Your home’s equity may seem completely locked up, inaccessible until you decide to sell. Luckily, that couldn’t be further from the truth! Here at Source Mortgage, we offer a variety of equity loans that can help you access the value of your own home while you are still living in it.
What Is an Equity Loan?
An equity loan is a form of secured credit that allows you to borrow against your home’s value. In this way, your home is used as collateral throughout your term. The terms themselves are entirely dependent on your unique situation, ranging from 6 months to 10 years.
Money Where You Need It
These loans do not have requirements on how you should be using the money. There are many reasons that homeowners apply for an equity loan. For example:
- Consolidate debt.
- Large scale renovations.
- Post-secondary schooling.
- CRA taxes if you are self-employed.
Because of their secure nature, equity loans come with a whole host of borrower benefits:
- Relatively low-interest rates. Equity loan rates are typically lower than credit cards and personal loans.
- Relatively high approval rates. Those who suffer from poor credit will often have a better chance at getting approved for an equity loan.
- Ability to borrow large amounts. As long as there is sufficient equity in the home, borrowers will be able to access large amounts of money.
Equity at the Source
You aren’t a cookie cutter person, and likewise there are no cookie cutter solutions for your financial situation. That’s why we have access to several lenders for every need. With options all the way from major banks to private lenders, we know that variety is the only way to find the best solution at the lowest rate possible. An equity loan with us is a promise that you have the most convenient access to your greatest financially valuable asset: your home.
If your home is worth more than you owe on it and you need some extra cash, speak with our experts today about an equity loan. We can’t wait to meet you!