Getting a Home Equity Loan in BC is Easier Than You Thought

We make the process of getting a home equity loan very simple. That’s because our home loans in BC are the easiest way to get money using the available equity you have saved up in your house. 

And you want to know the best part?

You can get approved in as little as 24 hours. 

Wondering how we’re so fast?

Because unlike banks or credit unions, your income, credit history or your credit card debt are not the major factors in approval. Our equity lenders focus primarily on your home’s value, so the borrowing approval process is quite simple. 

There are many options available for funding. We can get you approved fast for a 1st, 2nd, or 3rd home equity loan from $30,000 up to $2,000,000+. 

So skip the traditional lenders, and allow a private lender in Vancouver to help you get the home equity loan you want and need.

If you want to find out more information, take a look around the website. But if you prefer to have a more personal approach, give us a call or text us 778-839-3963 and one of our mortgage brokers will be more than happy to speak to you.

How Do Home Equity Loans In BC Work?

Our office works as a boutique home equity mortgage source. The focus is to provide homeowners with access to a select group of private mortgage lenders that can best suit their financial goals and needs.

We aim to provide you the appropriate financing at the best overall costs. Our hope is that you’ll choose to come back to us when deciding to refinance your mortgage & home equity loan back to the bank. 

And if you are curious about our costs? 

When we provide best rate bank financing, our services are free since the banks pay us for your business.

Home Equity Loan Rates

Rates for home equity loans in BC may vary due to a variety of factors – location, loan-to-value, and 1st or 2nd position being some of the major ones. 

When determining a home’s loan rates, lenders will also look at the use of funds and the client’s personal situation to determine the best rates to be offered.

So why not give us a call! We can assess your situation right over the phone and give you an idea of what you may qualify for.

Common Uses of Home Equity Loans In BC

Home equity loans can be used for many purposes including:

Home Equity Loans For Non Residence of Canada

If you are not a Canadian Citizen or you are a Canadian Citizen or Permanent Resident PR but have lived outside of Canada for a period of time, home equity lenders will deem you a non resident. We have home equity financing available to you up to 65% loan to value. Meaning you can buy in major centers in BC with as little as 35% down. We have options on a case by case basis for home equity loans up to 80% loan to value. Conditions apply.

Fast Home Loans, How Easy Are They To Get?

We can ensure a simple approval process due to loans being primarily secured by your property’s equity. Meaning they do not require as much proof of income or credit as long as your home is used as a collateral.

However a stronger application with significant equity does allow us to negotiate more affordable terms. When your home’s equity is high, you can get better prime rates or lower interest rates.

Low rate options for loan-to-value less than 65% and in major centers. 

Conditions apply so call us for more details.

How Much Can You Borrow On a Home Equity Loan?

Wondering how much you can borrow on a home equity loan in BC?

The amount you can borrow will generally be around *80-85% of your home’s value. But it all depends on each lender’s conditions, and also on the borrower’s income and creditworthiness. The highest limit can even reach 90% of your available equity but that only happens in very rare cases.

When you work with our private mortgage lenders, your loan will only be influenced by the equity you have saved up in your property.  You won’t have to worry about any other factors like a fair credit score or a lack of income, dragging your loan amount down.

For a more exact calculation of how much cash you have untapped in your home, either contact us directly or use our online mortgage calculator and do the math yourself.

How To Calculate a Home Equity Loan In BC

How To Calculate Home Equity Loans BC

Home Equity Loan Checklist:
Home Equity Loan Canada

  • Independent review of your personal situation
  • Your needs and wishes for a loan
  • Your documentation (some verified and some stated)
  • Estimated time you require financing
  • Market evaluation of lenders (to determine rates & terms that best suits your needs)
  • Current rate specials offered by lenders (when lenders have lots of money available they offer it out at discounted rates, and we pass those savings on to you!)
  • Some lenders we have are direct & some are indirect. We’ll match you with the right one for YOU!!
  • The offer(s) we receive, and our review of the offer (not all offers can be compared apples to apples)
  • A complete review of your income, percent of equity & credit situation to help guide you for improvement.

Funds Available from $10,000 to $2,500,000 & more.

Many people pay higher interest rates for a home equity loan in BC. That’s because they do not understand the complicated process of negotiating the best terms for them. 

But it’s not always about the rates. With my past experience working for equity lending firms I bring a unique outlook and a wealth of knowledge.

Apply now or browse the site for more information to help you find and evaluate the pros and cons of getting a fast loan. You can easily compare rates by loan type or use our mortgage calculator and tools to compare payments.  

I am here for you if you have any questions.

How Refinancing Your Mortgage Can Help Reduce Payments

Refinancing an existing mortgage can lower your payments and provide you with a lump sum of money. It can also allow you to consolidate debt by using a debt consolidation mortgage.

