Home Equity Loans
We offer Home Equity Loans in Toronto and all of Ontario. Homeowners are approved!
With Toronto and the GTA’s housing market booming, now is the perfect time to tap into your homes equity for that long awaited home renovation, repairs, debt consolidation and more!
A home equity loan is like a mortgage, but instead of going off your credit to get a good interest rate they will use your equity to base it on. So if you have bad credit, if you have a seasonal job or are self employed, you’ll be able to get the money you need to make home repairs, send your children to university or even to fund your retirement. It’s important to understand how home equity loans work and here we’re going to go over everything you need to know to get a good home equity loan, so let’s get started!
What is a Home Equity Loan?
First things first, what is a home equity loan? It’s a way of turning the equity you have in your home into money you can use to do virtually anything. To calculate how much equity you have in your home, you need to know two things: how much is your home valued at (appraisal) and how much debt do you have in the home? Debt could be home equity loans, first and second mortgages and even private mortgages. So you need to take the value of your home, subtract the amount of debt you have against it and you’ll find the equity. If you have a $300,000 home and you owe $100,000 in mortgages you’ll have $200,000 in equity. You can borrow up to 70% of that $200,000, or $140,000. This means that you’ll be able to stay in your home and get the money you need to pay for life’s big purchases.
What is a Home Equity Loan Used For?
Home equity loans can be used for a myriad of purposes, but it’s important to make sure that whatever you use it for you only borrow what you can pay back. Don’t take out the full 70% for example when you can get by with only 30% instead. You’ll only pay for what you borrow, so this keeps your interest rates down.
What Our Clients Say About Us
I had a difficult time getting a loan from the bank. Mortgage Central got me approved for a loan within 24 hours at a great rate.
Mortgage Central consolidated my credit card debt into something that was much more manageable, saving me money and giving me peace of mind..
Not only did Mortgage Central help me refinance my mortgage, which greatly reduced my mortgage payment, but they were very professional and pleasant to work with.
Just wanted to say thank you for everything you did for us regarding the refinance. It was a pleasure dealing with you. Everything from our end went so smoothly and we are extremely happy.
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