The beauty of borrowing against your home’s equity is that it allows you to borrow as much or as little of your home as you would like. While many lenders will require a mortgage of at least 20% of your home’s value to be considered, there are other lenders who will provide you with a larger amount of money and allow you to borrow up to 100% of the value of your home. This provides you with a very flexible financial tool which you can use to fund your new home or take advantage of a sale on your existing home.
If you are looking for a conventional loan, then you will have to apply through the traditional mortgage channels and you will be required to complete an application form and a credit check, which may take several days to process. However, if you choose to go with Boma finance and borrow against your existing home’s equity, then this is done from the comfort of your own home and will typically only take a few minutes to process. You will not have to submit any paperwork or documents to qualify for this loan and you will have the same options as any other mortgage lender, including a range of lending options such as fixed rate loans, variable rate loans and balloon payments. Boma finance can also give you the flexibility to borrow against your existing home’s equity when you are not earning enough money through your salary to afford a mortgage.
Boma finance is especially popular with first time buyers, as it allows them to borrow as much as possible and also allows them to access a range of additional funding sources when they are looking for additional finance for their home. It can also offer you some additional benefits such as no fees on standard repayment terms or no restrictions in how long you pay back the loan, meaning that you can repay it whenever you like. There are no restrictions on how much you can borrow or where you can borrow from, meaning that you are free to borrow as much as you like, wherever you like. which means you do not have to worry about repaying the loan in a traditional manner as you would with traditional mortgage loans.
Another attractive feature of Boma finance is the fact that you can borrow against both your existing home and your existing equity. When you borrow against your existing home’s equity, you are able to borrow more than the balance of your mortgage, which allows you to get even more funding for your home. and as mentioned earlier, you are free to borrow as much as you like. You can also borrow against both your existing home and your existing equity, if you wish to access additional funding for your new home.
Boma finance is an ideal way of obtaining a large amount of money for your new home, particularly if you are buying a home with your family or to finance your holiday property. You can easily borrow enough to make the most of your new home, paying off your debts whilst living comfortably in your new home.
As you are able to borrow as much as you want, you are able to spread the cost of your new home out over a longer period of time and enjoy the freedom of living in your new home and enjoying your financial freedom. Boma finance gives you flexibility, which is an extremely important element when considering investing your money in property.