A home equity loan is the easiest and most affordable way to access large amounts of money. The amount of money you get is based on the increased value of your home. This is a very popular option, especially when you have an excellent first mortgage in place. Dominion Lending Centres can offer you the best home equity loan.
Access up to 95% of the value of your home
With a home equity loan through our lenders, you can access up to 95% of the value of your home. Most lenders in Canada only allow up to 80% of the value of your home, while our lending partners can help you get the money you need. We can also close in as little as two weeks.
Today Canadians frequently borrow against the equity in their home. Using their funds to increase their wealth by investing, make home improvements, or for emergencies.
The difference between a Home Equity Loan and Refinancing
If you have a mortgage in place right now and you find the cancellation fee is too high, then you would look into a home equity loan. A home equity loan is a second mortgage (placed behind your first mortgage) for a short period of time. For example, one to two years, or until your first mortgage is up for renewal. Then you consolidate the two mortgages together.
Refinancing your mortgage is when you cancel your current mortgage during your term or when your mortgage matures. You can then take out up to 80% of the value of your home to consolidate debt or for investments. You receive a great low rate, generally lower than with a home equity loan.
Home equity loans are more flexible than refinancing because the rules are not as restrictive. For more information on what your best options are please contact us for a free estimate.
Contact one of our licensed mortgage professional to discuss the benefits and potential risks of a home equity loan. Our certified agents and brokers have extensive skills and years of experience to assist you through your home equity loan process.