Home Equity Loans
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Why Choose HomeEquityLoans.ca?
At HomeEquityLoans.ca, we understand how important exceptional customer service is to our clients. Our clients in Canada come to us looking for help with making an important financial decision in their lives and we don’t take that lightly.
We’re committed to helping our clients get approved for the lowest rates with the most flexible terms. Our mortgage solutions are unique, just like you!
We Make the Loan Process Easy
We Help You Plan for Your Future
Comprehensive Home Loan Services
We work with Canadian homeowners to find them the best financial solutions available to them. We are Canada's choice for home equity mortgage products.
Home Equity Loans and HELOC's
There are very subtle differences between a home equity loan and a home equity line of credit. In both cases, your home is used as collateral. Neither a home equity loan or a HELOC will impact your first mortgage. In fact, most home equity products are placed behind your existing mortgage, unless you have no mortgage of course.
Both products offer homeowners a way to access their homes equity quickly and cost-effectively. They can be a great tool to improve your cash flow, remedy financial hardships, or act as a financial safety net.
Home equity loans are slightly different in that they are almost exclusively approved based on the amount of equity in your home and not on your credit or source of income.
In most cases, homeowners can borrow up to 85% of their available equity. To evaluate how much equity you have in your home, you need to subtract any existing liens or mortgages from your property’s estimated value. For example, if your home is worth $350,000 and you owe $200,000 on it, you have built up $150,000 in equity.
Using the previous example, this homeowner may be able to borrow as much as $97,500.00. To demonstrate, take the homes value $350,000.00 x 85% = $297,500.00 and subtract their existing mortgage $297,500.00 (85% of the homes value) – less $200,000.00 (existing mortgage) = $97,500.00. This amount is given to you in a lump sum and is repaid in monthly payments. To make things easier, we’ve created a helpful home equity loans calculator to help you see how much equity you may be able to leverage from your home.
A home equity line of credit, or HELOC as they are often called, offers even more flexibility. HELOC’s work just like a credit card in that you can use it again and again as you pay down your balance. As an added benefit, you only pay on the amount you advance, just like a credit card. HELOC’s however, are slightly more difficult to qualify for as they do take your credit score and income into consideration. That being said, the team at HomeEquityLoans.ca has a whole host of HELOC solutions despite your financial challenges. Check our our home equity line of credit calculator to see how much you may be eligible to borrow.
Regardless of the home equity product you choose or are eligible for, they are both incredible tools. They provide homeowners with fast access to their home’s equity and can be used for just about anything. Give us a call today to see which product is right for you!Read More…
Home Equity Loans vs Home Equity Line of Credit
Learn More About Your Financial Options
Check out our blog to learn more from our financial experts.
Home Loans Approved in as Little as 24 Hours
Use our online application form to apply for a HELOC or a Home Equity Loan in Canada today!
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Hear What Our Happy Clients Have to Say
We’re proud to be top-rated among clients in Canada. See what some of our satisfied customers have to say about us here:
Thanks for helping with our mortgage. Your professionalism and customer service was amazing. We are glad we chose your company to help.
This was done fast! Thanks to your company I was able to clear up some large bills and get great financing on my home.
Fantastic to work with and very professional. We were faced with a time crunch and needed help when our bank did not approve us. They were able to get us back on track.
Tori Magnate l
Great experience working with them. Gave me so much hope from the moment I applied and they came through. Honest and professional.
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Frequently Asked Questions
The process of getting a home equity loan or a HELOC in Ontario can be confusing. We've answered some of the most common questions we get asked below.
- Credit: It’s ok if your credit isn’t perfect but if you’ve just been discharged from your third bankruptcy, you’re likely not a candidate
- Income: You must be able to prove that you have enough stable income to afford the payments
- Equity: you must have sufficient equity to be approved. Not sure if you have enough equity in your home? Try our handy home equity line of credit calculator.
How Does Your Process Work?
Our process for home equity loans and home equity line of credit in Canada is straightforward.