mortgage lenders are your best option.
Mortgage lenders operating in the private sector do not conform to the same rules as their traditional counterparts, meaning you can get a loan from them even if your financial management skills are questionable. You still need to provide security for their money by giving them collateral. The property value is of utmost importance and should match the loan amount you get to facilitate recovery of the funds if you default. In most cases, you can get up to 90% of the property equity. Private mortgage interest rates are also higher than traditional ones.
Private lenders provide a high level of relief to those who do not get loans from banks – it curbs their disadvantages. You may get shorter loan terms and pay more money in interest, but you still get unbiased consideration for your application.
You can overcome the loan challenges by having a solid exit strategy in place. If you cannot strategize on your own, seek the services of a mortgage broker. We pride ourselves on helping our clients acquire loans and pay them off successfully. We know how to exploit the industry to ensure you get private mortgages that provide you with long-term benefits.

Second mortgages and home equities go hand in hand. The lender gives you the money you need, which can be up to 90% of the house value, and you relinquish the right to the property, which they take as collateral. The lenders still face a higher risk because the second mortgage is combined with the first. That means that if you do not honour the deal to pay up and the lender sells the house, they will pay for the first mortgage before the second one. It is the main reason why most lenders do not offer second mortgages. As a borrower, you could also lose your property.
Since the mortgage depends on the property value, conducting an evaluation before approaching a lender is a proactive approach. You can have real estate agents do it for free, but be ready to pay another evaluator for the same. Some lenders insist on having appraisers of their choice do the job at the borrowers’ expense. Although it may be costly, multiple evaluations increase the accuracy of the results, which also helps you estimate the loan amount.
A proactive approach in property evaluation also shows you the amount of money you can get from the lender. Compute the amount of mortgage pending against the value from the appraisers. If the number turns out to be low, your chances of getting the mortgage you desire will be higher.
The security attached to second mortgages makes their interest rates lower than unsecured loans. As such, you can use it to get out of unsecured bad debts. You can also contact our brokers to help you identify the best private lender to speed up the approval process and give you the loan quickly.

Well-known benefits of self-employment include:

• Less stringent working hours
• Better time management
• Tax exemptions for businesses
• More freedom in terms of working stations

They are the same factors that differentiate the formal and informal employment sectors. However, the contrast between the two types of employment also presents in loan attainment. The formally employed can get loans from banks effortlessly, unlike their counterparts in informal industries. That is why self-employment mortgage lenders are helpful. Lenders in this category do not consider the lack of steady income a threat. They overlook the fluctuating business seasons and the unassured revenue when issuing mortgages.

Proving your income potential is still a mandatory feature with such mortgages. The lenders must see the amount of money your business generated, which is easy to prove through recent tax returns. You must also provide business ownership documents as confirmation that it is yours. To increase your chances of getting the loan, reveal all the income sources, such as part-time jobs. The more you can earn, the more attention your application will get, and the quicker the approval.

Do not forget about the debt-to-income ratio – it is another crucial factor in obtaining a self-employment mortgage. Lenders depend on it when figuring out your worth or risk level. The more earnings you can prove, the higher the mortgage amount.

Please note that the mortgage interest will depend on your income capacity. Your bank will not give you a self-employed mortgage. You will have to deal with private lenders, meaning you should not expect the same rules traditional lenders follow. Mortgage brokers can help you navigate those rules, collect the relevant documents in due time, and choose the best lender.

The mortgage industry also caters to the needs of potential homeowners who prefer fresh builds. Construction financing can give you the funds to construct your dream house to avoid expensive renovations. This type of loan is ideal for people with enough land but cannot afford all the money necessary to complete a new structure. It works differently from most other mortgages in that the money goes directly to the contractor instead of the borrower.
Once your mortgage application is approved, the lender brokers a deal with the builder and pays them directly. One option is to moderate the payment and involve an inspector. The lender waits for confirmation from the assessor that a specific phase of the construction is complete before issuing payment. The other alternative is to use a single transaction. The creditor will wait for the finalization of the project before transferring the money to the contractor.
Either way, you will remain part of the process. The lender only sends the final payment after you gain ownership of the property. You also finance the down payments, which are usually higher than other mortgage types. Additionally, you must set aside enough money to pay for supplementary charges that may come up before the job is over. Experts recommend that the amount be at least 15% of the total construction price.
Whoever you choose to borrow the mortgage from will require the bill of costs, lot title deed, building plans, and the construction contract, regardless of whether they are in the private or traditional lending sector. The mortgage also has a higher risk for both parties involved because of the complex nature of the construction. You can work with a mortgage broker to make the process more straightforward.

HELOC is always a good debt consolidation mortgage solution. It offers unmatched flexibility. Borrowers never have to withdraw all the money unless the need arises, yet the money remains accessible. Repaying the loan is also easy – debtors are free to start paying back whenever they are ready. You only pay the interest every month until you can afford the principal.
HELOC provides up to 65% of the equity, which is lower than the other mortgages, but it is still a significant amount of money if your house has high value. You can invest it however you like, including settling unsecured debts, credit card balances, or other personal loans.
The only problem you might encounter when using a Home Equity Line of Credit is the interest. The amount, if not fixed, reduces the flexibility and may make it harder to budget. You could pay very high amounts before clearing the mortgage.
Having many advantages does not mean you should not be cautious when dealing with the mortgage. Compare several lenders and their deals before settling on one. Since traditional and private lenders offer mortgages, finding the lowest rate should be easy. You can reduce the rates further and accelerate the approval process by paying a larger down payment – at least 20%. Although the mortgage provides strict rules on how or when to use the money, you must still handle it carefully to avoid losing the house. Misusing the money could land you in more debt.
The role of a mortgage broker remains essential whether you decide to borrow the money from a bank or a private lender. We can share our expansive knowledge with you and negotiate the best terms for you.