Home Equity Loans Vancouver & BC

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  Conventional Home Equity LOC/LOAN

  Home Equity LOC, is a loan secured by using the equity of your home. Qualification for this type of loan is based on your ability to make your monthly payments and your current credit standing. Institutions have varying qualifications so check with your Vancouver Mortgage Broker to prepare your application.

  BAD CREDIT Home Equity Loan with Income or Credit Challenges | (Private Mortgage or Home Equity Loan)

  A Home Equity Loan solely secured by your homes equity not your income or credit is available.  These loans are not funded by your institutional lending facilities rather the Private Mortgage market. They are easier to qualify for but come with higher rates of interest, legal costs and Broker Fees. Generally the loan to value on these loans max out at 75% but for well qualified individuals can go as high as 85%.  For more information check out the Private Mortgage tab or call your Vancouver BC Mortgage Broker Today. 778-839-3963

  Should you get a home equity loan or refinance your mortgage?

• Consideration between refinancing your 1st Mortgage, and getting a Home Equity Loan should take some careful thought on the borrower’s part.  Generally, a home equity loan is granted by your bank that already holds your 1st mortgage. Your loan can be a conventional or high-ratio loan. When the combined value of your 1st and 2nd mortgage loans is more than 75% of your home value, it is a high ratio loan. The loan amount you can access is the total new mortgage loan approved by your bank, less any prior outstanding prior charges. Depending on your income, you may be approved up to 90% of your home value. But by refinancing or adding a home equity loan to your current monthly obligation you are decreasing your equity in your home and intern you might be decreasing your over all wealth.

• 	Available 9 AM To 9 PM 7 Days a Week.
  Vancouver	778-839-3963
  Okanagan	778-476-5500
  Toll Free Canada	1-877-744-3436

  
  

• Some of the Pros and Cons are as follows:

  • Penalties to payout 1st
  • Legal costs
  • Brokerage Fees (if Private Mortgage)
  • Decreases your Homes Equity
  • Pay off High Interest Credit Card Debt
  • Allows for Home improvements (which may increase the value of your homes equity).
  • Gives you Money to Buy a new car or Financing to take a vacation
  • Free up Money to Invest
  • Gives you Money to start a new business

   

  The most common reason for a home equity loan is to pay off high interest credit card debts. Typically, if you have $50,000 of credit card debts and other personal loans, you are required to pay at least $1,500 a month to keep your accounts in good standing.

  By consolidating your credit card debts and personal loans with a home equity loan, you only need to make a single monthly payment between $300 and $500 depending on what Home Equity Loan you qualify for. You improve your cash-flow by $1,000 to $1,200 a month. You also save interest payments on your high interest credit cards.

   
   
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