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Home Equity Loans in Vancouver

Vancouver has the highest consumer debt levels compared to all other cities in Canada. As a homeowner, you do not want to be part of these statistics, or even lose your home because you got into deep debt. One of the best loan options for avoiding this is a home equity loan in Vancouver.

Home equity loans are secured loans. This means that they come with lower interest rates compared to unsecured loans like credit cards. However, you still need to be careful not to lose your home to a loan. Read on to learn more.

What Is A Home Equity Loan In Vancouver?

Home equity loans require you to place your home as collateral to get approval. For your home to be accepted as collateral, you need to have home equity. Home equity is the percentage of your home that you own when unpaid mortgages are considered. To get approval for a home equity loan in Vancouver, you need to own more than 20 percent of your home.

There are many different types of home equity loans, including:

  • Primary mortgage
  • Mortgage refinance
  • Second mortgage
  • Reverse mortgage
  • Home equity line of credit, HELOC
  • Borrow back what you pay

The different types of loans make it easy for you to access the loan option that meets your needs. Reverse mortgages and HELOC have low-interest rates —a reverse mortgage is for retirees, and HELOC is for those with a good credit score and provable income. A second mortgage is ideal when you have a bad credit history and less than stellar income. With a mortgage refinance, you will have to pay some administrative fees such as appraisal fees.

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

You can use a home equity loan any way you wish including, but not limited to, the following ways:

  • Make an investment or boost your business
  • Pay high-interest loans such
  • Consolidate debts
  • Renovate your home or buy another property
  • Educate your children
  • Take a vacation

Home Equity Loan In Vancouver vs. Second Mortgage

When you place your home as collateral on a loan, the loan option is referred to as a home equity loan. If, after the first mortgage, you need another mortgage, you can apply for a second mortgage. If you default on your payments and your home goes on a foreclosure sale, this second mortgage will be paid after the first mortgage is paid in full. A second mortgage comes at a higher interest rate. You can use a mortgage broker to find the best interest rates for a second mortgage.

Pros and Cons of Home Equity Loans In Vancouver

Pros

Get a Loan with Bad Credit

If you have bad credit and no reliable income, you can still access loan options such as a second mortgage and reverse mortgage from many lenders.

Get a Loan With 24 Hours

Most lenders will offer approval within 24 hours and release your money within the same period. After the appraisal process and verification of documents, the funding process starts.

Pay over a Long Period

Depending on the amount you borrow, you can pay in two years or in more than five years. This way, you do not have to struggle to meet monthly payments.

Cons

Some Loan Options have High Interest

The major risk with all home equity loan options is that you risk losing your home if you default on a loan. Although most loan options come at reduced interests, thanks to the fact that these are secured loans.

Trust Loans Geeks for Finding Home Equity Loans in Vancouver

Do you need to get the best home equity loan rates in Vancouver? You can do so by comparing rates on Loans Geeks and picking the lender that best meets your needs. There are so many lenders out there, and the easiest way to pick the best one for you and your needs is to compare them on Loan Geeks. With Loans Geeks, you get to see many different loan options, including second mortgages.

Conclusion

Do not be part of the statistics. Ensure you pay your loans on time to avoid a foreclosure sale that might see you lose your home. When you have a budget, it is easy to manage a home equity loan in Vancouver as the interest rates are not so high.

Frequently Asked Questions

What is a home equity loan in Vancouver?

This is a loan option that requires you to place your home as collateral for a loan. You only place your home equity as collateral – your home’s market value minus all the existing mortgages.

How does a home equity loan work in Vancouver?

Lenders will appraise your home and then consider your existing mortgages. Depending on the amount you qualify for, you can pay the loan in less than two years or more than five years in monthly instalments.

How do you get a home equity loan in Vancouver?

You need more than 20 percent equity in your home. Send your application giving your personal details, loan amount, existing mortgage, and home’s market value as prompted.

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

The approval comes within 24 hours. Most lenders will give you money in between 24 hours and a few days.

What is needed for a home equity loan in Vancouver?

Besides more than 20 percent equity on your home, some loan options such as HELOC require that you have a good credit score and provable income.

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

You can only borrow as much as 80 percent of the appraisal value of your home.

5 Biggest Banks in Vancouver

  1. Royal Bank of Canada
  2. Toronto-Dominion Bank
  3. Scotiabank
  4. Bank of Montreal
  5. Canadian Imperial Bank of Commerce

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Check Your Rate

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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