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A Home Equity Loan For Every Situation

Home equity loans can help you over all kinds of financial hurdles. Here are just some of the ways we can help:

  • Access up to 85 percent of the equity built up in your home in urban areas.
  • Fund home renovations.
  • Extend cash reserves and build a backup fund for a rainy day.
  • Repair your credit by paying off collections or judgements.
  • Consolidate your debts into one easy monthly payment.
  • Pay off personal or property taxes, or even mortgage arrears.
  • Transform your home’s equity into cash for any purpose.
  • Purchase a vacation or investment property.
  • Pay for education for your children.
  • Invest in your business.

 

Getting A Home Equity Loan

If you think that a home equity loan is a good option based on your specific circumstances, you will need to get through the application and approval process. Accessing a home equity loan is similar in many ways to applying for a mortgage or other type of loan, but there are some differences of which you should be aware. These include the following:

  • Determine whether a home equity loan is an option: To be eligible for a home equity loan, you must have a certain amount of equity in your home. In most cases, you need at least 20 percent equity in your home—meaning that you must have paid off at least 20 percent of your home’s total value.
  • Credit: Whether or not you have good or poor credit there are options for you. Sometimes, home equity loans can help those with high credit card debt pay those off, and, therefore achieve a better credit score in the process. Be sure to talk to professional mortgage advisor about your specific situation.
  • Assess your finances: Once you have examined your credit situation, you should step back and take a look at the big picture when it comes to your finances. You’ll need to have proof of income and relevant documentation of investments and debts to provide to lenders. You should also take a hard look at your budget and income and determine whether you have the capacity to take on additional payments.
  • Shop around: Different lenders will offer you different interest rates for your home equity loan, and so it’s a good idea to shop around for the best deal. In many cases, your existing lender might not offer the best option. Partner with a professional mortgage broker who can help you find the best option for you.
  • Make a budget for the money you’ll get: Some homeowners end up struggling to pay back their home equity loans—and may even be unable to finance the expense that they took the loan out for without sufficient budgeting. Long before you receive any funds, you should have a detailed plan for exactly how you will use them. Budgeting may even reveal that you need less funds than you initially thought were necessary from a home equity loan.
  • Finalize paperwork: Once you’ve gathered all of the necessary information and selected a lender to work with, you can prepare to finalize your home equity loan application so that your lender may issue funds. Make sure that you set aside time to sign the final paperwork and come prepared to pay any applicable fees. After the paperwork has been finalized, you will likely have to wait for several weeks for the lender to issue funds.
  • Take all applicable charges and fees into account: There’s more to home equity loans than an interest rate. Like with a home mortgage loan, you should consider brokerage fees and closing costs, as well.

Throughout the application process, it is a good idea to partner with a trusted financial or loan advisor. Speaking with a professional and receiving informed advice ensures that the process goes as smoothly as possible for you and your family.

This also gives you the opportunity to put your financial needs and options into perspective and prepare yourself for the home equity loan application process. Take advantage of the time you spend with a loan advisor and ask any and all of the questions you have. It may also be helpful to do some research on your own so that you’re as informed as possible going in.

A secure financial upgrade

Your bank account balance doesn’t define your worth. If you’ve built up equity in your home, you can perk up your finances today with a home equity loan. Since you’re borrowing on property you already own, you’ll get much lower rates than you would with a credit card, and our mortgage experts will fight to make sure you get the best deals on the market.

A nationwide network of great lenders

Home equity loans are a lot more than a source of cash with a great rate. We’ll help you pick out the best loan for you, whether that’s a home equity line of credit (HELOC), a second mortgage, or any other product we offer. We’ll do the shopping around for you! With a network of more than 250 top Canadian lending firms, we’ve got a whole portfolio of options to choose from.

Don’t need a lump sum right away? Choose a home equity line of credit and pull out cash whenever you want it.

Looking to cut down debt but struggling with credit issues? A second mortgage can be a perfect tool for consolidating your debts into one simple monthly payment while keeping your existing low-rate first mortgage intact, and avoiding expensive pre-payment penalties with your bank.

Finding the best home equity loan takes a lot of skill and isn’t as simple as some would like to imply — which is why we are here to help. We are experts in the field and have closed thousands of mortgages.

We handle the details

We’ll cut through the noise and eliminate the guesswork for you, while providing valuable advice on how to get back on track. We give you an immediate strategy and a long-term game plan while remaining by your side throughout every step of the process.

We’ll make sure you’re getting the lowest rates available.We’ll help navigate the paperwork.We’ll educate you about mortgages so you know your options.We’ll make sure you’re safe from predatory lending.

Taking out a home equity loan isn’t something to do lightly, but the process itself shouldn’t stress you out. We’re here to work with you and provide an affordable borrowing solution.

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