How To Qualify For A Home Equity Loan In Vancouver

In Vancouver, home equity loans are simple to qualify for. Loans are based on your homes equity therefore your credit, income or age is not an issue. Metro Vancouver has the largest population base, which makes the purchasing & sale of home very desirable. In addition this also makes lending on these types of properties a lower risk due to the demand for Vancouver Real Estate. 

Home equity loans can assist homeowners with things like, home renovations, business capital, debt consolidation, tax debts, pre sale homes, loans until home sells and more. By using your home equity you can borrow up to 80% of your home’s value and unlike banks, by contacting us we will make the process fast and easy. 

Top 8 Uses For A Home Equity Loan in Vancouver 

Debt Consolidation

  • In Vancouver, home equity loans can be used for consolidating debts into one low monthly payment. This is the option when your income or credit will not allow you to qualify at a bank. Goals are to enable the client to obtain greater cash flow by lowering their monthly payments. Clients credit or income situation should improve enabling you to refinance back at the bank in a year or two.

1st Mortgage Payout Penalty

  • IRD Penalty is 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 a Vancouver equity loan more desirable than refinancing your mortgage.

Finance Business Opportunities

  • Business opportunities – Home equity loans in Vancouver are 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

  • Home renovations – Vancouver Equity Loans & Home Renovations go hand in hand. Have you ever started a project and found 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.

Relationship Breakdowns

  • 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.

Income Verification Issues

  • Self Employed & lack of declared income. Home equity loans in Vancouver allow you to state your income rather than qualify under your government declared income.

Debt Servicing Issues

  • 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.

Foreclosure Financing

  • 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.

How Much Of a Home Equity Loan Do I Qualify For?

Home equity loans in Vancouver can go up to 85% LTV of your home’s value. That being said you would have to have pretty good circumstances to qualify for these. The majority of Equity Mortgages lend up to 75% LTV and a few will go as high as 80%.

How To Calculate a Home Equity?

Try using our Home Equity Loan To Value mortgage rate calculator.

Steps Involved In Getting a Vancouver Home Equity Loan

What you will be required to get approved for a Vancouver home 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, Campbell & Pound, or others on a considered bases)
  • Lawyer or Notary Contact Information