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Your Mississauga Home May Hold Significant Equity

With changes to the Canadian Mortgage Market, Equity Takeout Mortgages have been replaced by Equity Loans or in the case of the primary residence Home Equity Loans.

If you’re a homeowner your Mississauga property could represent a significant chunk of your personal wealth. A home bought several years ago may have significant equity value due to the initial down payment, repayment of the principal debt and appreciation in the value of property over time.  This equity can be used as collateral for a loan.

Equity is the net market value of your property after deducting the mortgages owed on it. Equity loans are typically second mortgages so they do not replace the primary mortgage. You will only qualify for the equity loan when the equity on your property reaches twenty percent or more.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

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

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Equity Loans – the Facts

Because it is a second mortgage, the primary mortgage will take precedence should you default on payments. The lender, in the case of the second mortgage, will receive only partial payment if there are insufficient funds made from the sale of the property to cover both. Since there is more risk to the lender of the second mortgage, the interest rate is typically higher than the interest on the first.

Because the loan is secured, equity loans tend to be a lot cheaper than other forms of finance, the term is longer and they are typically cover larger amounts. This makes them ideal financing tools for large projects such as renovations. Financing through equity loans can make the cost of large projects affordable. They are commonly used to finance expensive items over a short period of time.

A Home Equity Loan is different to a HELOC in that you will receive a lump sum payment on the conclusion of the agreement. The interest rate and monthly repayments are fixed. The loan starts to accrue interest as soon as the lump sum payment is made.

Advantages of using home equity

  • A home equity loan is a great way to improve the value of your house, allowing you make improvements or to do renovations.
  • The interest payments may be tax deductible if the money is used for an investment from which you earn an income.
  • The equity loan can be used to consolidate high-interest debt or to fund your children’s education.

Disadvantages of using home equity

  • The initial fees are high
  • Inability to service the payments on the mortgage could result in foreclosure and your family could be left without a home.
  • Because equity loans are based on market value, a major drop in property value could result in insufficient equity to cover the loan and you could end up owing money even after you have sold your home.

Your Mississauga Mortgage Broker Can Help You Make the Right Choices

If your credit rating is on top form, your bank may be prepared to offer you an equity loan, but they will insist that you take mortgage default insurance. This will add to the already higher interest cost, so it may be more cost effective to go to a private lender. You’ll have to pay both mortgages simultaneously so care must be taken to ensure that you can afford the repayments.

Your Mississauga mortgage broker can help you to choose the best option to suit your needs.

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I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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