Your Mortgage Questions - Answered.
why use a mortgage broker in british columbia?
Mortgage brokers are multi-dimensional and offer their clients numerous home equity loan options and flexibility. We have access to an incredible vast portfolio of lenders, and can cover a lot of ground quickly for our customers. This allows us to find that one specific lender and customize your home equity loan solution. We are accessible and conveniently available to serve you based on your schedule.
What is a home equity loan?
A home equity loan is a form of loan in which the borrower uses the equity in their property as security. A home equity loan is basically a mortgage. The most common type of home equity loan is a 2nd mortgage.
What is a second mortgage loan?
A 2nd mortgage is a loan on your property which is registered behind your first mortgage. 2nd mortgage are also often referred to as a “Home Equity Loan”. The 2nd mortgage falls behind the first mortgage, as it is also a loan that uses your home as security.
i have poor credit (or low income), but i own property in british columbia. Do I qualify for a home equity loan?
We specialize in helping customers that may have been turned down by traditional banks and lenders. Many of our mortgage options we offer are determined by the equity in your property. Unlike the banks, our process is streamlined and very flexible. We focus on utilizing your available home equity when getting your home equity loan approved, whether you live in Vancouver, Surrey, Kelowna, Nanaimo, Victoria, or elsewhere in BC. We have you covered.
Do I qualify for a home equity loan if I am self-employed?
If you are self-employed in British Columbia and own a home or property in the province, rest assured that many of the private mortgage loan options we offer are determined by the equity in your property. Unlike the banks, our process is streamlined and very flexible and can help you get a private mortgage loan for self-employed in BC. We focus on utilizing your available home equity when getting your home equity loan approved - get in touch with us today to learn more.
What is the application process for a home equity loan / private mortgage loan?
The process to apply for a home equity loan / private mortgage loan in BC is very quick & simple. Fill out an online application now, or you may call us direct (604 620 2697) and ask for an application to be emailed or faxed to you. Once we have the application, you may anticipate a response usually within 24 hours.
How quickly will I get approved?
Upon receipt of an application, providing all else is in order, we can have an approval to you as soon as within 24 hours or within the week depending on your circumstances. As each case is different, we offer a tailor-made approach that suits your needs and allow you to access the private mortgage loan financing you need. This will offer the customer the terms of the loan, including interest rate, loan amount, payment… We price all of our home equity loans on an application by application basis, in an effort to tailor the equity loan specific to you and your situation.
How long does the mortgage process take in bc?
Once the home equity loan is approved, the remaining process to wrap up and fund usually averages approximately 10-14 days. Depending on the nature of the home equity loan and the details involved, we may offer a faster or longer funding.
how much equity do i have in my property in bc?
Home Equity is the value of your ownership in your property. Home equity is the current value of your home less any balances owed on your mortgage or home equity line of credit. If your home is worth $500,000 and you owe $300,000 on your mortgage, you have $200,000 in home equity. If you live in Vancouver, Surrey, Kelowna, Victoria, or elsewhere in BC, we can quickly help you determine how much existing home equity you have in your property and get you the private mortgage loan you need.
What documents do I need to have ready while applying for a mortgage?
The only up front documents we will require at the beginning of the application process are:
1) your completed application (provided to the client upon request)
2) copy of your current mortgage statement(s) (confirming current balance, interest rate, maturity date…)
3) copy of your property insurance details
These are the only documents required for the initial approval. If any additional documents are required, they will be listed in the mortgage approval along with the equity loan details.
1) your completed application (provided to the client upon request)
2) copy of your current mortgage statement(s) (confirming current balance, interest rate, maturity date…)
3) copy of your property insurance details
These are the only documents required for the initial approval. If any additional documents are required, they will be listed in the mortgage approval along with the equity loan details.
WHEN SHOULD I CONSIDERING A REFINANCE OF MY MORTGAGE?
Prior to getting started on refinancing your existing mortgage you should consider:
+ current interest rates compared to the rate you currently have
+ the difference you will save with a new payment with a potentially lower interest rate
+ how long you intend to own your current property
+ the overall expense to refinance your mortgage
+ current interest rates compared to the rate you currently have
+ the difference you will save with a new payment with a potentially lower interest rate
+ how long you intend to own your current property
+ the overall expense to refinance your mortgage
Have more questions?
If you are still unsure about your situation or have additional questions about how a private mortgage loan can help you as a homeowner in BC, contact us for more information.