Home Equity Loans 

The term “Home Equity” or property equity, can take on a lot of different meanings when it comes to mortgages and borrowing money.  To work out how much equity you have, see “What is Equity” (or the Equity Calculator – setup links here).

The equity in your home (and property value) is taken into consideration for all types of mortgages including second mortgages, line of credits, and purchasing a home.  Banks use this term often when referring to their line of credit programs. However, to qualify for these, you need to also have very good credit and verifiable income. The banks usually will not rely solely on your equity.

The most common meaning for “Home Equity Loan” is a loan or mortgage with qualification requirements based primarily on you property equity, and not your income or credit score.  It means that if you own a home, and have equity, we can lend you money regardless of your credit score or income.  This can also be referred to as a “Private Mortgage,” as it often comes through private or small investors and not the major banks. The major banks like to see good credit and good income regardless of how much equity you have.

Equity Loans or Private Mortgages, put far more weight on the value of your home, and therefore can give exceptions to things like, poor credit, large amounts of debt, no income etc.

Equity Loans are a great short term solution. They are traditionally higher in rates and fees than the banks, but they fit a niche where the banks won’t help.  If you are not currently working, your credit score is low, you need the money really fast, or for whatever reason, a private lender can help out and give you financing until your issue has been resolved.

Equity Loans can be for a few months or as long as a few years, depending on your needs and current situation.

Equity Lenders, or private lenders, usually have very few requirements, so we are able to get the money faster, when you need it most.

Give us a call today, and find out how easy it is to qualify for an equity loan.  Call 403.284.4000.

 

   

Contact Us

600-602 12th Avenue SW
Calgary, AB
T2R 1J3 

Toll Free 877.284.4009
P 403.284.4000
F 403.284.4010

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