If you're buying a home, refinancing, or looking for specialty or alternative mortgage financing...give Penny a call at 604-787-3809.
Secure a Home Equity Loan in BC
Our team makes the process of getting a home equity loan in BC straightforward and simple. The money you have invested in your home can be accessed to get you the funds you need for your own purposes.
Getting approved may take as little as 24 hours.
How do we do it?
Unlike traditional lenders – banks and credit unions – your credit history or credit card debt are not major considerations for alternative lenders. The value of your home is the primary focus of the approval and so the process can seem almost effortless by comparison.
Various funding options are available for a 1st, 2nd, or 3rd home equity loan ranging from $30,000 to $2,000,000 or more can be quickly approved.
A private lender can be a homeowner’s best alternative to traditional lenders, helping you meet your financial requirements both smoothly and efficiently.
Please feel free to read the information on the website or give us a call or text at 604-787-3809. One of our team members will be happy to discuss your options.
Home Equity Loans in BC – What is the Process?
Our office specializes in home equity mortgages. Our aim as a home equity source is to offer you an array of alternative mortgage lenders that fit your specific financial needs and situation.
Our goal is to provide the appropriate financing with the best overall costs so that once you’ve decided to re-finance, you will feel comfortable returning to us to assist with your path back to the bank to arrange your new home equity loan, if that’s what you choose to do.
Home Equity Loan Rates
Rates for home equity loans in BC may vary due to a variety of factors – location, loan-to-value, and 1st or 2nd position being some of the major ones.
When determining loan rates for your home, lenders will also look at the use of funds and the client’s personal situation to determine the best rates to be offered.
So why not give us a call! We can assess your situation right over the phone and give you an idea of what you may qualify for.
Home Equity Line of Credit or HELOC
A fully re-advanceable Home Equity Line of Credit or HELOC is available in private lending allowing you to access up to 75% of your home’s value. This is a possibility in major centres and traditional debt servicing criteria is NOT required. You pay interest on the funds advanced.
Please call 604-787-3809 for more information. Maximum mortgage limits and conditions apply.
Why Should You Consider a Home Equity Loan?
A Home Equity Loan can assist you with:
· Home renovations
· Debt consolidation
· Purchasing a home before the current home sells
· Aiding self-employment
· Providing business capital
· Reverse mortgage
· Student loans
Or, you can access cash for any purpose.
Non-Resident Home Equity Loans
From the CMHC website…
“The Government of Canada has passed a new law to help make homes more affordable for people living in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years.
The Regulations will also come into force on January 1, 2023. The Act and its regulations will be repealed after 2 years.”
Please check back with us in 2025 for an update regarding the repeal of the prohibition.
Quick Home Loans – Is It Possible?
Yes, a fast home loan is possible as it’s mainly secured by the equity you have in your home. Things like proof of income and good credit are not a priority if you’re using your home as collateral.
However, we are able to negotiate better terms with our lenders when your application is strong and you have higher home equity. In major centres, there may be lower rate options if you have a loan-to-value of 65% or less.
Please call 604-787-3809 for more details and conditions.
Home Equity Loans – How Much Will You Qualify For?
Generally, a lender will go up to 75% of your home’s value for a mortgage loan, however, your home equity may be strong enough to allow up to 80% of your home’s value. There are factors to consider – your income and credit score and the lender’s specific criteria, for example. Only in extraordinary circumstances will a lender go to a maximum of 80% of a home’s value.
Please contact us to learn how much money you can access via your home equity. The amount of your mortgage loan will be specifically based on the value you have in your home, so things that may concern you – like your credit or income will not affect your actual home equity.
Here are some of the items we’ll take a look at if you give us a call:
Ø Your needs regarding financing
Ø Your specific circumstances – a review of your personal situation
Ø When you require financing – your timeline
Ø Documents we’ll request to meet lender criteria
Ø Best lender comparisons to suit your needs
Ø Any potential mortgage rate specials in the current market (these may benefit you!)
Ø All offers we obtain will be reviewed to best match your needs
Ø A thorough assessment of your finances – income, home equity percentage and credit.
Funds Available from $50,000 and More
Often, people are paying higher interest rates in BC for home equity mortgages. Our team expertise and full understanding of potential lender options enable us to negotiate better terms on your behalf. These terms include more than just the interest rate – things like renewal and administration fees, for example.
Apply now or give me a call or text 604-787-3809 to learn how we can get you your home equity loan quickly and efficiently. If you’re curious about what types of loans are possible, please use our mortgage calculator to assist you!
Please don’t hesitate to reach out to me with any questions.
Can Refinancing My Mortgage Reduce My Payments?
Yes, it can – either by refinancing at a lower rate of interest or lengthening the maturity of the mortgage loan. You can also consolidate your debt by using the equity in your home via refinancing.
You must have sufficient equity in your home to consolidate your debt and this happens if your home has increased in value or you’ve paid down or decreased your mortgage balance.
Home Equity Loan? Home Equity Line of Credit (HELOC)? What is Better?
Firstly, both a home equity loan and a home equity line of credit (or HELOC) use the equity in your home to allow you to borrow the cash you need. In essence, your home is collateral for the loan.
The main difference between the two types of loans is that with a Home Equity Loan, you receive ALL the funds at once. With a Home Equity Line of Credit or HELOC, you only have to borrow as little or as much as you need (up to the maximum).
Home Equity Loans Explained
The security of a home equity loan may be preferable to some as it will include fixed monthly payments, interest rates and repayment terms.
With conventional financing, banks and credit unions, the amount you are eligible to borrow is usually limited by your loan-to-value and your income (income will include the details of your employment, credit history and score).
If you choose to work with a reputable BC mortgage broker, the amount of equity you have in your home will be the major qualifying factor for your loan. Our preferred private lenders offer many options for all sorts of financial situations, both simple and complex.
Unlike most banks, an additional bonus is that some of our lenders will allow you to prepay your mortgage without charging a penalty if you choose to do so.
Home Equity Lines of Credit or HELOCS Explained
A HELOC will allow you to borrow as little or as much as you need within the amount of the mortgage loan. It works much like a credit card. At the end of the term, you will only repay the amount you borrowed.
The main advantage of a HELOC is flexibility. Lenders who offer HELOCS have various terms like draw periods and repayment periods associated with their HELOC program so if you are interested in exploring HELOCS as an option, please contact us for more specific information which we will determine based on your circumstances.
Although you can use a HELOC for anything you choose, they can be a great choice for things like home renovations.
As we all know, banks refuse individuals even though many are more than capable of making mortgage payments. Private lenders and B-Lenders can be a great tool for those who have been turned away from their bank. If you have a limited income or a poorer credit score or history, there are still options out there for you. We will also research which lender has the most affordable terms and conditions available when you call us at 604-787-3809.
If you wish to discover your best chances to get the financing you need, please contact us so we can discuss whether a home equity loan or a home equity line of credit can work for you.
And Lastly…
There are lots of little details for one to consider when borrowing against the equity of your home. The total amount that you borrow will include closing costs like legal fees, broker/lender fees, renewal fees and usually an appraisal fee. The difference between your gross amount and net amount will depend on these fees. Other factors can affect the types of products available to you – things like property type and location and details specific to your mortgage application.
We have a vast array of products and lenders at our fingertips here in BC. Rates and terms are all subject to lender approval and are also subject to change. The best way to secure a rate and the terms that make sense for you and your family is to give us a call at 604-787-3809 and let us take care of the details so you can get the funds you need to move forward in life.