Home Equity Loan: Get the Cash You Need for Any Reason!
A Home Equity Loan allows Home Owners to trade their Home's Equity for Cash, that means your credit or Income do not play a role in your Approval. Let a 5 Star Mortgage Broker, Rumy Gill, help you access the Equity in your Home for the Cash you Need with a fast and easy Home Equity Loan. Clients Trust Rumy Gill to Help find them the Best Mortgage when it comes to your Home Equity Loan, and you should too!
Rumy Gill - Mortgage Broker
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Home Equity Loan: The Perfect Solution for Home Owners
As cost of living and incurred debt have been raising it can feel nearly impossible to get ahead, this is a problem most Home Owners are faced with. Trying to manage their Finances while owning a Home can be very stressful. But it doesn’t have to be, a Home Equity Loan can help you leverage the Equity in your Home to help better manage your Finances.
A Home Equity Loan allows you to access Upto 85% of Homes value in cash, that means you can Get Upto $50k,$100k to $200k or More, Fast and Easy. The best part of a Home Equity Loan is that All income and Credit situations can be Approved as the only qualification required is having sufficient amount of Equity in your Home.
Home Equity Loan can be customized
Home Equity Loan can be customized to fit your needs, you can take advantage of Short Terms Financing from 3,6,9,12 months.
If you are tight on Payments, Lost your job, behind on bills or need emergency money, a Home Equity Loan can be customized to
provide you financing solution so you have a No Monthly payment option.
So Don’t Stress about your Finances any longer, let Brampton Mortgage Broker - Rumy Gill help you pull the Equity from your Home so you can get the Money you Need Now, Fast and Easy.
Looking for a Home Equity Loan Brampton?
Speak to mortgage broker about the most affordable option given your credit score income and property
Home equity Loan Payments Can Save you Money and Free Up Cash Flow!
Consolidate Debt! Pay off High-Interest Debt! Increase your Credit Score Rating!
Is a Home Equity Loan a Good Idea?
If you use a home equity loan to make improvements to your home, you could possibly qualify for additional tax credits and deductions. Several new tax credits have been implemented to help you pay for the type of improvements that save energy. Getting tax credits, tax deductions and energy savings can make a home equity loan a very attractive idea. Remember, to make either of the above plans successful, you must be careful to avoid racking up new debts as you pay off your old ones. Acquiring new debts may only create a new series of problems and negate the benefits of your home equity loan.
All you Have to do is Apply!
Rumy Gill can Help you Get a Home equity Loan of up to $50k, $100k, $200k or More in Cash, Fast!
Home Equity Loan Can Help You Get Cash for:
Pay off Your High Interest Debt
Pay off Your Credit Card Debt
Help Increase Your Month Cash Flow
Access Your Home Equity
Get Money for Buying a Second Home
Get Money to Purchase a Business
Pay off Collections
Help Fix Your Credit
Pay off Tax Arrears
Pay off Mortgage Arrears
Pay off Your Car Loan
Pay off Your Pay Day Loans
Pay for Your Vacation
Stop Power of Sale or Foreclosure
Get Money for Buying a Rental Property
Get Money for Your Home Renovation
Get Money for an Investment
Pay off Consumer Proposal
Restructure Your Finances
Pay off Property Arrears
Frequently Asked Questions
What is Home Equity Loan?
A Home Equity Loan is a Loan that you uses the Equity in your Home to Qualify. It is basically a Second Mortgage, in which you take out the total amount you intend to borrow in one lump sum and pay it back every month. Home Equity Loans can be as short as 3 month term to as long as 1 year (12 month) term or even 2 years (24 months), this is all depends on the Mortgage Lender giving the Home Equity Loan.
How a Home Equity Loan Works?
The amount a homeowner is allowed to borrow will be partially based on a (Loan-to-Value) LTV of 80% to 95% of the home’s appraised value. The amount of the loan, as well as the rate of interest charged, will also depend on a few factors which can include the borrower’s credit score and payment history, and property details. Traditional home equity loans have a repayment term, just like Second Mortgages. You make regular, fixed payments which go directly to interest. As with any mortgage, if the loan is not paid off, the home could be sold to satisfy the remaining debt.
How do you pay back a home equity loan?
Home Equity Loans are paid back via fixed monthly payments at a fixed interest rate.If you want the full amount of the Home Equity Loan then you can either pay it back on the date of maturity or anytime the Home Equity Lender allows you too. Paying off a Home Equity Loan before maturity can result in a penalty that will be added on to the full payment of the Home Equity Loan.
To pay off the Home Equity Loan in full you will need to do anyone of the following; get a Mortgage Refinance, Get Second Mortgage, Sell your Home, or pay the full amount in cash to the Lender. Home Equity Loan Lenders will often at times allow you to renew the existing Home Equity Loan with them as long as you have been making payments on time and if they do not need the money back on maturity.
What is better home equity loan or line of credit?
A home equity loan gives borrowers a fixed amount of money in one lump sum instead of a revolving line of credit. You pay back the loan over an agreed term, where on a HELOC you only make payments on the amount you have borrowed and used. Interest rates for home equity loans tend to be higher than HELOCs. Home Equity Loans can be extended up to LTV 85%, and HELOC can be extended up to LTV 65% of the Home' Value. Thus allowing a Home Equity Loan to gain you more of a Loan than a HELOC would be able to, however a HELOC allows you pay it down and re-borrow again allowing for greater flexibility over time.
What Happens if you don't pay your Home Equity Loan?
Your property acts as a financing safety net for the lender in case you don't pay. So if you don't pay, the lender it is within their right to take your home to satisfy the debt. This is why home equity loans can be considered a higher risk, because you can lose your most important asset if something goes wrong.
Are there closing costs on a home equity loan?
Yes there are closing cost with a Home Equity Loan and they all vary from Lender to Lender and the amount that is being borrowed. Here are some of the costs to consider; Lawyer Fees, Lender Fees, Broker Fees, Appraisal, and any other fees that may come up, it is always a good idea to find out what the cost of these fees will be on the Home Equity Loan amount you are requesting. Good News, is that for the most part all the fees are covered in the Home Equity Loan amount, except for the Appraisal cost as that is a payment the borrower will need to make. there are fees that need to be covered such
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