Is having a good credit score essential for obtaining a home equity loan? Yes and no. 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.
Second Mortgages are a fast and easy way to obtain money using a home equity loan to do things like: debt consolidation, home renovations, create fast business capital if your self employed, pay outstanding bills like taxes or liens. These are great for reducing payments, paying out debts or increasing cash flow but what else should you consider?
Client came to Jeff Di Lorenzo of The Mortgage Group Vancouver with a home under foreclosure located in Central BC. This client had many judgments on title plus property taxes outstanding. Client also owned a parcel of land that was previously listed for sale. It turned out that the parcel of land also had property taxes owing for over three years and the crown seized the property without the clients realizing.
BC Assessments will be coming to your door in the next few days. Click here to learn how to pull up your BC ASSESSMENT
With this free site you can look up home values of properties anywhere in British Columbia.
