You Can Avail Upto 80% Of Your House Value
The surge in Refinance/Equity Release
The economic uncertainty due to raising equity built into the value of existing real estate has caused a surge in the Refinance/Equity Release department which has taken the mortgage business to the new soaring heights.
Need a new mortgage that is in a larger amount than the existing loan amount to convert your home Equity in cash?
We, at Money Maestro, are a team of professional mortgage brokers in Dubai who look forward to introducing you to the Refinance/ Equity Release programs offered by several trustworthy Banks, so that you can attain your home equity to liquidate what you require, a Lump Sum amount of cash. All that is stopping you from achieving your Dreamhouse is a simple Approval in the Principle document. With Money Maestro, no matter how complex the situation is, our expert mortgage brokers in Dubai will provide you professional assistance with all your mortgage-related implementations. Work that is supposed to take months for completion is handled within a week. The Best Mortgage Brokers in UAE for a reason!
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Is Equity Release a Good Idea?
The first thing that pops up in mind while cashing out any product sounds like something that gives you a feeling that you might get conned. But one thing that must be kept in mind is that Refinance/Equity release is regulated by the Financial Conduct Authority (FCA) and governed by Equity Release Council (ERC). The professionals at Money Maestro make sure to bring the level best comfort and be as transparent as much as possible.
Moreover, our mortgage brokers have expertise in providing complete business financial solutions in Dubai, and our all equity release plans come with no negative equity. One of the biggest perks of Refinance/Equity release is that homeowners can cash-out refinance about 80% of the house’s current value with the availability of just 20% equity in their house.
Frquently Asked Questions
The average refinance takes 30 to 45 days to complete. No one, however, will be able to estimate how long yours will take. The process can be slowed down by appraisals, inspections, and other third parties. Depending on the size of your house and how complicated your finances are, your refinance could take longer or shorter.
Some of the things to keep an eye out for while refinancing:
- Understand the value of your home.
- Understand your credit score.
- The Debt-to-Income Ratio is something you should be aware of.
- The Refinancing Costs.
- Interest Rates vs. Term
- Points for Refinancing
- Know when you’ve reached your break-even point.
- Be knowledgeable about Private Mortgage Insurance (PMI)
Unless the last business day of the month comes on a Monday, the optimum day to close a home purchase or a mortgage refinance is the last business day of the month. Then you should close on the Friday before to avoid paying interest over the weekend. This is why the interest on a mortgage is paid in arrears.
Taking on additional debt lowers your credit score, but because refinancing replaces an existing loan with one that is about the same amount, it has a negligible influence on your credit score.
Many people who refinance debt to consolidate it end up with additional credit card amounts that are difficult to pay off. Due to fees and closing expenses, a longer loan term, or a higher interest rate related to a “no-cost” mortgage, homeowners who refinance may end up paying more over time.