The cost to borrow money from your Real Estate Equity to expand your business, to take some RE equity off the table, to consolidate Debt or to buy investment homes has most likely never been better. Case in Point: According to Bankrate’s weekly survey of Rates after the 2019 Thanksgiving weekend, the benchmark 30-year fixed-rate mortgage rose this week to 3.90 percent from 3.88 percent, a year ago, it was 4.90 percent. Four weeks ago, the rate was 3.89 percent. The 30-year fixed-rate average for this week is 0.93 percentage points below the 52-week high of 4.83 percent, and is 0.16 percentage points above the 52-week low of 3.74 percent!!
What is a Mortgage Business loan-Consolidation-Cash out Loan?
In simple terms qualified Real Estate Owners may have enough Real Estate equity in a Primary home or in RE investments that it is accessible with various types of “Less Hassle” loan products. This money is generally far cheaper than unsecured debt. Some have low documentation and credit score requirements and very aggressive pricing. Doing a Mortgage “Consolidation Loan” is typically a great solution if you seek to combine multiple debts, like say a 1st and 2nd Mortgage Loan, maybe PO credit cards or to get low cost cash out.
Mainly because these debts can often “roll” into one single, lower monthly payment, or to a shorter loan term. This can help Borrowers to achieve better costs of money, financial planning, growth of a business with low cost money, or to improve cash flow as well. It can be set up in a number of ways, even if you are Self Employed. This allow’s families to take advantage of today’s Home Equity positions for better planning.
Are there different types of Debt Consolidation loans?
Yes. A Mortgage Debt Consolidation Loan that consolidates debt is typically either a Home Equity Line of Credit, a fixed term “One Draw” Second Trust Deed OR a new First TD cash out refinance loan. All three loan types have their unique advantages. For example, a Cash Out Refinance New First Trust Deed Real Estate Loan often allows you to consolidate all of your other debts into one loan providing you have the equity and that program usually offers the best Loan terms and rates, as well as the longest repayment periods.
Many of these solutions we offer are not offered by the typical “local full service banks”. Our sources allow “Less loan Documentation” Lending to qualified borrowers, so we can use say 12 month personal bank statements, or 12 months business bank statements verse say 2 years Federal Tax returns and W2’s to help our clients qualify for a new Real Estate Loan. We are great at working with Self Employed and Credit scores over 620. This product also often allows for both debt consolidation AND cash out, typically up to 90% + loan to value.
Many of our Borrowers are Business Owners, Self Employed Borrowers, Families and Investors who do NOT want to struggle with the typical “Local Bank” loan paperwork requirements. (which often clearly lead to a Loan denial). They need specific solutions, action, and usually less Loan Documentation. They may have tax extensions, One time Stock sales, Foreign Income. Many carry forward losses and other factors that limit the income banks may allow from tax returns. They need a experienced lending team that understands the challenges a self employed and active business owner borrower faces to obtain a solid Purchase or Refinance Mortgage Loan.
That is where we come in! Many of our Teams Real Estate Loan Products are designed to offer financing solutions the “typical” Local Bank does not offer!
Our process is Less Hassle, Secure and Confidential.
A. To begin please take a few minutes, gather your current Mortgage loan statements and consumer debt details.
B. Review your current debt. All of it! What is your goal? Timeline? Top needs?
NMLS #347918 CADRE# 01146347