Mortgage Solutions Offered by Dream Big Mortgages

mortgage solutions

Mortgages are what our team is passionate about at Dream Big Mortgages. If you want to acquire a mortgage or like to learn more, we offer a variety of mortgage solutions. This article will explore each option we provide to our clients and will educate you on all the different types of mortgages and loans.

Our Mortgage Solutions

Here is an introduction to the kind of mortgage solutions we provide. If you want to educate yourself further, check out our article Mortgages 101: The Basics of Buying a Home.

Home Equity Loans

A home equity loan is a kind of loan secured against what your property is worth. Essentially, it is secured against the equity you have accrued in your home.

At Dream Big Mortgages, we have access to some of the lowest interest rates and know what mortgage solutions will work for your unique requirements. You can have the lowest interest rate possible if you seek a home equity loan.

Second Mortgages

A second mortgage is a subordinate mortgage that occurs when an original mortgage is still in place. If a default happens, the original mortgage will receive all proceeds from the property’s liquidation until it is paid.

The second mortgage would receive repayments only as the first mortgage gets paid off. In addition, the interest rate charged for the second mortgage will likely be higher. Also, the amount borrowed will be lower than the first mortgage.

We are experts in second mortgages and can take you through the entire process.

Private Mortgage Solutions

A private mortgage is a loan from an individual or institution to potential homebuyers who cannot secure a traditional loan from a financial institution.

Home buyers often look to private mortgages with poor credit history. They may also not qualify for traditional loans due to specific stipulations from other mortgage lenders. However, private lenders are more likely to view the mortgage as an investment and won’t be as strict regarding credit history.

In addition, a private mortgage is ideal if you buy a unique house, don’t plan on owning the property for a long time, or have a non-traditional income source.

Private loans are usually short-term, with amortization periods from six months to three years.

Debt Consolidation for Mortgage Solutions

Debt consolidation is taking out a new loan to pay off other debts. These various repayments are combined, like a large loan. They have better payoff terms, lower interest rates, a lower monthly payment, or all of the above. This process can also be an effective way of paying student loan debt, credit card debt, and other liabilities.

Mortgage Refinancing

Mortgage refinancing is based on the net worth of your home. Essentially, the difference between its current market value and whatever balance is left on your mortgage. When you refinance your home, you can borrow up to 80% of its approximate value and obtain a new source of credit to finance any projects.

For example, mortgage refinancing is ideal for certain things. These include renovations, buying another property or large purchase, or paying for your child’s education.

Stop Power of Sale

When you buy a home that has a mortgage, you must make monthly payments and follow any stated terms in your agreement.

However, some homeowners may be unable to make these mortgage payments or not abide by some other terms of the agreement. If this situation occurs, the lender may possess the house and sell it, known as using a power of sale.

At Dream Big Mortgages, we can help stop the power of sale by helping you pay off all arrears and avoid additional legal fees.

Bridge Financing

Bridge financing, aka a bridge loan, helps bridge the gap between closing on your current house and your new home. These loans are necessary because they allow you to carry the mortgage on two properties for a set time, most often a maximum of 90 days.

In addition, these short-term loans will use your current home’s equity to cover some costs of the new house, like, for instance, the down payment. As a result, you won’t have to miss any real estate opportunities while you wait for your current home to close.

Credit Repair

Credit repair is when you work with a qualified mortgage company to fix poor credit standing. Poor credit may have arisen due to many reasons. However, not all hope is lost when it comes to poor credit. Repairing credit standing can be as easy as disputing inaccurate information with credit agencies. For example, you may have experienced identity theft, and the damage may require extensive credit repair.

Credit repair can also include improving fundamental financial issues, like budgeting and addressing any financial concerns from lenders.

At Dream Big Mortgages, we’ve worked with many clients in the process of repairing credit and have helped them achieve their goals.

Self-Employment and Mortgage Solutions

Self-employed people may worry that their line of work may not qualify them for a mortgage. However, even if you are self-employed, you can access a mortgage; just a few parameters are in place.

To access a self-employed mortgage, most lenders will need personal tax Notices of Assessment from the previous 2-3 years in the mortgage application. Those who can provide their proof of income will have the same mortgage rates as traditional borrowers. However, if a person cannot prove this income, they must have a good credit history and offer a down payment of at least 10%. Those who can provide this proof of income can access the same mortgage products and rates as traditional borrowers. At the same time, those who cannot must at least have a good credit history and provide a minimum down payment of 10%.

In Summary

Now that you know what we offer, you can contact us at Dream Big Mortgages. We can help you with whatever mortgage solutions work best for your unique situation.