Borrowers who may not fit the rigid restrictions of traditional lending institutions may find that a home equity loan is the best way to secure financing for purchasing a property, refinancing, or consolidation of debts.
Chances are the value of your home has increased since you bought it. A home equity loan can get you access to money based on the increased market value.
There are two types of home equity loans: a fixed-term loan and a line of credit (HELOC). A home equity loan provides a one-time lump sum that gets paid back monthly with a fixed interest rate within a specific time frame. To pay back a home equity loan, we can arrange a monthly payment schedule that is convenient for those who might have a hard time sticking to a regular payment on your own.
You'll pay down your loan on an amortized schedule that you know in advance.
Have any of these happened to you or anyone you know?
-Arrears on current mortgage
-Self-Employed, but haven't been for long
-Self-Employed with credit issues
-Credit issues in general – Accounts in collections
-No established credit at all!
-Income taxes or Property taxes owing
-Too much credit card debt outstanding
These are just some of the challenges that many of my clients faced at one time but the situations were salvaged by using the equity they had built up in their homes, or in some cases, the heavy equipment, that they owned already.