A Foreclosure is a legal action that a lender can take if a person or company who borrows money using a mortgage stops making payments on the mortgage or violates any terms of the mortgage like “example” outstanding property tax or fire insurance policy that elapses etc.
Usually, when people file a consumer proposal, it is to assist them with debt consolidation by restructuring it all into one manageable payment. Once they’ve done this, homeowners usually see significant cash flow relief but still have this monthly bill looming over them.
If you are living in British Columbia and are looking for debt load relief by paying out your consumer proposal early, then keep reading!
The purpose of a depreciation report is to give a standard to follow to all strata and strata companies in BC. This helps condo purchasers and mortgage lenders have a clearer view of the building’s health and the common property associated with it.
In this article, we’ll discuss whether or not depreciation reports are mandatory in British Columbia for purchasing a strata property.
Choosing between a line of credit vs a mortgage is simple once you understand how each one of them works. In this post, we’ll explain the differences between the two most popular home equity loans homeowners can choose from, so you can make an informed decision.
We hope this article will help clarify any questions you might have and give you a roundup on the basics of home equity lines of credit vs mortgages.
Second Mortgage Surrey BC
Funds to consolidate debt and complete renovations to client’s surrey condo. This was a previous client with a proven payment track record. Was able to provide financing to 65% of BC Assessment
2nd Mortgage Rate 7.95%
Total Mortgage $55,000
You don’t need good credit to get a home equity loan. However, you will need good credit to get a lower rate home equity loan. The very essence of a home equity loan is home equity.
How Much Can I borrow Using A Home Equity Loan?
Borrowers can use up to 75% of their home’s equity through an alternative mortgage lender. If you are looking for a HELOC then the maximums 65%.
A hard money lender can mean different things to different people. In BC real estate this refers to individuals or companies like a (MIC. Mortgage Investment Corporations) that lends mortgages outside the banks strict lending guidelines. In the mortgage industry we refer to hard money lenders as private mortgage lenders or home equity lenders.
Home equity loans can be used for a variety of reasons even bad credit. When you have bad credit a home equity loan can allow you to payout or negotiate your debts which should improve your credit and improve your chances of qualifying back at a bank in as little as 12 months. Second mortgages are mostly used when consolidating your debts into a bad credit mortgage loan.
If your primary concern is how to get a home equity loan with low income, or how to get a HELOC with no income, you have come to the right place. Home equity lenders primary focus is your home’s equity, a leverage which allows you to get a home equity loan even without a job. Many times, starting a new business, newly received citizenship or temporary job loss can leave home owners without conventional income to qualify under. With home equity lenders this doesn’t matter as much. We can explore a few options that assist no income home equity loan approval.