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UP TO %85 LTV – NO INCOME/NO CREDIT – APPROVAL ON EQITY NOT DREDIT & INCOME
Home Equity Loans in Ontario
A home equity loan is a kind of loan where a piece of real estate is used as security. Home equity loans are typically given as mortgages which are registered on a property. The main basis for being approved for a home equity loan is the equity in the property, or in other words, the value of the home minus the value of existing debts on the property. This is different from a bank mortgage since factors like credit score and job security are considered to be less important than the amount of home equity. Our team of professionals has years of experience with providing home equity loans in Ontario.
Terms and Payment Options for Home Equity Loans in Ontario
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INVESTMENT IN OTHER PROPERTIES
A standard home equity loan is a one-year open first or second mortgage with an interest rate of 7% to 15%. As an open mortgage, there is an option to end the mortgage early and only pay a three-month interest penalty fee. Home equity loans, unlike traditional bank mortgages, are flexible and can be customized to best meet the needs of your unique situation. One of our loan professionals can speak with you and decide what options would be best for you.
Popular Custom Options Include
- Interest Only Mortgage: Only the interest is paid and the principal is untouched.
- Blanket Mortgage: The mortgage is placed on several properties at once, which helps secure financing.
- Construction Draw Mortgages: We can pay the construction contractors as the work is completed.
In addition to these, other custom options can be written into the loan agreement. Our specialists are happy to discuss your unique situation and the kinds of options that are available to you.
How Much Can I Borrow with a Home Equity Loan
The amount a person can borrow is dependent on the value of the home, and the value of existing debts on the property. Lenders will calculate a metric called a Loan to Value (LTV) ratio. LTV is equal to the value of existing debts divided by the appraised value of the property. Our network of lenders will generally loan up to 85% LTV on properties in Ontario. While LTV is the key deciding metric, some lenders may also be sensitive to credit score and employment history.
Common Uses for Home Equity Loans
The Difference between Home Equity Loans and Home Equity Lines of Credit (HELOC)
The money you borrow with a home equity loan can be used in any way you feel is best. Generally, the best uses of money our company sees are to pay off expensive debts or investing in a home renovation, higher education, or capital for a business. Some other people choose to use the money to purchase cars or vacation packages. The best use of the money depends on your individual needs and circumstances.
- Renovation: Money for renovations can be used to repair or make upgrades to your home.
- Debt Consolidation: You can use the money from this loan to pay off other high-interest debts.
- Education: You or your children can go to school and pay the tuition fees
- Business Investing: If you need capital to fund a business, a home equity loan can be a cash source.
Loans that we provide can also be used for other less common uses such as paying for emergency treatment, helping family members, or stopping a power of sale or foreclosure.
A home equity loan and a home equity line of credit (known as HELOC) are two distinctly different types of loans. A home equity loan is an installment loan which means it has a fixed term and number of payments. A HELOC is a kind of revolving credit, similar to a credit card, which does not have a set number of payments. Typically a home equity loan has a fixed interest rate which is stated in the original loan agreement, in contrast, a HELOC will typically feature a variable interest rate. With a HELOC, a borrower may take out money at whatever time they need it as long as the credit limit is not exceeded. With a home equity loan, an initial lump sum is given, and a new loan contract must be drawn up in order to borrow additional money. With both types of financing, approval and interest rates are primarily based on a property’s loan to value ratio.
Am I really approved if I have bankruptcy, power of sale and horrific credit?
Yes you are approved if you have sufficient equity. Since your home serves as collateral to secure the funds provided by the home equity loan, the home equity lenders are far less concerned with events surrounding your credit and income. This is why a home equity loan can be provided to save a homeowner’s home when he or she is under power of sale for defaulting on the first mortgage.
How quickly can I receive my funds?
Another great benefit of home equity loans is the speed and turnaround time associated with these mortgages which make these mortgages a perfect option for meeting emergency situations when you need urgent access to a large sum of money. Since private lender are not so concerned with credit and income, In most situations once the amount of equity is established, you can receive your money in as quickly as 2 business days.
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Why Choose My Services
Home equity loans, the fastest way to borrow money if you own a home
Home Equity Loan is the fastest and easiest way of borrowing money from your home equity. Whether you are looking for debt consolidation, a home renovation loan or pay urgent bills, home equity loan is a great solution as the only qualifying factor you require to have is equity in your home since home equity lenders are not so concerned with your credit or income. This means that regardless of your income, employment or credit you are qualified to borrow a substantial amount of money as long as you have sufficient equity in your home even if you have are going through:
With access to a very large network of private and institutional lender, you are approved for a home equity loan in Ontario whether you live in a major metropolitan are or you live in a rural community. So long as you have sufficient equity you can borrow the funds for your specific purpose quickly and easily .
Private mortgages are different from traditional mortgages in that it is up to each agent/broker to find his or her own source of private funds. Most agents have only a few lenders they use for every situation which results in high fees, rates and turn-downs due to the fact that not every lender is able to finance every area or type of property.
Since each applicant’s situation is unique, I submit your request to the lender which can best serve your financial needs based on your location, type of property and LTV. This ensures that not only you receive the second mortgage funds you need on time but that you receive an outstanding service as well as low rates and fees. Contact me today to discuss your financing needs
What is a home equity loan?
A home equity loan in short is a type of mortgage that allows homeowners to borrow money against the equity in their home. For instance if a borrower owns a home worth $300,000 and has a first mortgage on this property with a balance of $200.000, the homeowner has $100,000 worth of equity in his or her home. Thus, the homeowner can use a home equity loan to borrow money against this equity. Depending on the area and type of property, the homeowner could borrow up to 90% of his or her home value. This means the homeowner can borrow as much as seventy thousand dollars as shown here: [($300,000 * 90%) – $200,000] = $70,000
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ADVANTAGES & DISADVANTAGES OF HOME EQUITY LOANS
You can decide to take the equity takeout mortgage as a line of credit. If you take this route you can borrow just what you need when you need it. You pay interest only on the amount that you have borrowed. With this type of loan, you obtain approval for a given amount but you don’t have to take it all at once. You can pay back the principal amount at your own discretion.
The Advantages of an Equity Takeout
- You can use the home equity to arrange relatively large loans that you require for renovations improving the value of your home
- If you use the equity takeout for investment property, the interest repayments are tax deductible
- You can use the money for debt consolidation, or anything else you choose
- The mortgage will attract closing costs
- Your home secures the loan. If for any reason you fail to make repayments, you risk losing your home
Certified Mortgage Brokers Toronto have the expertise and the contacts to help you make the right choices and to match you with the lender that suits your needs.
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- 1ST MORTGAGES STARTING AT 6.99%
- SECOND MORTGAGES STARTING AT 9%
COMMERCIAL RATES STARTING AT 7%
LENDER FEES STARTING AT 1%
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Reasons to Get a home equity loan
FAST & EASY APPLICATION PROCESS
SAME DAY APPROVAL ON SECOND MORTGAGES
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We Make You Aware Of Pros & Cons
If you are in need of extra cash and feel that a second mortgage is the way to go then let us help you at Toronto Mortgage Brokerage to go through the process of getting it correctly. You have to keep in mind that there are risks involved as with any loans and because of that it is very important to turn to a reliable professional.
We Educate You About The Options You Have
If you have already paid off a portion of your home and/ or the market value of the home had risen then you are especially a good candidate for a second mortgage. Even if this is not the case for your situation, then there are still options that we can provide for you.
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