Home Equity Loan Mississauga
Tajwar Rahman offers home equity loans to help homeowners secure the funds they need. My mortgage services are designed to make the mortgage process straightforward for Mississauga homeowners.
What Is a HELOC Mississauga?
To qualify for a home equity loan, the borrower must own a residential property. The available equity in the existing mortgage is then used to secure the home equity loan. The different types of loans include the first mortgage, second mortgage, or Home Equity Line of Credit (HELOC).
The Home Equity Line of Credit is not to be confused with the refinance mortgage, which allows you to refinance your home’s mortgage with preferable interest payments.
You can use the equity in your home to apply for a home equity loan with most mortgage services that already offer mortgage products, such as banks, monoline mortgage lenders, credit unions, and trust companies.
The Home Equity Line of Credit loan can consolidate higher-interest debt on other loans or offer you a revolving credit line for significant expenses.
Who Needs a Home Equity Loan?
Should you have enough equity with your current mortgage, a home equity loan might be suitable for the following purposes:
- Consolidating higher-interest debt on other loans such as car repayments and credit card debts.
- Providing a revolving credit line for significant expenses.
- Funding renovations that will add value to your home.
- Paying tax arrears or judgements.
- Funding other property investments.
- Covering tuition and education loans.
The home equity loan is a way to tap into the equity you have in your current mortgage and withdraw cash from that value, allowing you to access the funds without selling your property. The reasons above are legitimate circumstances where you may benefit from drawing a Home Equity Line of Credit.
Please note that you must still pay interest on this loan. However, this interest rate will be significantly lower than other debts like car loans, allowing you to reduce your interest payment obligations with debt consolidation.
How Much Money Can You Borrow with a Home Equity Loan?
The amount of money you can borrow with a home equity loan depends on numerous factors. Firstly, it will depend on the amount of equity you have with your private mortgage.
Secondly, it will depend on the current value of that equity. If your home has decreased in value due to age and repair needs, then the equity you have in your home will be worth less. However, the equity could be worth more if you have upgraded your home. Thirdly, it will depend on the Loan to Value ratio once you have taken out the home equity loan.
What Are the Interest Rates with a Home Equity Loan?
If you have debt on credit cards, car loans, store cards, or other high-interest loans, you will benefit from the interest rates with a home equity loan. The Home Equity Line of Credit loan can offer much lower interest rates for high-interest debt consolidation.
You can pay down the principal rate of your home equity loan much faster than you could with credit card debt which has an interest rate of 20%.
How Long Is the Loan Period for a Home Equity Line of Credit Loan?
Typically, the draw period for a Home Equity Line of Credit loan is between 5 and 10 years. Once you have entered the loan agreement, you will be unable to withdraw any more money from the equity of your home. You will be obligated to pay interest and principalities on your load throughout the period. You can make overpayments on your loan with money you save from high-interest debt repayments.
Tajwar Rahman - Making Mortgages Accessible
If you have bad credit, this may affect your ability to access loans and mortgages. Tajwar Rahman offers loans for people with low credit scores, making financial resources more accessible to all. Contact me today to receive advice on your next mortgage or loan.
Book an Appointment
Why Work With Me
Low Rates
I will negotiate for my clients to ensure they are getting the lowest rate in the market.
Fast Service
I pride myself on providing quick, easy & honest service. My clients always come first.
Bad Credit
I specialize in dealing with bad credit & bank declines. I turn a “NO” into a “YES!!”
Easy Application
*No credit checks without your permission. No complicated application! *Terms & conditions may apply.
Types of Residential Mortgages
Refinance Mortgage
Sub-Prime Mortgage
Second Mortgage
Home Equity Loans
Self Employed Mortgage
Bad Credit Mortgage
Private Mortgage
Sub-Prime Mortgage
Second Mortgage
Home Equity Loans
Self Employed Mortgage
Bad Credit Mortgage
Private Mortgage
New Home Purchase
First-time Home Buyer
Flip Housing Mortgage
International Home Buyer
Mortgage Renewal
Reverse Mortgage
Vacation / Second Homes
First-time Home Buyer
Flip Housing Mortgage
International Home Buyer
Mortgage Renewal
Reverse Mortgage
Vacation / Second Homes
What Our Clients Say
Testimonials
Previous
Next