Professionals and other people with prestigious, lucrative jobs donโt have too much trouble getting a loan from the bank or elsewhere. Sure, thereโs paperwork to deal with that takes time and energy, but the lenderโs willingness to loan them money is never really in doubt.
Most people donโt fit this career profile, though they have just as much need, if not more, to borrow money for things like paying for a mortgage, emergency repairs, or a renovation. Letโs dive deeper into how Burke Financial helps pensioners, self-employed people, those on disability, and others obtain a loan.
Deep Relationships with Lenders
Would you lend money to someone who may struggle to pay it back on time or at all? Thatโs one of the questions at the heart of this issue. Lenders want to feel confident that theyโll get repaid, and borrowers need to instill this confidence. The good news is, there are many ways to do this!
All kinds of honest people donโt have the type of job or financial situation lenders find instantly reassuring. Burke Financial is proud to have financial experts with long, deep relationships with a variety of lenders.
Weโll listen to your financial and lifestyle goals and find the right path to help people of all credit, income, and debt levels. When you choose Burke Financial, weโll provide borrowing options you canโt access on your own. Take advantage of our deep, long relationships with a variety of lenders aside from banks.
You donโt necessarily need to verify your income to get a considerable loan on short notice. However, the further away you are from the ideal loan candidate, the more experienced mortgage brokers can help you.
Second Mortgages
Homeowners of all incomes, careers, and backgrounds need to borrow money to help make payments, especially with surging interest rates and the sharp rise in grocery costs. Burke Financialโs second mortgage services can help those trying to make ends meet by letting them utilize the equity theyโve built up in their homes.
Some people mistakenly think that a second mortgage is only a last resort solution for people in dire straits or that theyโre overly complicated. In reality, second mortgages are a common way for homeowners to get a financial boost.
Homeowners can save over $1,000 a month and avoid bad credit. Building up equity is all about time compacting your initial investment. The longer youโve owned the home, the more equity you have, and you are free to put it to use however you please.
While financial experts will correctly state that youโre free to use the borrowed funds how you please, theyโll almost always recommend reinvesting them rather than splurging on luxury goods. If you take out a second mortgage to pay for a nice vacation or a new car, youโll have to pay the high cost of these things in addition to borrowing fees.
In contrast, if you reinvest the borrowed money back into your home or seize some other investment opportunity, you can offset the cost of a renovation or even make a profit. Buying property shelters you physically, but it also lets you start building wealth that gives you financial protection.
HELOCs and Home Equity Loans
Another extremely common way for homeowners to tap into their homeโs equity involves home equity line of credit (HELOCs) and home equity loans. Theyโre similar in that theyโre both secured loans using your home as collateral, except a HELOC is a revolving line of credit you can repay as you use, while a home equity loan is a lump sum that appears in your account at once.
Some people who have unconventional income streams also have a lot of money! Maybe your work is lucrative but seasonal. Artists may command considerable income but have unpredictable schedules. Thereโs no reason why someone in that position should be refused a HELOC or home equity loan.
There are also people who may have the bulk of their money in a foreign currency abroad and need time here to land on their feet. Ultimately, people are free to live their life how they please and shouldnโt feel restricted to living how banks or lenders would like them to!
Deciding to take out a home equity loan or HELOC can be an amazing way to access significant cash quickly, as these loans tend to be processed quickly. If you have an unusual profession or thereโs some other reason why banks and mainstream lenders are reluctant to lend, speak to Burke Financial today.
There are many types of home equity loans and HELOCs, so thereโs wiggle room to customize them to fit your needs.
Bridge Loans
Sometimes homeowners get caught in a state of transition, and by the time they move into their new home, theyโre still on the hook for the old one. If you think being a homeowner is expensive, try owning two homes!
If youโre eligible to receive a bridge loan, youโll get the money needed to stay afloat while youโre finessing the sale of the first home. These short-term solutions usually last between three to six months. Hopefully, your first home sells, and you wonโt need it to be any longer!
Any homeowner with two properties on their books would struggle, and those with unusual income sources may have additional struggles. Burke Financial offers creative and flexible solutions that can get you out of a jam.
The phrase โliving your best lifeโ gets thrown around a lot these days. But it is important for people to find their calling and follow their bliss. Not every job results in consistent payment, nor should this be a requirement for home ownership. If youโre worried that a lender wonโt find your source of income reassuring, speak to the committed mortgage brokers at Burke Financial today.
