SURREY HOME EQUITY LOANS
Surrey home equity loans can assist home owners with things like, home renovations, business capital, debt consolidation and more. The process unlike the banks is simple. Using your home equity you can borrow up to 80% of your homes value.
WHERE IS SURREY BC
The City of Surrey BC is one of the fastest growing Cities in Metro Vancouver & in Canada. Surrey has a population of 472,000 and is expected to by as much as 10,000 new residents each year. This makes Surrey a smart place to invest in Real Estate and for lender to provide home equity loans.
TOP 8 USES FOR SURREY HOME EQUITY LOANS
- Most people use home equity loans to consolidate credit cards, lines of credit or other debts into one low monthly payment. This is usually the option when your income or credit will not allow you to qualify to refinance currently. The goal is to enable the client to obtain greater cash flow by lowering there monthly payments on many trade-lines into one low monthly payment. Usually client’s credit or income situation will change enabling them to refinance back at the bank in a year or two.
- IRD Penaltyis too high. Interest Rate Differential Penalty is a penalty when you have a closed term mortgage. If you break that term to refinance your mortgage the bank is entitled to in some cases a large penalty. This can make the cost of an Equity Loan more desirable than refinancing your mortgage.
- Business opportunities. A home equity loan is fast and easy to qualify for and this is sometimes more favorable in business due to the lengthy applications and piles of documents your bank may ask for. Business people need the flexibility to get fast cash to buy inventory or expand when there is an opportunity. Home Equity Loans fill that need without having to provide much or any proof of income or credit.
- Home renovations – Equity Loans & Home Renovations go hand in hand. Have you ever started a project and find it is a larger undertaking than you thought? A home equity loan is a fast and easy process that can help you add value to your home.
- Spousal Separation – If you and your partner are divorced or separated and one wants to stay in the home and the other wants to purchase or have money to leave this can be easily qualified based on home equity.
- Self Employed & lack of declared income & offshore income like business in China, Russia & Greece. Home equity loans allow you to state your income rather than qualify under your government declared income.
- Rental Property purchase. You may not always qualify to purchase a rental property for a variety of different reasons. If you have 25% or more down a home equity loan to purchase a rental property might be right for you.
- Stop Foreclosure Equity Loans. Bad things happen and a few missed mortgage payments due to life events can leave you in need of help from being foreclosed. We specialize in equity loans to help stop foreclosure.
STEPS INVOLVED WITH APPLYING FOR A SURREY EQUITY LOAN?
What will be required to get approved for a Surrey BC equity loan are as follows:
- Application (General Information about you & your home)
- Client Agreement (Signed document pertaining to the information and sharing of information in your application. Also providing written consent to provide a credit report)
- Credit Report (pulled by us on your behalf)
- Mortgage or LOC statements showing balances
- Fire Insurance Policy (to lawyer can place loss payable on your policy)
- Appraisal From One of our Approved Appraisers (Macintosh Appraisals , Niemi Laport & Dowle or others on a considered bases)
- Lawyer or Notary Contact Information