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By: Admin May 06 , 2022
Your home is your security for a new loan that you want for a loan amount that exceeds your previous loan amount. The difference in money that you get in between the two loans is free of any taxes. You can increase your refinancing with this increased cash out because it gives you extra security to secure a bigger loan. This is called cashout on property. GDS Mortgage in Dubai provides the best Cashout on Property in Dubai.
We, at GDS Mortgage, help homeowners, make the down payment for their next property with the cashout money. Your benefit here is that you can finance the entire loan amount or part of it at very low rates which come with your previous home loan amount. You can trust us as one of the Quality Home Mortgage Loan Consultants in Dubai.
How We Help To Refinance Your Second Property In Dubai
All you need to do to refinance your second property is to be eligible for that. You can make use of the equity in your first property to get the second one. And with our cashout system, you get up to 80% of the equity on your first property. With the funds, you can purchase your second one with low interest rates. But you have to be eligible and this is how:
Your eligibility depends on the equity of your first property and your credit score Consider taking our bridge loan to buy, resell or refinance Our Home Equity Loan is your choice because it helps by making your plan affordable and easy
Our Cashout Rules
As Quality Home Management Consultants in Dubai, we will help you as fast as possible and in the best ways with refinancing, but we have our own set of rules to help you proceed further. Our set of rules is:
You have to have at least 20% equity in your first property with our cash-out refinance, you need to have a credit score of 620 or higher irrespective of your loan programme Your debt-to-income ratio must be at least 50% or lesser than that Your loan-to-value ratio must be at least 80% or less Authentic proof of your employment and your income and an appraisal of your real estate agent’s value of the property that you want a refinance on
How Soon Can You Expect To Get A Loan On Your Second Property With Our Assistance?
You must be wondering how fast you can get a Cashout on Property in Dubai. It depends on what loan program you have. If it’s an FHA or VA mortgage, you will have to throw a minimum of a 6 month waiting period.
A Streamline refinance will require you to wait for a minimum of 201 days before you get a refinance.
So if you can wait this long patiently, then GDS Mortgage is with you and waiting to help you secure a cashout for your second property. Our qualified consultants are all too willing to help you. You can contact us for all details.