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Home Equity Loans in Calgary

Do you need a fast loan with a reasonable interest rate? If you have home equity, you can access a home equity loan in Calgary with lower interest rates than many other types of loans.

A home equity loan is flexible; you can use it for anything, including uses that do not add any value, such as taking a vacation. However, you need to be careful, as some options, such as a second mortgage, are expensive and might lead you into a debt cycle. Nevertheless, with careful consideration, especially when you work with a mortgage broker, you will likely find the best option for you in the different types of home equity loans.

Calgary is one of the cities with the highest consumer debt levels in Canada. Do not be part of those who lose their homes to bad debts. Read on to learn more.

What Is A Home Equity Loan In Calgary?

Your home equity is the amount of your home’s market value that is not under debt. For instance, if you mortgage your home for $350,000 and the home’s appraisal value stands at $500,000, then your home’s equity is only $150,000. When you take a loan against your home’s equity, that loan is referred to as a home equity loan.

There are different types of loans you can apply for with your home equity, including:

  • Home equity loan (primary mortgage)
  • Mortgage refinance
  • Second mortgage
  • Home equity line of credit
  • Reverse mortgage
  • Borrow back what you pay

If you have a good credit score and a reliable source of income, a home equity line of credit is the most ideal for you. However, note that you will not receive the amount in a lump sum. If you are a retiree aged 55 years or more, consider a reverse mortgage which you do not have to pay in regular installments. A second mortgage is ideal when you have bad credit (less than 600) and you do not have a reliable source of income. Borrowing back what you pay and mortgage refinancing are almost the same as getting a top-up on your existing mortgage.

What Can You Use A Home Equity Loan In Calgary For?

You can use your home equity loan in Calgary for whatever reason you want. Some of the most common uses of home equity loans include:

  • Investment
  • Education
  • Vacation
  • Debt consolidation for other high-interest loans
  • Medical bills

In other words, you can use the loan for just about anything.

Home Equity Loan In Calgary vs. Second Mortgage

A loan taken against your home is a home equity loan. Most lenders will give you up to 80 percent the appraisal value of your home. If you take a second loan when you are still paying the first loan, it is a second mortgage. In case you default on the two loans and the home goes on foreclosure sale, the first loan is paid in full before the second mortgage is paid. Since a second mortgage is a second lien, lenders will charge higher interest on it.

Mortgage refinancing is another option to consider. Check out our article here about it.

Pros and Cons of Home Equity Loans In Calgary

Pros

Simple Funding Process

You will get approval within 24 hours after application and the funding process will begin right after.

Many Loan Options

There are many home equity loan options to meet the needs of everyone. These include HELOCs, second mortgage, mortgage refinance, reverse mortgage, and first mortgage, among others.

Low Interest Rates

Unlike unsecured loans, a home equity loan in Calgary comes at affordable prices. The only option with a relatively high interest rate is a second mortgage.

Borrow a High Amount

If you need a lump sum, you only need to have higher home equity. If your home is valued at $600,000 and you have no mortgage, then you can apply for as much as $480,000.

Cons

Not all loan options are easy to access

Loan options such as mortgage refinance and HELOCs require that you have a good credit score and a reliable source of income. Others, such as a second mortgage, are easily accessible but come at a higher interest.

Trust Loans Geeks for Finding Home Equity Loans in Calgary

If you need to get the best home equity loan rates in Calgary, check out Loans Geeks. It is a simple platform that allows you to pick the lender that best meets your needs. If you need a lender that does not perform a credit check, the platform connects you with them.

Conclusion

After getting the home equity loan benefits, you need to budget your income well enough to comfortably allow you to make monthly payments. Failure to pay home equity loans in Calgary might see you lose your home in a foreclosure sale.

Frequently Asked Questions

What is a home equity loan in Calgary?

A loan taken against your home’s appraisal value is a home equity loan. Home equity refers to the appraisal value of your home minus existing mortgage(s) on the home.

How does a home equity loan work in Calgary?

An appraiser estimates the value of your home and works out your home equity by subtracting existing debts on the home. From there, the bank determines other factors before approving your loan application.

How do you get a home equity loan in Calgary?

You need to send your application through traditional lenders or apply online. Ensure that you have more than 20 percent home equity to qualify for a loan.

How long does it take to get a home equity loan in Calgary?

It takes between a day and a week. The approval comes within 24 hours.

What is needed for a home equity loan in Calgary?

You need more than 20 percent home equity. Some loan options might also need to see a good credit score and a reliable source of income.

How much can I borrow with a home equity loan in Calgary?

You qualify for up to 80 percent of the appraisal value of your home.

5 Biggest Banks in Calgary

  1. Tangerine
  2. Scotiabank
  3. CIBC
  4. Royal Bank of Canada
  5. Bank of Montreal

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A home equity loan allows you to access funds (also known as “equity”) tied up in your home. Interest rates tend to be much lower for home equity loans compared to other types of financing because your property is listed as collateral on the debt.

The amount of money you’re eligible to receive through a home equity loan all depends on the value of your property and how much equity you have built up in it. As part of the process, the lender will appraise your home and determine your equity.

While individual lenders may have their own stipulations, you can generally use a home equity loan for just about anything. People regularly use them for paying off high-interest debt, covering financial emergencies, and even taking vacations.

Lenders set their own home equity loan rates. They generally range from 2.35% to 4.45%. A major factor to consider, however, is the prime rate, which is set by the Bank of Canada. Lenders set rates as an additional percentage above prime.

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