Your Home Equity Could Help You Live Your Dreams
Building home equity doesn’t just mean you’re closer to paying off your home; it means you’re growing your own financial freedom. With a home equity loan, you can use the equity you’ve built up to borrow money in a cost-effective way. It’s a simple and low-risk way to take advantage of your own hard work.
Mortgage Connection is here to give you all the answers you need. We’re happy to show you what your borrowing options are and help you choose what’s right for you.
The Home Equity Loan Process
Step 1: Meet With a Mortgage Broker
First, we need to know what your goal is and what sort of equity you already have in your home. We’ll take a look at your current mortgage, ask you some questions about what you’d like to accomplish, and help walk you through the next steps from there.
Step 2: Submit an Application
You’ll need to qualify again as if you were applying for a new mortgage. We’ll take you through the application, help choose the best lender and mortgage product for you, and gather the necessary paperwork. We might also have your home appraised to determine its current value.
Step 3: Approval & Funding
Once you’ve been approved, it’s time to connect with a lawyer to finalize the paperwork. You can choose the lawyer yourself, or use a title company assigned by the lender. Regardless of who you choose, your lawyer or title company will make sure your current lender is paid, your new lender is added to the title, and that any and all other conditions have been met.
What happens next is your call. You could have the lawyer simply give the proceeds to you to use however you like, or you could have the lawyer put the proceeds towards some debts. If you’ve opened a HELOC (Home Equity Line of Credit), your lender may provide cheques, or debit cards to access the available funds for future use.
Step 1: Meet With a Mortgage Broker
First, we need to know what your goal is and what sort of equity you already have in your home. We’ll take a look at your current mortgage, ask you some questions about what you’d like to accomplish, and help walk you through the next steps from there.
Step 2: Submit an Application
You’ll need to qualify again as if you were applying for a new mortgage. We’ll take you through the application, help choose the best lender and mortgage product for you, and gather the necessary paperwork. We might also have your home appraised to determine its current value.
Step 3: Approval & Funding
Once you’ve been approved, it’s time to connect with a lawyer to finalize the paperwork. You can choose the lawyer yourself, or use a title company assigned by the lender. Regardless of who you choose, your lawyer or title company will make sure your current lender is paid, your new lender is added to the title, and that any and all other conditions have been met.
What happens next is your call. You could have the lawyer simply give the proceeds to you to use however you like, or you could have the lawyer put the proceeds towards some debts. If you’ve opened a HELOC (Home Equity Line of Credit), your lender may provide cheques, or debit cards to access the available funds for future use.
Have You Considered a Home Equity Line of Credit?
What is That?
A Home Equity Line of Credit (or HELOC) allows you to borrow money at a low-interest rate against the equity you’ve built up in your home. You’re required to pay the interest at minimum, but you can pay as much as you want beyond that without restriction or penalties. The best part is that a HELOC is re-advanceable, meaning you can borrow from your HELOC and pay it back as many times as you like. In short, a HELOC is an excellent and inexpensive way for homeowners to borrow money.What are the Requirements?
In most cases, you can finance up to 80% of your home’s total value with up to 65% in a HELOC. For example, if your home is worth $100,000 and you still owe $50,000 on your mortgage, you could qualify for a HELOC of up to $30,000, bringing the total amount you’re financing up to $80,000 or 80% of the total value of your home.Are There Any Fees?
You’re registering a new mortgage charge, so you’ll have to pay a registration fee. You may also need an appraisal to determine your home’s current market value home. Having said that, lenders often have promotions to cover these charges.
A Home Equity Line of Credit (or HELOC) allows you to borrow money at a low-interest rate against the equity you’ve built up in your home. You’re required to pay the interest at minimum, but you can pay as much as you want beyond that without restriction or penalties. The best part is that a HELOC is re-advanceable, meaning you can borrow from your HELOC and pay it back as many times as you like.
In short, a HELOC is an excellent and inexpensive way for homeowners to borrow money.
In most cases, you can finance up to 80% of your home’s total value with up to 65% in a HELOC. For example, if your home is worth $100,000 and you still owe $50,000 on your mortgage, you could qualify for a HELOC of up to $30,000, bringing the total amount you’re financing up to $80,000 or 80% of the total value of your home.
You’re registering a new mortgage charge, so you’ll have to pay a registration fee. You may also need an appraisal to determine your home’s current market value home. Having said that, lenders often have promotions to cover these charges.
The Mortgage Connection Difference
Mortgage Connection is here to help you with all your mortgage financing needs. Money matters require expertise, experience, and connections. We pride ourselves on finding solutions to whatever financial scenario you bring us.
Our team simplifies and streamlines the process as much as possible, keeping you totally informed every step of the way. Mortgages can be intimidating, but they don’t have to be. Let Mortgage Connection do the heavy lifting and make it a great experience for you.
Our team stands on an incredible foundation of experience, which can make all the difference when it comes to saving you money. As experts in our field, we’re dedicated to continuing our education and staying current with the market’s latest offers and products. Through constant learning, we can better meet your needs, work towards your goals, and guide you through the process.
Think Mortgage Connection, and discover a truly different mortgage experience.
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Contact Mortgage Connection for more information
Telephone 587-830-2059info@mortgageconnection.ca
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