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.
Is there an easy way to get a home equity loan with bad credit? Will a low credit score allow you to pull equity out of your home and use it for home improvements, a family vacation or your daughter’s wedding? The answer is yes! Click to learn more.
Wondering what to choose between a home equity loan vs a home equity line of credit (HELOC)? Your search for answers is over!
If you are looking for how to use home equity to consolidate high interest debt or cover urgent expenses, a fixed rate home equity loan might be a good idea to access funds right now.
“Can I get a home equity loan with a 500 credit score?” is one of the questions many homeowners are wondering nowadays.
Any one of us who has previously applied for a bank loan or mortgage knows, having a higher credit score matters.
The increased demand for loans and mortgages for landlords has clearly signaled that among the ones mostly affected by the pandemic, property owners are occupying a leading position.
But obtaining a loan during COVID-19 will be more difficult than what borrowers were accustomed to in the past years.
Why is this?
In light of recent economic troubles across Canada, most of the “big banks” have imposed very strict lending requirements which ask for an almost perfect credit and a stable source of income. If you don’t fit into these categories, most probably your loan application will be turned down.
What can you do if you’re in this situation? Is there any hope left? Will you still be able to get the loan you need? Absolutely. And we’ll tell you how.