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What is Home Equity?

Google Answer - FAQsMarch 12, 20200 comments

The difference between the appraised value of your home and the unpaid balance of your current mortgage makes up your home equity. You can grow your equity by paying down your mortgage, but it can also grow on its own if the appraised market value of ...

What types of home equity loans are available to homeowners?

Google Answer - FAQsMarch 12, 20200 comments

There are two types of home equity loans, a fixed-term loan and a line of credit – also known as a HELOC. A home equity loan is a one-time lump sum of money that slowly gets paid back monthly with a fixed interest rate where a home equity line of credit ...

What can I use a home equity loan for?

Google Answer - FAQsMarch 12, 20200 comments

From home renovations to emergency expenses, homeowners can use a Home Equity Loan for any number of reasons! The home equity specialists at Canadalend.com can help with many issues, but some common ones include: Home renovations Emergency expenses ...

What are the advantages of Refinancing your mortgage?

Google Answer - FAQsMarch 12, 20200 comments

When you refinance, a new lender pays off your old mortgage and replaces it with a new one - essentially a swap –to get new terms or interest rates. Most of the time homeowners will refinance their mortgage get a lower interest rate and reduce their monthly payments. ...

Why should I use a Private Lender?

Google Answer - FAQsMarch 12, 20200 comments

Simply put, Private Lenders have fewer restrictions than a bank on who they can lend to. For example, someone can inherit a $900,000 home from their mother. This home is in disrepair and has $150,000 left on the mortgage. If you have bad credit and tax debt you usually wouldn’t ...