The Different Types of Home Equity Loans You Can Get
Home Equity Line of Credit
Home Equity Line of Credit is a credit vehicle many homeowners use to leverage the available equity from appreciation to multiply their wealth or pay down high-interest personal debts to be debt-free sooner. Most lenders will allow borrowers to take out mortgages up to 80% Loan-To-Value (LTV).
Use HELOC to tap into the available equity from real estate appreciation as a revolving credit line and use the fund for any reason, such as home renovation projects or a down payment to buy another passive income property.
There are a few things that borrowers would want to know more about this mortgage solution. Contact your local mortgage broker or book a free consultation with one of ours for more details.
Line of Credit
HELOC is a line of credit whereby borrowers are preapproved and pay interest only for the amount of credit borrowed. Pay interest only on the amount borrowed.
Bruised Credit Not A Problem
Borrowers with bruised credit can qualify for a Home Equity Line of Credit as long as they have plans on improving their credit score going forward, sufficient equity in the real estate property, and the debt-to-income ratio is in line with the lender's guidelines.
Simpler Cost Structure
With HELOC, there is only one closing cost at the time of registering the HELOC against the property. Subsequent withdrawal from the line of credit does not incur additional closing costs such as legal costs, broker fees, etc.
At Vaughan Mortgage Broker, we work with lenders who are reputable and have established outstanding levels of customer service, integrity, and compliance with regulatory authorities.
Justin W, Richmond Hill
As a first time home buyer I was very nervous about buying a home. The professional staff at Matrix Mortgage Global took the time to answer my questions even after hours. I was very pleased with the service and how I was treated.
Jignesh S, Toronto
I'm a self-employed cab driver. I was devastated when my bank, with whom I've been banking with for years turned me down for a mortgage. My business is mainly cash, and I didn't meet the bank's criteria for proving my income. I found Matrix Mortgage Global online and decided to give them a call. I was surprised that I got approved. I thought that if my bank turned me down everyone would. Thanks!
Andrea C, Markham
I had 2 yrs left on my consumer proposal, with the 2nd mortgage offer by Matrix Mortgage Global I was able to pay off the proposal and re-establish my credit
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