To lower your payment you should refinance with a lower rate mortgage or lengthen the loan’s maturity. To consolidate or cash out, you must have sufficient equity in your home. This comes from an increase in the home’s value, or from a decrease in your mortgage loan balance.

Home Equity Loans in BC Canada – How Do They Work?

Home loans in BC, Canada usually create a second mortgage charge against the borrower’s house and reduce the actual home’s equity. 

Most high HELOCs ask for an outstanding credit balance and a reliable proof of income. Bad credit loans on the other hand, are secured by a lower LTV (loan to value) and are a lot easier to qualify for.

A home equity loan is usually, but not always, for a shorter term than a 1st Mortgage. 

Call or email us today and I will go over all the details with you.

Home Equity Line Of Credit (HELOC) & Home Equity Loans – What’s The Difference?

A great way to get the best rates and value for a fast home loan in Canada is by comparison shopping. Check out our blog on the difference between a Home Equity Loan vs. Home Equity Line of Credit.

Once you understand the options available to you, you can start comparing interest rates and gathering lender quotes. 

But don’t assume that you’ll be offered a lender’s lowest advertised rate. These better options are reserved for borrowers with above-average credit, not for the ones with lower credit scores.

If you have bad credit, it might be a good idea to review BC rates by credit quality and loan type. As you collect quotes, take care to compare your options on an apples-to-apples basis. 

Some mortgage rate quotes may assume the upfront payment of points, while others may be quoted without points.

Step-By-Step Comparison Checklist

  • Review and compare market rates
  • BC lenders & brokers
  • Contact lenders & brokers to request quotes
  • Calculate payments and amortization tables for different loan types
  • Take the time to read my tips on How to Improve your Credit
  • Please take this opportunity to go to Equifax and order a copy of your credit.

To learn more about home equity loans in BC go to Canada.ca

Disclosure & “Loan Examples” Below

My name is Jeff Di Lorenzo of The Mortgage Group Canada Inc. and I provide clients with sub mortgage brokerage services. 

If you are searching for a home equity loan my goal is to find you the best rates & terms for your individual needs. In addition to offering you my complete support, I will also provide you with copies of the BC Fixed Credit Disclosure Statement and Borrowers Conflict of Interest Disclosure Statement Form 10 – Section 17.3 to assist you in your decision making.

The decision to obtain a loan should be carefully considered. That’s because of the higher rates of interest and costs associated with this type of mortgage. I strive to keep in mind my client’s individual needs and goals when shopping for the best deal to offer them.

Google Disclosure

To meet Google’s personal loan policy which home equity loans fall under, I am required to provide the highest (APR). This includes interest rates, draw period and other costs and fees which market lenders may provide. In most cases this is not indicative of the type of financing I look to obtain for clients.

The APR will increase or decrease in the event of higher or lower mortgage fee amounts and interest rates. The highest APR  would be 34% while the lowest APR provided would be 7.49%. Term lengths can be as short as 12 months and amortizations can be Interest Only for 40 years, 30 years, 25 years or less.

First Mortgage *

Example #1 Low Cost:

  • Advance Amount $300,000 Monthly Payment $1,437.50 Interest Rate 5.75%
  • Real Estate Required Yes
  • Term 1-years
  • APR 7.603%
  • Total Proceeds to borrower $294,790

Example #1 High Cost:

  • Advance Amount $300,000 Monthly Payment $1,875.00 Interest Rate 7.5%
  • Real Estate Required Yes
  • Term 1-year
  • APR 15.103%
  • Total Proceeds to borrower $277,540

Second Mortgage *

Example # 2 Low Cost:

  • Advance Amount $100,000 Monthly Payment $575 Interest Rate 6.9%
  • Real Estate Required Yes
  • Term 1-years
  • APR 10.210%
  • Total Proceeds to borrower $97,040

Example # 2 High Cost:

  • Advance Amount $100,000 Monthly Payment $1,000.00 Interest Rate 12%
  • Real Estate Required Yes
  • Term 1-year
  • APR 25.810%
  • Total Proceeds to borrower $86,540.00

All these examples are based on interest only monthly payments (you may elect to pick a shorter amortization to pay off the mortgage off sooner).

The difference between the gross amount and net amount represents closing costs like legal fees, appraisals, brokerage fees, lender fees. (Fees) payout penalty of max 3 months etc and renewal fees.

These examples are just a representation of the broad range of products existing  in the industry. Rates are subject to change so give me a call to negotiate terms and rates that will best suit your individual needs. Locations, property type & personal application details affect each mortgage. 

That’s why a free assessment of your personal situation will help us decide on the best course of action.