First, What is Home Equity?

Home equity is a valuable financial resource, but it can also enable you to access lower rates and can be used as money for unforeseen short term plans. Equity takeout is something everyone should look into.

Equity Takeout in Toronto

You May Need Money for Short Term Plans:

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Vacation

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Wedding

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Renovation

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Quick Debt Consolidation

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Investment in other properties

What Equity Takeout in Toronto Means

Home equity is basically the difference between all existing mortgages and appraised value of the property. Hence, home equity takeout is the process of taking money out from your home in order to make it available for other uses. Home equity takeout in Toronto can significantly help out with your financial goals.

Using the Equity in Your Toronto Home to Secure Finance

With the property values soaring in Toronto over the last few years, many Toronto homeowners have built up considerable equity in their homes. Very often this represents the largest accumulation of wealth for the homeowner.
Your home equity is the difference between the market value and the amount owed on mortgages on the property. When you make monthly mortgage repayments, a portion of the payment is allocated to the principal. So, month by month the equity in your home grows.
An equity takeout mortgage gives you, the homeowner, an opportunity to use the equity in your home to secure a loan. This loan should be used for big-ticket items such as renovations to the property, or a down payment on another property.

A traditional bank will allow you to borrow up to 80% of your home equity. Private lenders will often go up to 85% of the equity when calculating the loan amount.

Because it is a secured loan, a home equity mortgage is the most cost-effective way to borrow money. The lending criteria are also more flexible than those that apply to unsecured loans.
If you already have a mortgage on your property you can take one of two options when seeking an equity takeout mortgage:

  • Refinance your property – Close the current mortgage, pay the penalties and renegotiate a new mortgage.
  • Blend and extend – With this option, you remain with the current lender. He will combine your current interest rates with the new rate and extend the term.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

2.99%

5-Year
Mortgage First National Bank RateFirst National Financial

3.44%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

2.89%

1-Year

VARIABLE

TermRate
5-Year Variable

2.39%

3-Year Variable

2.80%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Refinancing Your Mortgage

It is not difficult to refinance a property. Your Toronto broker will negotiate a new mortgage for you. Then the new lender will pay off the old lender and give you what is left of the approved amount. If your mortgage is up for renewal you can save yourself penalties.
Equity Takeout Mortgages can be arranged at fixed rates for fixed terms or at variable interest rates. There will also be fixed costs involved including penalties, legal fees, brokerage fees and appraisal costs.
Refinancing offers you an excellent opportunity to negotiate better rates with your current lender or to shop around for a more competitive mortgage. It is also an opportunity to consider the consolidation of your more expensive unsecured debts.

Equity Takeout as a Line of Credit

You can decide to take the equity takeout mortgage as a line of credit. If you take this route you can borrow just what you need when you need it. You pay interest only on the amount that you have borrowed. With this type of loan, you obtain approval for a given amount but you don’t have to take it all at once. You can pay back the principal amount at your own discretion.

The Advantages of an Equity Takeout

  • You can use the home equity to arrange relatively large loans that you require for renovations improving the value of your home
  • If you use the equity takeout for investment property, the interest repayments are tax deductible
  • You can use the money for debt consolidation, or anything else you choose

Disadvantages

  • The mortgage will attract closing costs
  • Your home secures the loan. If for any reason you fail to make repayments, you risk losing your home

Certified Mortgage Brokers Toronto have the expertise and the contacts to help you make the right choices and to match you with the lender that suits your needs.

Variety of Rates

Get Your 0% Mortgage in TorontoBanks only offer lines of credit not more than 65% of the appraised value of the home. At Toronto Mortgage Brokerage we can offer you better options than any bank. Keep in mind that if you want more money then there are also refinancing options available. With refinancing you can do 80% of the value. If you already have a mortgage on the property then when you take out the equity the principal on the value will increase.

Contact Us to Get 0 percent mortgages TorontoThrough the process there are many things to consider and we specialize in all mortgage related subjects. If you are considering equity take out and would like to find out your options and if this process is right for you, then contact us and we will be happy to help.

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My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
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Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
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Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
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