Home Equity Loans BC
Learn what they can do for you
Home equity loans BC can help with consolidating debt, home renovations or use cash for whatever reason you need. Refinance up to 75% of your home using your homes equity, age credit or income can be approved using an equity loan.
How to Get Approved
Approval process is simple with a quick phone call to one of our brokers. Or fill out our contact form and we will call you. We can assess your situation with you right over the phone. We look to determine if you are looking for a 1st, 2nd or 3rd mortgage. Assess where your property is located. Determine some of your wants and needs. After which we will send you out an application so we can start the process. In most cases we can have an answer for you in as little as 24h of providing an application.
What’s the Difference between a Home Equity Loan & a HELOC
A home equity loan is approved on your home’s equity, your age income and credit are less of a factor for approval. Home equity loans fill the gap when your bank is unwilling to assist due to income or credit challenges. These products can come with an interest only payment or some lenders even offer an amortized payment. “Conditions Apply”.
A HELOC is a product offered through a bank. Banks still require you to be approved through traditional banking guidelines like TDS & GDS ratios along with credit and verifiable income. These products differ from a home equity loan. You can borrow up to 65% of your home’s equity with a HELOC as well you get the power of a revolving credit line where you can borrow and paydown easily.
Can you get a home equity loan anywhere in Vancouver & BC
Location does plays a large part in being approved for a home equity loan. We have lenders that will entertain most locations in British Columbia. In towns with smaller population bases a lower loan to value will be applied. In major centres we have best rate options for strong files. Very creative lenders for those files that require out of the box considerations.
How Long Does It Take to be Approved for A Home Equity Loan
Approvals can take as little as 24h after reviewing a full application. We have lenders that can fund fast “within 24h” of full application approval & we have lender that can fund at a lower cost. However, it is difficult to marry those two options together, “but we do try”. After approval, funding usually takes between 5 to 10 business days. Things that affect closing are, Appraisers availability, lawyer’s availability, title insurance delays, bank delays with providing documents and fund transferring delays. Our average funding time is 5 to 10 business days.