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

Refinancing your home using a Home Equity Loan made simple. Home Equity loans are a easiest way to obtain money using the equity you have saved up in your house. Approvals in as little as 24 hrs. Your income and credit are not the major factors in approval.  Equity lenders focus primarily on your homes equity, so the approval process is simple. Options available for fast funding. 1st 2nd & 3rd Home Equity Loans from $30,000 up to $2,000,000+. Yes we can do large home equity loans in Vancouver BC Canada. If you need more information continue reading this website or if you prefer the personal approach give us a call and one of our mortgage brokers will be happy to speak to you.Home Equity Loans BC

How Do Home Equity Loans Work?

Our Mortgage Broker’s work as a boutique Home Equity Mortgage source. The focus is to provide you access to a select group of home equity lenders that best suits your personal financial goals.Home Equity Loan BC

We provide you the appropriate financing at the best overall costs. Our hope is you choose to come back to us when you look to refinance your mortgage & equity loan back to a bank. When we provide best rate bank financing our services are free as the banks pay us for your business.

Canadian Home Equity Loan Rates

Home Equity Loan Rates may vary due to a variety of factors. Location, Loan to Value and 1st or 2nd position are some of the major factors. As well when determining home equity loan rates lenders look at use of funds and clients personal situation to help determine what best rates will be offered.

We can assess your situation usually right over the phone and give you an idea what you may qualify for.

Common Uses of BC Home Equity Loans

Loans can be used for Debt Consolidation, Home Renovations, Self Employed, New Canadian, Buying a Home Before Selling Your Home, Business Capital, Reverse Mortgage, Reverse Mortgage, Vacation Loans, Paying Outstanding Taxes, Cash Out For Any Reasons.

Home Equity Loan, How Easy Are They To Get?

A simple approval process due to home equity loans are primarily secured by your homes equity. Meaning they do not require as much proof of income or credit. However a stronger application does allow us to negotiation more affordable rates & terms.Home Equity Loan Vancouver BC

Low Rate Options for loan to values less than 60% and in major centers. Conditions apply call for details.

How To Calculate A Home Equity Loan BC

How To Calculate Home Equity Loans BC

Home Equity Loan ChecklistHome Equity Loan Canada

  • Independent Review of Your Personal Situation
  • Your Needs Wishes
  • 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)
  • Are There Current Rate Specials Offered By Lenders (When Lenders Have
  • Lots Of Money Available They Offer It Out At Discounted Rates and We Pass That Savings Onto You)
  • Some Lenders We Have Direct & Some Are Indirect. We Match You With The Right One For YOU!!
  • Offer or Offers and Our Review (not all offers can be compared apples to apples)
  • A Complete Review of Your Income & Credit Situation to Help Guide You for Improvement.

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

“Many Canadians pay too much for a Home Equity Loans. They do not understand the complicated process of negotiating the Best Terms for a Home Equity Loan. Its not always about the home equity loan rate, which comes as a complete shock to most of my clients.

With my past experience working for Equity Lending Firms I bring a unique outlook and a wealth of knowledge.” APPLY NOW! or look through my site for more information to help you find and evaluate the Pros & Cons of getting home equity loans. You can easily compare Rates by loan type, or use our mortgage calculators to compare payments.  I am here for you to call with any questions.

How Refinancing Your Mortgage Can Help Reduce Payments

Refinancing an existing mortgage can lower your payment, provide you with a lump sum of cash, or allow you to Consolidate Debts using a debt consolidation mortgage. To lower your payment, you have to 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.

How Does a Home Equity Loan Work?

How Does A Home Equity Loan Work?Home equity loans usually creates a Second Mortgage Charge against the borrower’s house, and reduces actual homes equity. Most high ratio Home Equity LOC (HELOC) require a good credit and proof of income. While bad credit home equity loans are secured by a lower LTV (loan to value) and are a lot easier to qualify for. A equity loan is usually, but not always, for a shorter term than 1st Mortgages. Call or email today and I will go over all the details with you.

Compare HELOC in BC

The key to getting the best rate and value on a home equity loan is comparison shopping. Once you understand the options available to you, you can start comparing interest rates and gathering lender quotes. Don’t assume that you’ll be offered a lender’s lowest advertised rate. These are reserved for borrowers with above-average credit. If you have bad credit, it might be helpful 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.

Review List Step By Step

  • Review and compare market rates
  • BC lenders & brokers
  • Contact lenders & brokers to request quotes
  • Calculate payments and amortization tables for different loan types
  • Please take the time to read 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 Go To 

Disclosure & “Loan Examples” Below

Jeff Di Lorenzo of, The Mortgage Group Canada Inc. provides sub mortgage broking services. My goal is to find you the combination of best rate & terms for your individual needs. If clients are searching for a Home Equity Loan I provide to all my clients a copy of the BC Fixed Credit Disclosure Statement and Borrowers Conflict of Interest Disclosure Statement Form 10 – Section 17.3 to help to assist them with their decision making. The decision to obtain a home equity loans should be carefully considered due to the higher rate of interest and costs associated with this type of mortgage finance. I strive to keep in mind my client’s individual needs and goals when shopping for the best deal.

Google Disclosure

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

The APR will increase / decrease in the event of higher / lower Fees Mortgage Amounts/ Interest Rates. The highest APR I Provided would be 34% and the lowest APR Provided 7.49%. Term lengths can be as short as 12 months and amortizations can be Interest only or 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

The examples are all 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 which includes items such as legal fees, appraisals, brokerage fees, lender fees. (Fees) payout penalty’s of max 3 months etc and renewal fees.

These examples are a representation of the broad range of products in the industry. Rates are subject to change so call me to negotiate terms and rates that will best suit your individual needs. Locations, property type & personal application details effect each mortgage. Call so I can provide a fee assessment of your personal situation.