- We Say “Yes” More Often
- Get Refinanced In As Little As One Day
- What Is A Home Equity Line of Credit?
- What Does It Mean To Refinance?
- Is A Second Mortgage Right For Me?
Own your home? Need cash? Your home is your castle, and that castle may have more treasure in it than you think. Access the equity in your home to pay for life’s little unexpected events, cover bills, or just to get cash to buy yourself something nice. The Money Depot takes the stress out of getting access to affordable mortgages by allowing consumers to get multiple offers from several lenders in a matter of minutes. We get Lenders competing for your business.
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HELOC stands for: Home Equity Line of Credit. A line of credit is different to a loan in that it’s not a fixed amount, and there is no fixed repayment term, you can increase or decrease the amount loaned at any time. A line of credit is a great solution if you don’t have a crystal ball to tell what the future holds. Traditional lines of credit are unsecured loans, meaning they have no collateral against the loan, making them very difficult to get. A HELOC on the other hand allows you to access the equity in your home (the part you’ve already paid off) as collateral for the loan. HELOC’s are an incredibly flexible way to get access to cash when and where you need it.
Most of us buy our homes with a mortgage that spans decades. The rates for this mortgage are determined by our situation at the time of approval using such criteria as: income, size of your down-payment etc. However over those decades your situation has changed and you may very well be able to project a much better situation now than you did then. Refinancing can serve to drastically reduce your interest rate and repayment amounts which in turn can save you tens-of-thousands of dollars, or allow you to access some of that equity to get your hands on some cash today. The Money Depot will get lenders competing to get you the lowest possible refinance rates in Canada.
Sometimes the first mortgage you got was so exceptional that it just doesn’t make financial sense to refinance. Perhaps it was so exceptional that those rates just aren’t available anymore, but you still want to access some of that equity in your home. It is in this scenario that a second mortgage makes total sense. Unlike with your first mortgage where you personally had to qualify for the credit, a second mortgage uses the equity in your home as the collateral against which to loan, so the process is faster and easier than that first mortgage. The Money Depot can help get you a second mortgage today.
The Money Depot is Canada’s go-to source for mortgages. We work with dozens lenders across the country to help take the stress out of home buying, refinancing, and getting access to affordable loans by allowing consumers to get multiple offers from several lenders in a matter of minutes. We get Lenders competing for your business. If you’re tired of hearing no from the banks then get in touch with us! We say “Yes” more often.
