For Home Renovations
The Beaver family is expecting and the couple wants to renovate their home before the newborn's arrival. They were also hoping to get a little bit of extra cash to make small purchases for the baby. Both Mr. and Mrs. Beaver are self-employed.
Our clients agreed that a short-term fixed loan product would be the most suitable for their situation. They were very happy with their principal and interest payments and our plan to refinance their entire mortgage after their term.
|Home Value after Renovations:||$495,000|
|Home Equity Loan Amount:||$29,000|
|Cash Back to Clients:||$8,000|
|Payment Home Equity Loan:||$189 per month|
For Kitchens & Bathrooms
Marco and Maria purchased their home about a year ago, and are now looking to put in some property upgrades. The couple doesn't want to exhaust the entirety of their savings but would really like to improve the aesthetics of their kitchen and bathrooms. They also don't want to refinance their first mortgage as they are locked in for the next 4 years.
After a thorough consultation, we were able to qualify Marco and Maria with a home equity line of credit for their home improvement project, and a bit of cash to consolidate their credit card debts. Our clients were very happy with their low monthly payments and flexibility offered by the product.
|Home Value after Upgrades:||$838,000|
|Home Equity Loan Amount:||$46,500|
|Credit Card Debts:||PAID|
|Payment Home Equity Loan:||$490 per month|