Home Equity Loans

Home Equity Loans

Home Equity Loans

Click to watch our video
Second Mortgages

A Home Equity Loan is a loan against your existing property, not a new mortgage on a second home. The Home Equity Loan is secured against the equity you’ve built up in your home. This means there are two loans registered against your home; your first mortgage followed by the Home Equity Loan.

By working with you to understand your requirements and repayment plans, we can steer you in the right direction. Whether you are looking to consolidate your debts or for a second opinion on what you are being offered elsewhere, we are confident that our common sense approach to lending will provide you with peace of mind when making your decision.

Our access to low interest rate capital combined with our incredible product knowledge is just what you need!

How much can I borrow?

  • A Home Equity Loan is tied directly to the equity that is available in your property. Most lenders allow you to borrow up to (90%?) of the equity in your home. This means if your home is worth $600,000 and your mortgage is $400,000, than there is an available ($140,000?).

What can I use it for?

  • Multiple Lines of Unsecured Debt
    • Unsecured debt comes in various shapes and sizes. The most common form is a credit card, but you can also acquire unsecured debt through taxes, medical bills, and utility bills. The difference in interest rates between secured debt and unsecured debt is quite significant. Just think of the difference between a mortgage interest rate and a credit card interest rate. It’s often 10% or more. Getting a Home Equity Loan at a lower interest rate helps to roll all the debt into one easy payment.
  • Lower Rates for Financial Aid
    • Debt consolidation is a reactive way to use a second mortgage. In order to be proactive, you can skip maxing out credit cards and go straight to using a Home Equity Loan to finance those larger expenses.
  • Home Renovations
    • When doing home renovations, you have a few possible financing options. 1
      • 1) Pay out of pocket (Yikes!)
      • 2) Get a line of credit (High Interest)
      • 3) Use the equity in your home
    • Getting a Home Equity Loan to finance home renovations not only keeps the monthly budget and interest payments low, but it helps improve the value of your home.
  • Education Loans/Emergencies
    • As long as your house has enough equity to cover education costs, you can use a Home Equity Loan to finance your education or pay off your student loans. Or if there is an unexpected expense, instead of using credit cards to finance it (and increasing your levels of unsecured debt), use a portion of your equity to finance it.
Fill out the form below and we will be in contact with you as soon as we can!