We now lend in Manitoba – Winnipeg, Brandon, Selkirk, Steinbach, Morden, Portage La Prairie & surrounding areas. Homeowners in these areas who may not fit the rigid restrictions of traditional lending institutions may find that a home equity loan is the best way to secure financing for purchasing additional property, refinancing, or consolidation of debts.
Chances are the value of your home has increased since you bought it. A home equity loan can get you access to money based on the increased market value.
Have any of these happened to you or anyone you know?
-Arrears on current mortgage
-Prior Bankruptcy
-Prior Foreclosure
-Unemployed
-Self-Employed, but haven`t been for long
-Self-Employed with credit issues
-Credit issues in general – Accounts in collections
-No established credit at all!
-Income taxes or Property taxes owing
-Too much credit card debt outstanding
These are just some of the challenges that many of my clients faced at one time but the situations were salvaged by using the equity they had built up in their homes, or in some cases, the heavy equipment, that they owned already.
| Refinance your home | Borrow prepaid amounts | Home equity line of credit (HELOC) | Second mortgage | |
|---|---|---|---|---|
| Credit limit | 80% of your home’s appraised value, minus the unpaid balance of the existing mortgage | Total of amounts prepaid | 65% to 80% of your home’s appraised value | 80-85% of your home’s appraised value, minus the unpaid balance of the existing mortgage |
| Interest rates | Fixed or variable. May result in a change to the existing interest rate on your mortgage or a different interest rate for the refinanced portion | Blended or same as your existing mortgage | Variable. Will change as market interest rates go up or down | Fixed or variable. Generally higher than on the first mortgage |
| Access to money | One lump sum deposited to your bank account | One lump sum deposited to your bank account | As needed, using regular banking methods | One lump sum deposited to your bank account |
| Fees | Administrative fees may include:
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None | Administrative fees may include:
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Administrative fees may include:
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Call me for a confidential analysis today. Or apply online!