Toronto, ON -- (SBWIRE) -- 01/09/2017 -- Brampton mortgage Pro is now offering home equity loans in Brampton, Ontario to help home owners secure additional funding or second mortgages.
Home Equity Loans in Brampton are intended to provide additional funding or finances to home owners who are currently paying off a mortgage. The amount of money advanced is determined by the value of the home equity which is calculated by estimating the market value of the property then deducting the outstanding amount on the mortgage. For instance, a home valued at $ 200,000 which has an outstanding mortgage balance of $ 50,000 has $150,000 in home equity. Brampton Mortgage Pro acts as a meeting point between home owners and money lenders where the home's equity value is used as the collateral for the loan.
Home Equity loans are targeted at people who are experiencing difficulties in meeting their financial obligations. For instance, the owner would love to renovate the property but lacks the money or would like to buy a motor. Some people desire to further their or children's education, go for a holiday, or invest in a business. The money may also be used to consolidate debts, support a family member, or stop a power of sale. Brampton Mortgage Pro doesn't place any restrictions on what you can do with the loan and it's up to the borrower to decide.
Home Equity loans are becoming popular in Brampton and Canada in general because the lender doesn't focus on the borrower's credit. Brampton Mortgage Pro looks at the Home Equity to determine how much one qualifies for and people who don't have very good credit can still qualify for the loans. The Loan-to-Value ratio (mortgage value divided by home value) allows lenders to determine if the property may be approved for a mortgage. Most lenders can lend on properties with a maximum LTV of 85%. Brampton Mortgage Pro scouts the market for the best rates that are most suitable for the residents of Brampton.
Many private lenders unlike banks focus more on home equity rather than credit and people with bad credit or inconsistent earnings are eligible. The rate of interest charged by private lenders is lower than that of banks and many people are opting for Home Equity loans to consolidate their debts. The interest rate of home equity loans in Brampton is much lower than the current 17-20% charged on credit cards and it's much easier to deal with a single loan than several of them. Private firms are more in touch with people and offer more personalized service. In contrast to banks, the lenders have flexible terms that can be varied to suit changing needs or emergencies. In addition to requiring minimal procedures and paperwork, the time taken by private lenders is much shorter than that of banks.
Brampton Mortgage Pro
Address: 100 Consilium Pl. Suite 200 Toronto, ON, M1H 3E3, Canada