Welcome to Sunlite Mortgage
We offer two Types of home equity loans – a home equity loan and a home equity line of credit. A home equity loan has a set amount of loan. At the beginning of the mortgage you know how much the loan is and how much the set monthly payment is, and you pay that amount until you pay out the loan. The other type is called a home equity line of credit, you have access to money, but you only make payments if you actually use the money, similar to a credit card.
Home Equity is taking a second mortgage out on your home. If your home is worth $600,000 and you currently have a mortgage balance of $300,000.00, then your equity is $300,000.00. How much of that equity you can get depends on a few things, one of the main lending criteria is location. If you live in a town or city where the more demand for your home than other city then lenders will lend you more of your equity than if you live in a town or city where the demand is less. Different lenders have different matrix so speak to your mortgage broker to get more information.
Typically, you will pay a higher rate for a home equity loan because of the risk associated with a second mortgage as the lender who holds your first mortgage has the first right to your equity if you default on your mortgage but rates for a home equity loan is as 2% over your first mortgage.
Of course, you can. There will be times when something unexpected comes up and you need some emergency funds and no matter how you plan the unexpected will happen. If you own your own home and need a home equity loan, we can get you approved within minutes. The great news about getting a home equity loan is there there are no credit or income requirements. For a home equity line of credit, the lending qualifications are stricter..
Let’s say you currently may have a great mortgage with one of the lowest mortgage rates and you have no intention of breaking your mortgage and paying a penalty to get a short-term loan. Maybe you went through a lean time and you maxed out your credit cards and you are now paying as much as 19% interest rate on your balances.
Whether you are looking for as little as $5,000.00 or as much as $1,000.00.00 we can assist you with a second mortgage from as little as 4.95% and you could use this money for anything you want.
Apply for a home equity loan today and let us help you reduce your monthly interest payments.
The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.
Calculate NowOur goal at Borrow Loan Company is to provide access to personal loans and education loan, car loan, home loan at insight competitive interest rates lorem ipsums. We are the loan provider, you can use our loan product.
1 Concorde Gate, Suite 702, North York,Toronto Ontario M3C 3N6,Canada
(877) 385-6267
© Copyright 2020 | Sunlite Mortgage
Terms of use | Privacy Policy