416.634.2018

Home Equity Loans in Toronto & the GTA

Below is a sample calculator based on the value of a home being valued at $500,000.  Would you like an assessment of exactly how much you could borrow in a home equity loan?   Send us an email.

$

5%

1%

5%

$1421

Monthly Payment

Principal & Interest $1421

Taxes $1421

These numbers are for approximate reference only. Exact numbers can be made available through our brokerage department.

How borrowing on home equity works

When you have equity in your home, you’re able to borrow money secured against your home equity.  One big advantage is that often, interest rates on loans secured against home equity can be much lower than other types of loans.

Not all financial institutions offer home equity financing options. Ask your financial institution which financing options they offer. Companies like Prudent Mortgage Corp regularly work with clients to assist in setting up home equity loans.

Once you’ve gone through an approval process, if you’re approved you can borrow against your home equity quickly. Your lender may deposit the full amount you borrow in your bank account at once.

 

Second Mortgages

A second mortgage is a second loan that you take on your home. You can borrow up to 80% of the appraised value of your home, minus the balance on your first mortgage.  The equity amount may vary depending on the lender.  Prudent Mortgage Corp requires a lower percentage; often as low as 50% equity. 

The loan is secured against your home equity. It’s important to note what your payments will be for both your first and second mortgage to ensure you aren’t stretching your budget too far.

If you can’t make your payments and your loan goes into default, you may lose your home.   Prudent Mortgage Corp always carefully reviews your total finance situation to guide you into decisions that will still work for your goals and budget.

 

 

Are you looking for a debt consolidation loan using the equity in your home?

We can:

  • Arrange a home equity loan
  • Arrange a settlement with your creditors often negotiating a lower payout
  • Arrange the details of the consolidation of debt
  • If necessary, connect you with the appropriate agencies to protect you against further harassment.
  • Pay off bankruptcy and proposal payments depending on how much is owing.

Prudent Mortgage Corp will help get you back on track

PMC will help you with a personalized mortgage plan for the future to put you on the right track for better money management.

Our goal is to make the loan experience as simple as possible.  We urge you to apply online or call our office and speak to a mortgage specialist. (416)634-2018 ext 260