What services we provide
Home equity loans for you
PML Offers straightforward Equity Loans covering First, Second Mortgages, and
Consolidate Debts. If you have certain amount of equity in your any commercial or residential properties, you are approved. It is very simple.
First mortgage
PML is here to support you through every step of the process. We
ensure you have access to the best mortgage options in an
environment where borrowing has become increasingly difficult. Trust us to be your reliable partner in making informed decisions about your mortgage, aligning with your goals for a secure and prosperous future.
Use of Funds
You can use the funds from the second mortgage for various purposes, such as debt consolidation, home improvement, education, or other financial needs as you wish.
Interest Rates:
Interest rates on second mortgages may be higher than those on first mortgages but are often much lower than rates on unsecured loans such as LOC or credit cards.
Payments:
You make regular monthly interest only payments to carry the second mortgage, which gives you the maximum control of your cashflow.
Benefits:
A second mortgage can provide access to a significant amount of
funds, and the interest may be tax-deductible in some cases (consult a tax advisor for details).
Second Mortgage vs. Refinance
Contrary to what your bank might suggest, refinancing your existing first mortgage might not always be the optimal choice. At PML, we
engage in a meticulous cost-benefit analysis, considering key factors that influence your decision.
Financial Flexibility
If you're not currently eligible for a favorable rate, PML LoanTech offers a solution. By leaving your initial mortgage untouched and opting for a Second Mortgage loan, you gain time to enhance your financial
standing. This positions you for a more advantageous refinance option when the timing is right.
we're here to guide you through the intricacies of mortgage decisions, ensuring you make choices that suit your unique circumstances.
How we work
Equity
Equity is calculated by subtracting the amount owed on a property (such as an outstanding mortgage) from its current market value. Mathematically,
Equity = Current Market Value - Amount Owed on Any Existing Mortgage.
Private Lenders and Loan-to-Value (LTV) Ratio
Private lenders are willing to
provide loans based on a certain percentage of the property's value. In this case, they may lend up to 85% of the property value. The loan amount offered by private lenders is usually determined by the Loan-to-Value (LTV) ratio, which is the ratio of the loan amount to the property value..
Calculation of Loan Amount
The loan amount a private lender may provide is subject to the LTV ratio. If the property's market value is $1,000,000, for example, the private lender may offer a loan of up to 85% of this value, which would be
$850,000. However, this amount is further adjusted by subtracting the balance owed on any existing mortgage associated with the property.
In summary,
Private lenders may consider the equity in a property as a basis for providing loans, and the maximum loan amount is often determined by the
property's market value and the existing mortgage balance. This approach allows borrowers to leverage the value of their property to secure financing.
Our Loans are based only on the equity in a home or other property (Residential or Commercial)
Prices
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$99 / month
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$200 / month
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