Mortgage Refinancing in the GTA: How to Obtain a Mortgage Without Getting Your Spouse Involved

March 27, 2017 | Category: ,

When you’re in debt, finding a viable solution requires looking at the various options available to you. If you own your own home, accessing equity may be one of the best. Often leveraging home equity to resolve financial challenges is a big money saver. When this happens, however, sometimes it can be a pain to get your spouse involved; perhaps they don’t manage your family finances or it is easier just to handle everything on your own. This week we cover mortgage refinancing and how to go about it without getting your spouse involved.

Mortgage refinancing can be tricky because, if your spouse is on title, for conventional mortgage financing they need to sign. There really is no way around this – a lender will not fund if all parties are not involved.

Does this mean that you can’t access that equity? No. It just means you need to take a different route. Perhaps an unsecured home equity loan is the answer.

An unsecured home equity loan is approved based on home equity. Home equity is the market value of your unencumbered interest in your real property – that is, the difference between your home’s fair market value and any outstanding balance of all liens on the property. The property’s equity increases as you make payments against the mortgage balance, and/or as the property value appreciates.

When searching for mortgage financing via an unsecured home equity loan, keep in mind that you will usually need about 50% equity. For example, if your home is valued at $500,000, you will need approximately $250,000 in equity to qualify.

There are several benefits to an unsecured home equity loan. Firstly, it is not structured like a mortgage. You get the amount financed paid off quickly because it’s not stretched out over 20-25 years. Home equity loans are cheaper and faster to arrange than regular mortgages. Often this is as a result of there being no expensive legal fees or appraisal costs – both of which can take a few days to up to 2 weeks to complete. Furthermore, be sure to find out about interest rates, and get one that is fixed so that your interest rates will not change, making your loan more stable and thus easier to manage.

A home equity loan is a great way to pay off debt and get back on stable financial footing. Even better, you do not need to involve all those registered on title – your spouse need not be involved.

At Prudent Financial, we are committed to helping you achieve your financial goals. We provide mortgage financing in the form of unsecured home equity loans at great rates.

Find out more today by calling 1-888-852-7647.

 

 

 

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