Home Equity Loan
GTA Mortgage Agent
Often confused with a HELOC (Home Equity Line of Credit) a Home Equity Loan is actually different; a home equity loan is paid out as a lump sum (vs as you need it), and the interest rate and monthly payments are fixed which is easier for budgeting purposes.
A Home Equity Loan has helped people pay for their children’s education, put an ailing loved one in a state-of-the-art long-term care facility, invest in and grow their small business, and even take a well-deserved vacation. Use it to invest in another property or addition to your home. The funds are for you to use as you wish – it’s your money and we’re only here to help you secure it, not tell you how to spend it.
We can approve home equity loans where a bank may not, and we don’t require mortgage default insurance where the combined value of the first and second mortgage exceeds 80% of the property value. We can also approve funds for individuals with a tarnished credit history, or one’s where little credit history exists.