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Over time, homeowners will begin to develop equity as they pay off their mortgage. Equity can be described as the amount of money that has been paid off from the debt on a home or physical piece of property. The more the mortgage is paid off, the more equity one begins to build. Equity can be a valuable asset for a number of reasons.
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Many people who have established a large amount of equity with their home will be able to use that as a source of money, or as a basis for a loan through an equity loan company. Equity lending refers to the process of applying for a loan, through equity loan companies, based on the equity that has been established through home ownership.
Equity lending can be used for many different purposes and will vary in amount based on the specific case and the equity mortgage company. While you may have established twenty thousand dollars in home equity, you can apply for a loan for any portion of that amount. One way that equity lending can be used is to take out a second mortgage on a home with the goal of reducing monthly mortgage payments. While you can use your equity to borrow against the same property, equity lending is not usually available to help you get money to purchase an additional home.
Many people will use equity lending to get a significant amount of cash to help them with a number of circumstances. Once you receive the loan, you are able to use the money at your own discretion. Many people will use the additional funds to help with home repairs and improvement. This way, they are taking their equity and putting it back into the home as an investment. Equity lending can also be used to help pay off unexpected financial obligations such as car repairs, or for sending children to school and college. There are an endless number of things that equity lending can help you accomplish.
While equity lending is based greatly off of the amount of money that is available in your home equity, there are also other aspects that are considered by banks and equity loan companies. It is always important to keep an eye on your current credit score and credit history to ensure easy lending. Despite the fact that equity lending is a secured loan since it is based off of your home as collateral, banks and equity loan companies will still want to be careful with how they lend their money.
If you are interested getting a loan from an equity mortgage company, you need to be able to show that you can pay back the loan and stick to the terms and conditions that the lender has set forth. If you meet all of the necessary requirements, equity lending can help to provide you with that lump sum of cash you need to tackle any project or problem that may arise. The longer you wait, the more your equity will build, and the more you will be able to from an equity loan company.
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Mortgage Broker Company to us. The content of information that you provided to us for our refinance was absolutely fantastic, couldn’t have been handled any better. We had a couple of glitches that came up but Wrenetta took care of them immediately and brought our stress level back down. I don’t think we have ever had such a smooth flowing experience in attaining a new mortgage. This experience exceeded our expectations. Paul & I are extremely overjoyed and blessed to have worked with this company and especially Wrenetta Sinclair. Wrenetta dealt with every problem immediately and every time I emailed her, I had a response with minutes. We highly recommend Geoff Lee and GLM MORTGAGE GROUP to anyone looking for finance/refinance. Thank you so very much.
Paul & Betty Makarenko, Beeton Ontario
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Geoff was awesome from the get go. Always answered any questions I had regarding the entire process whether… that was by email or phone. My mortgage was approved relatively easily and with a great rate. Beat my banks rate hands down. Thanks again Geoff and GLM. Would definitely use you guys again.
Greg Wallace, Langley, BC
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Geoff knows what he is doing! I met Geoff earlier this year and I have been extremely impressed with…
his professionalism and dedication to his clients. If getting approved by the bank is challenging for you, Geoff can teach you what you need to do to get approved. He’s not about the sale, but helping people understand their options and teaching them what they need to do. If you like to get things done quick and painlessly Geoff at GLM Mortgage Group is your man!
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GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available.
We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!
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