Considering a home equity loan but unsure how much equity you currently have?
A home equity loan is easy, if you’ve got the equity to back it up. Coincidentally, the question isn’t will you be approved, but rather, how much are you eligible to borrow?
Before you apply for a loan you’ll want to be sure you have equity in your property. We’ve created an easy online home equity calculator tool to give you an idea of what you may be eligible to borrow.
Home equity loan calculator – what you’ll need
What you’ll need to calculate your home equity shouldn’t be difficult to get. You’ll need an estimate of your home’s current value and a list of any/all outstanding mortgages (this includes HELOC’s) and liens (i.e. Revenue Canada debt) registered against your property. If you’re unsure if you have a lien, a title search can be conducted to find out.
Our easy home equity calculation tool does the math for you. Simply input you home’s estimated value followed by each mortgage/lien and you’ll see how much equity you have in your home.
Next Step – qualifying
If you’ve made it to this step, you can now fill in your information and click “how much am I eligible to borrow” to find out how much you qualify for. Approvals can be provided in as little as 24 hours, and we’ll work with you to understand your circumstances, especially if you’ve been turned down for credit elsewhere.
Bad Credit – fast approvals
If you have been turned away by your bank, rest assured that our home equity loan approval will be based on the amount of equity in your home – not income or your credit score. Don’t worry if you have a poor credit score, past bankruptcy or consumer proposal.
Our home equity loans don’t rely on credit and income. Qualifying is equity-based which means bad credit can’t hold you back if you’ve got equity. We can even help you improve bad credit with a home equity loan to consolidate high interest debt.
Equity used versus equity remaining
Once you have entered your figures into our home equity calculator you will see a bar representing your equity used versus the equity you have left. If you don’t have any equity a negative number will appear and the bar will be full. The more equity you have the better, but even with limited equity you may still have options.
Speak with a Turnedaway.ca representative about your equity position and we’ll let you know if there is a home equity loan to suit your needs. If you don’t apply, you can’t be turned away – but you also can’t be approved.
How much do I qualify for?
Turnedaway.ca has simplified the process of getting approvals on fixed rate home equity loans. In most instances we can arrange for homeowners to borrow as much as 85% of the value of their home. Because these loans are approved based primarily on your equity, instead of credit or income, they can be approved and closed quickly.
What about the home equity line of credit (HELOC) alternative?
Qualifying for a HELOC likely won’t be based on home equity alone. You will have to demonstrate better credit and income to be elligible. But, if you want to have access to revolving credit, instead of a fixed rate home loan, a HELOC does let you borrow again.
With a HELOC, you can pay down the balance and then use it again without re-applying. Just like the way a credit card and its credit limits are set. Interest is paid on the balance of what is owed when payment is due. As a result, lending criteria is a little bit stricter when you apply for a HELOC.
What can we help you with?
Now that you know how much equity you have, we can review your borrowing options. At Turnedaway.ca we understand that every situation is different. Once approved, you can use your home equity loan for a wide variety of purposes:
- Debt Consolidation – consolidate your high interest debt into one affordable payment
- Home Renovations – make repairs or upgrades to increase your property value
- Property Tax Arrears – catch up on property tax arrears to protect your home
- Foreclosure – stop a foreclosure or power of sale by catching up on mortgage arrears
- Canada Revenue Debt – pay off Revenue Canada debt and stop a tax lien or garnishment
- Consumer Proposal Payout – finish/pay off a proposal to improve your credit score
If you’ve got equity, we’ve made qualifying practical, simple and easy. And we’ll let you know if you’re approved – within 24 hours.
How Turnedaway.ca can help
Our common sense lending practices have been working for our clients for over 30 years. We’ve seen clients declined by other lenders for a variety of reasons from credit issues to income verification complexities. At Turnedaway.ca, we look for ways to approve you, not decline you. How can we help? If you’ve been turned away, turn to us.