Home equity loans are a kind of loan that is secured against real estate property. Private lenders who are not restricted by the same rules as banks provide such credit. To get a bank loan you must present a good credit score but for home equity loans, all you need is to be the legal property owner and have equity in the home. We are a professional team of loan specialists who have been providing home equity loans in Barrie.
A home equity loan is actually the first or second mortgage offered at 7%-15%interest for a 12-month period. It is an open mortgage, meaning that you can choose to finish paying early and move on with your life. Ending early means, you have to pay a fine of three-month interest fees. Our loan specialists are always prepared to provide more information and assist you in choosing a good home equity loan in Barrie.
Common Custom Options Include:
Our experts can add more variations as you wish to make sure your home equity loans meet your standards.
Different borrowers qualify for varied loan amounts based on equity. This is the current value of a home minus all debts in it. To make sure that there is enough for you to get any loan, private lenders must divide the value of your home by existing debts to get the LTV. This metrics shows them just how much of a risk you are but our lenders in Barrie will offer loans on property with up to 85%. Some lenders are also sensitive to a credit score as well as job history.
Home equity lenders offer such reasonable amounts that could help you reverse future financial prospects. By utilizing all the assets in your name it is possible to send your kids to good schools, start a business or pay for your own education.
Home equity lenders in Barrie usually ask why you need the money but this shouldn’t worry you because unlike traditional lenders, this is only for the records. You can use your loan whichever way you want as long as you have a repayment plan.
Our home equity loans in Barrie play an important part in helping people contribute to charity work, stop foreclosure and any legal issue that could lead to loss of property. Our professionals also encounter people who use their home equity loans to pay for emergency medical treatment.
HELOC stands for home equity line of credit, a revolving type with flexible terms of payment. The home equity loan is a type of installment loans with rigid rates and payment terms. An HELOC can be used at any time as there are no withdrawal restrictions but for a home equity loan, payments after the initial lump sum must be approved through a new contract. Despite the stark differences between them, these loans are often mixed up because equity is the main guiding criteria for approval. Some lenders might be sensitive to credit score, using it to decide loan rates for different borrowers with sufficient equity.