HELOC (Home Equity Line of Credit) can provide you a Line of Credit in the form of your Home’s Equity.
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Rumy Gill - Mortgage Broker
HELOC (Home Equity Line of Credit): Get Access to your Home's Equity and Pay only on what you use.
A HELOC (Home Equity Line of Credit) can help you get access to your Home’ Equity in the form of a revolving Line of Credit, allowing your to use it as you need. The best part is you only pay on the funds you use. Home owners enjoy using their HELOC (Home Equity Line of Credit) as they can borrow from their homes at a low interest rate or have access to cash for future purchases or in the event of an unexpected event or emergency.
Let a 5 Star Mortgage Broker, Rumy Gill, help get a HELOC (Home Equity Line of Credit) and access a Line of Credit for anything you need.
Clients Trust Rumy Gill to Help find them the Best Mortgage when it comes to a your Mortgage Refinance, and you should too!
HELOC (Home Equity Line of Credit): It is better to HAVE IT and NOT use it than to Not have it at all and NEED to USE it!
When it comes to a HELOC (Home Equity Line of Credit), the above quote is the best way to describe it. With your Home’s Equity paying a role in the amount you can borrow, has made the HELOC (Home Equity Line of Credit) a popular option for Home owners. It allows you to keep your Home’s Equity within arms reach for whenever you need to access it. Whether it be today, tomorrow or in the near or distance future. You can choose to use None, some, or even all of it. You can use it as a personal chequing account, or a debt consolidation tool, credit card, The Choice is yours, you are in control.
To find out how much you can qualify for get intouch with us today and start unlocking your HELOC (Home Equity Line of Credit) in a way that best fits your Needs.
We are always here to Help, Your local and trusted second mortgage Brampton team! Looking for a mortgage refinance, or a bad credit mortgage in Brampton? Contact us on 416-855-0545 Ext 101. We can help with your private and commercial mortgages in Brampton.
A Second Mortgage is a loan secured by your home where you leverage your home equity to get cash for your needs. Home Equity is the difference between the value of a home and what is still owed on the mortgage. For example, if the market value of your home is $300,000 and you owe $200,000 on the mortgage, you have $100,000 in home equity. Second Mortgages typically have a fixed interest rate, fixed monthly payment and fixed term.
A Second charge Mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home. Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.
For people struggling with Consumer Debt, taking out a Second Mortgage to pay off Credit Cards can mean lower payments at a lesser interest rate. Resulting in huge savings each month. These savings can be applied to pay down your first mortgage in lump sum payments or in extra monthly payments (which can be applied directly to the principal amount, as long as your current mortgage allows for it) and other debts so you can become debt free faster.
From Start to Finish, getting a Second Mortgage can take as little as a few days to few weeks. Typically it can take anywhere from a few hours to a few days to get Approved for a Second Mortgage. To recieve Cash (funds) an take anywhere from a few days if everything is in order and ready to close, or it can take up to a few weeks, if you just starting to get everything in places like ordering an appriasal and gathering documents.
In order to qualify for a Second Mortgage, most lenders will require your loan-to-value ratio be 85 percent or lower. So long as you reach that goal, it doesn't matter whether you've owned your home for five years or five minutes.
You can get a Second Mortgage even with bad credit as long as you have a loan-to-value ratio be 85 percent or lower. This is because you're using your home to guarantee the loan. Lenders like having property as collateral as it security if you were to default on the Second Mortgage but do not like to be in situations where the borrow is in default with payments. To eliminate any doubt in the lenders mind and get Approved, you will need to show some type of proof that you can support the payments and be able to repay back the Second Mortgage amount you are looking to borrow at the end of the term.