Home equity loans are secured by capital and are different from traditional loans because consent is determined by how much equity is left. Equity is basically the value of a home without the total debts in it. We are a competent team of lenders with years of experience issuing home equity loans in Stouffville and other cities in Ontario.
For this loan, you will need to pay monthly interest of 7%-15% for a whole year. Payments can take less time if you are ready to pay three months interest as a fine. Generally, home equity loans are more flexible than other products. This is much different from traditional mortgages whose pre-determined terms are non-negotiable. Our private lenders in the city are willing to discuss your situation and help in designing a custom loan.
Common Customized Options Include:
Our loan equity lenders are ready to include more options in your agreement to make sure that the end product is perfectly tailored to you.
Different people qualify for varying loan amounts depending on the equity in your property. For a clear assessment of risk, lenders must calculate LTV or loan to value ratio. This is done by dividing the total of debts on a home by its current selling price. The creditors hope to get a result not more than 85% in order to provide loans. The home equity loans we provide in Stouffville can be used to meet financial obligations of any magnitude.
It doesn’t matter to the lender how you use the loan money as long as you can repay according to the contract. We have met many people who use this money to pay debts, run a business, pay school fees, or renovate the home. Some people use their loans to pay for expensive vacations while others simply need it to purchase expensive vehicles.
Our loans that we offer in Stouffville can help you meet any of your needs including emergencies like stopping foreclosure, paying emergency bills, or helping friends. Some people have managed to stop a power of sale by utilizing assets that they already own. The banks and credit unions might reject your request according to your explanation but not private lenders who understand that the borrower knows best.
Payments for a home equity loan are made in fixed installments while an HELOC boasts rates that are more flexible. Bearing in mind the credit limit, a home equity line of credit can be withdrawn at about anytime money is needed. The only likeness between these loans is that they are approved based on loan to value ratio.