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Home Equity Loans in Edmonton

Most people in Alberta fall for bad debts and end up in debt cycles they do not know how to get out of. This is just one of the reasons as to why Alberta has such high consumer debt levels. If you are considering a home equity loan in Edmonton, you need to look for the best interest rates. Besides that, you need to budget your money, so you do not lose your home. If you default on different types of home equity loans, the lender will auction your property at a price less than its market value.

Just like any other secured personal loan, the risk of losing property should make you more careful when applying for a home equity line of credit Edmonton or any other loan option. Read on to learn more about home equity in Edmonton.

What Is A Home Equity Loan In Edmonton?

If you have a home, you can place it as collateral for a loan. When you do that, the loan provided is called a home equity loan. A home equity loan in Edmonton is as much as your home’s market value allows. If your home is valued at $500,000, you qualify for $400,000, which is 80 percent of the home’s value. With your home equity in Edmonton, you can apply for a variety of different types of loans, including, but not limited to:

  • Home equity line of credit in Edmonton, HELOC
  • Primary home mortgage when you do not have any outstanding mortgage
  • A second mortgage which is offered when you are still paying your primary mortgage
  • A reverse mortgage offered to retirees above 55 years old
  • Mortgage refinances, which is a top-up of your primary mortgage

If you have a good credit history and a reliable income, consider mortgage refinance and home equity line of credit in Edmonton. These two loan options have lower interest rates compared to other options. If you have a bad credit history and your income is not reliable, consider a second mortgage. All retirees should go for a reverse mortgage.

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

Although you can use your home equity loan in Edmonton for anything you wish, most people use them for:

  • Home renovations
  • School tuition fees
  • Debt consolidation for high-interest loans
  • Medical bills
  • Vacation
  • Investments and as business loans

Home Equity Loan In Edmonton vs. Second Mortgage

A loan taken against the value of your home is a home equity loan. If you take a home equity loan and before you fully pay it you realize your need more money, you can take a second mortgage. A second mortgage is a second lien and will only be paid after the first mortgage is paid in full in the event of a foreclosure sale.

Mortgage refinancing is another option many people consider. This allows you to negotiate a better interest rate on your remaining mortgage amount.

Pros and Cons of Home Equity Loans In Edmonton

Pros

Diverse Loan Options

Home equity loans are available for everyone irrespective of age, level of income, or credit score. Though some need a good credit score, most home equity loan requirements are lenient.

Fast Approval

Within 24 hours, the lender will approve your loan, after which the funding process begins.

Get Money for Emergencies

If you need money to take care of emergencies at home, you can get a home equity line of credit in Edmonton and have access to your money any time through a credit card.

Cons

The most accessible loan options come at a high-interest rate

If you look at home equity loan commercials, these loans are available for everyone with home equity in Edmonton. However, if you have a bad credit history and an unreliable source of income, the loans are available to you at a higher interest rate.

Trust Loans Geeks for Finding Home Equity Loans in Edmonton

If you need to experience home equity loan benefits, consider comparing lenders on Loan Geeks. Loan Geeks is the all-in-one,  one-stop platform for all your loan options. All lenders on the platform are licensed and the platform acts as a mortgage broker to get you the best deals.

Conclusion

To guarantee that you do not lose your home in a foreclosure sale, ensure that you pay your loan on time. You can do that by budgeting your money every month. Again, you should build your credit so you can access low-interest loans such as HELOCs.

Frequently Asked Questions

What is a home equity loan in Edmonton?

A home equity loan in Edmonton is a loan you take against the appraisal value of your home.

How does a home equity loan work in Edmonton?

Lenders will send an appraiser to your home to estimate its value. Your home market value minus the unpaid mortgage makes your home’s equity. Lenders will give you a loan based on that.

How do you get a home equity loan in Edmonton?

You will need more than 20 percent of home equity. This means that, if your home is valued at $500,000, a lender will only approve your application if your home equity is more than $100,000.

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

It takes between 24 hours and a few days to have money in your account.

What is needed for a home equity loan in Edmonton?

The main requirement is home equity. Loan options such as mortgage refinance and HELOCs need a good credit score (at least 600) and a reliable income.

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

You can only borrow up to 80 percent of the appraisal value of your home.

5 Biggest Banks in Edmonton

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

5 Things To Do In Edmonton

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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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