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Home Equity Loan
Buying a home is not only a large purchase, but it is also an investment. With each loan payment you make, you are increasing the equity of your home. When we mention home equity, we are talking about the difference between the debt owed on the home and the market value or the price the home would sell for.
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Home Equity Loan
When you take out a mortgage for the same amount as the market value of the home, your home equity would be at zero. As you continue to pay off the mortgage, your home equity will grow. As long as your mortgage payments continue to be paid, your home equity will continue to grow. While it may take some time for you to develop a significant amount of home equity, the longer you wait, the larger your equity will become. A home equity loan company can help you put that equity to good use.
Home equity is something that can be used in a number of different ways. Those with a lot of home equity may be eligible to refinance their mortgage and decrease monthly payments through home equity loan companies. Home equity can also be used as collateral for getting another loan. A home equity loans is a type of loan that is based on the amount of equity one has earned on their home loan and done through a bank or home equity loan company. Home equity loans can be used for a number of different purposes. They can be used to help finance repairs, pay medical bills, or help with college tuition. When someone is granted a home equity loan, a lien is created against the individual’s home, which in turn reduces the amount of home equity until the loan is paid back.
While home equity grows as you pay off your mortgage, having equity does not necessarily mean you will be eligible to use a home equity loan company to receive a loan. Home equity loan companies require the borrower to have a certain standard of credit history and the ability to pay back the loan through the agreed-upon terms. Since these loans are considered to be secured against the home value, similar to a mortgage, they are often called second mortgages. In most cases when you receive a loan from a home equity mortgage company, the payback terms are over a shorter period of time than a first mortgage. In addition, home equity loans cannot be used to purchase an additional home, but they are often used to refinance the mortgage on the first home.
When it comes to interest rates used by home equity loan companies, the percentage can vary. In many cases, the percentage is based off of the current prime rate, but it will fluctuate with the length of the loan term. Nonetheless, a home equity loan is a great way to use the equity you have built up to help with other expenses, lower your monthly mortgage payments, or invest in something that will help increase your financial portfolio. Talking to a mortgage broker or other professionals will help you better understand whether or not you are qualified to use a home equity loan company.
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.
What is the GLM Mortgage Group?
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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