Home Equity Loans in Toronto & the GTA
Apply now!
We welcome residents of Ontario to qualify for a loan.
Home Equity Loans in Toronto
Home equity is the difference between the value of your home and how much you owe on your mortgage.
For example, if your home is worth $300,000 and you owe $150,000 on your mortgage, you have $150,000 in home equity.
Your home equity goes up in two ways:
- if the value of your home increases
- as you pay down your mortgage
A home equity loan does allow leans or repossession but when applied responsibly it’s an excellent way to turn your financial situation around.
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
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