Getting Canadians The Cash They Need
Do you have an investment opportunity that is just too good to pass up but don’t have the cash on hand? We can help. You can access the equity in your home to get cash right now. We can help you get cash in as little as one business day.
- We Say “Yes” More Often
- Get An Answer In As Little As One Business Day
- Access The Equity In Your Home For Investment Cash
- Less Rigid Requirements Than The Banks
You Are More than Your Credit Score
How to Use Your Home to Take Advantage of Investment Opportunities
If you can, your best option is probably to get a home equity line of credit (HELOC). You can also refinance your home or get a second mortgage. With a HELOC you only borrow what you need. You repay a variable rate plus a premium, and there are no other fees involved. Therefore, you do not pay interest or fees on what you don’t use.
The second option is to refinance your mortgage. This is when you revise your mortgage payment schedule. Your mortgage will be recalculated and your monthly payments may even be reduced. However, you need to know precisely how much cash you require. The reason is that you are charged interest on the entire loan, rather than just what you use.
The final solution is to get a second mortgage. If you have a low credit score or less than 20% home equity, this option is right for you. Moreover, second mortgages do not affect your credit score. You can take up to 90% of your home’s value and you will be able to afford that investment opportunity.
What Is Home Equity and How Can It Help You Get the Cash You Need to Start Investing?
The Money Depot works with dozens of lenders across Canada to get them competing for your business. These lenders will typically offer one of two products to help you help you get that cash fast:
If you own your home: then leveraging the equity in your home makes the most sense. This can be done through a HELOC (a Home Equity Line of Credit), or through refinancing your home, or even through a second mortgage, although it is unlikely that would the ideal solution. To find out more of these products you can visit our page on refinancing your home.
If you don’t own your home: then it is simply a case of us working hard to find you a lender that will provide you with a loan at a low interest rate. Our team of advisors will work with you to build a case for why a lender should extend this loan to you. To find out more about personal loans, you visit our page on personal loans.
Why Use The Money Depot?
The Money Depot has been Canada’s go-to source for loans since 2009 and we have been in the business of lending money to Canadians since 1999. We work with dozens lenders across the country to help take the stress out of 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
At The Money Depot, we care about our clients and treat you like individuals. We realize that everyone’s financial circumstances are unique, and we get to know each and every one of them. You are not just a name on a piece of paper, or a number at a bank; you are a person.
Although our loans are short-term solutions to your financial needs, we will work with you to ensure you have a long-term plan. With a loan from The Money Depot, you will be able to address your current issues while you work to improve you credit score, increase your income, and find a more permanent solution. We know what you are going through and are here to help you get on with your life. No need to be embarrassed or feel awkward; you are not the only one that has ever been in this situation. Kick the elephant to the curb and call us for a consultation today.