WHAT CAN I USE A HOME EQUITY LOAN FOR?
At Sunlitemortgage, we believe that you should have access to your money whenever you need it, regardless of your past or current credit history. We help by finding you the lowest rates available, as well as providing the support you need in order to achieve your financial or real estate goals.
- Pay bills
- Home renovations
- Secondary properties
- Stop Power of Sale
- Rebuilding credit
- Mortgage arrears
- Eliminate CRA arrears
- Emergency expenses
- Tuition and educational expenses
- Business ventures and investments
- Property tax arrears
- Avoid consumer proposals or bankruptcy
…Plus Much More!
WHAT IS HOME EQUITY?
The difference between the appraised value of your home and the unpaid balance of your current mortgage makes up your home equity. You can grow your equity by paying down your mortgage, but it can also grow on its own if the appraised market value of your home increases over time.
Although interest rates on a home equity loan are higher than on a First mortgage, they are typically much lower than a credit card.
Paired with the fact that the interest paid on mortgage loans is tax-deductible, as well as some products offering interest-only payments, it is easy to see why more Canadians are switching to Sunlitemortgage for all their mortgage needs.
WHAT TYPES OF HOME EQUITY LOANS ARE AVAILABLE TO ME?
There are two types of home equity loans, a fixed-term loan and an line of credit – also known as a HELOC.
A home equity loan is a one-time lump sum of money that slowly gets paid back monthly with a fixed interest rate. A home equity line of credit can provide you with access to funds as you need them, in which you pay back like a credit card.
Fixed-term equity loans include Second and Third mortgages, Refinanced mortgages, Reverse (or Chip) mortgages, and Prepaid.
For example, you could borrow up to 80% of your appraised home value , minus the balance of your current mortgage, home equity line of credit, or any other loan secured against your home.
That means if your home is appraised at $250,000, with $150,000 still owed on the first mortgage, a lender may agree to give you a second mortgage (a lump-sum payment) of up to $50,000!
SEE THE GREAT THINGS OUR CLIENTS SAY ABOUT US:
quick response
Thanks to Stalin who made everything happen with ease. He was always available to answer all our questions and concerns and was able to make the process so much easier.
Maria marticorenaLawyer
amazing
I have been dealing with Matthew Waylett to arrange a second mortgage. During the process, I had some other events happen in my life, which kept me from focusing on the task. Matthew was exceptionally patient and diligent during the entire process. I can recommend Matthew without hesitation. His dedication & efficiency were very much appreciated!! Keith
Keith ElliottWeb Developer
Very Helpful
Awesome experience, Stalin helped immensely, highly recommend 🙂
Robert GairdnerEditor and Publisher
Greate Service
Thank you Shamus for your quick response and looking after us in a professional manner. We would highly recommend you to family and friends.