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Home Equity Loans for Barrie Homeowners

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For residents of Barrie and the surrounding areas, it’s difficult to find the time and the money to support life’s ever evolving changes. Some commute, some care for children, but everyone works hard for their piece of the great outdoors and the fresh air, high above the metropolis. Paradise comes at a price, and whether you want to consolidate debts, fund new projects or refinance debt, a home equity loan, or home equity line of credit may prove to be your all ‘round best choice.

 

Home Equity Loans 101 – Lenders loan money based on the borrowers promise to pay back the money; with some interest, on specific dates. The lender is hoping the borrower will keep the promise, but would feel better if they had something valuable to hold as security. If you own your home, you probably bought it using a mortgage from your lender. A mortgage is a home equity loan, and is based on the value of your home, net of any mortgages owing.

 

How much can be borrowed? – While rates can be variable (floating), or fixed for a term of 6 months to 5 years; and housing values can be impacted by the economy, the maximum loan(s) to value ratio  is set at 85% of the appraised value of the home.


Types of Home Equity Loans for Barrie homeowners:


First Mortgages

(has first claim on property when property sold)

PRO – used for home purchase
PRO – up to 35 year terms
PRO – 6 month to 5 year mortgage rates (rates are competitive)

PRO – may qualify for C.H.M.C. Insurance (if first home purchase)

CON – get funds all at once & begin interest payments immediately

CON – term takes long time to pay off

CON – must meet strict (lenders) conditions

OPTION – weekly, bi-weekly, or extra  payments (save interest)

Second Mortgages (has second claim when property sold)

PRO – most terms/rates of 1st mortgage

PRO – common for accessing equity

PRO – taken in addition to a First Mortgage

OPTION – all first mortgage options are available

OPTION –can refinance expensive consumer debt at cheaper rates

Private Mortgages (can be first, second or third mortgage position)

PRO – loans arranged through private lenders

PRO – alternative to strict lending conditions of banks

OPTION – The private lenders mortgage can work with a bank mortgage
Home Equity Loan / Line of Credit (usually in first or second  mortgage position)

PRO – accessing your equity (savings)

PRO – can take only what you need and pay only for what you take

PRO – pay interest only on monies used

OPTION – can work like a credit card:

-make monthly payments

-access available credit as you need it, -pay off every month, or finance


TIP: The value of your home is based upon, among other factors, recent home sales in your neighborhood. If you’re considering a home equity loan or home equity line of credit in Barrie, start with your mortgage professional first. He can help with local property values, and give you an idea of qualifying loan levels, product options and rates. 

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