Vancouver Mortgage Broker | Langley Mortgage Broker
Do you need a mortgage but cannot show income in the traditional manner that the banks want? Have significant equity in your home and need access to some money but have a damaged credit score?
If you are looking to purchase a property with a large down payment but don’t have the traditional means of proving your income, Rowan Smith Mortgage Broker can help!
What is an equity mortgage?
An equity mortgage is one where the primary means of qualifying for the loan is the strong equity position within the property. For example, if a home is worth $750,000 and someone is trying to borrow $375,000 or 50% against the property. In this case, they would qualify for an equity mortgage.
Equity Mortgage Solutions on Purchases
- We can get you approved with as little as 10% down on purchases in a primary lending market
- Most people prefer the options of 25% or more down to minimize lending costs
- Typically rates on an equity mortgage are higher than a traditional bank loan
- Typically there are setup fees on an equity mortgage that are not there on a bank loan
- Every file is individually reviewed and priced
- The quality of the property (the security) is of the utmost importance in an equity mortgage
- More down payment may be required depending on individual circumstances
Equity Mortgage Solutions on Refinances
- Even with damaged credit you can borrow up to 80% of the value of your home
- Borrowing less, as a percentage of the value, will result in lower rates and fees
- The quality of the property and it’s location is vital in securing an equity mortgage
- Remote locations make getting an equity mortgage more difficult
- You CAN pay out Canada Revenue Agency (CRA) or GST debts using an equity mortgage
- Unlike a bank loan, you don’t have to prove your income for an equity mortgage
- Doing an equity mortgage for a debt consolidation is easy and fast
Rowan Smith Mortgage Broker at City Wide Mortgage Services can help you get an equity mortgage. Whether it is to buy a home, refinance a home, consolidate debt, buy out a spouse, or pay taxes (amongst many other reasons to get an equity mortgage), Rowan Smith Mortgage Broker has the tools and connections to get you set up. Call Rowan today to get your application for an equity mortgage underway!