Home Equity Loan

Also known as a Second Mortgage

Often confused with a HELOC (Home Equity Line of Credit) a Home Equity Loan is actually different; a home equity loan is paid out as a lump sum (vs as you need it), and the interest rate and monthly payments are fixed which is easier for budgeting purposes.

A home equity loan also goes by the term ‘second mortgage’, since it’s an additional loan on your home behind your first mortgage. With the recent increases in property value in the GTA, more and more people are looking to a Home Equity Loan as a way to free up funds for the things they require. For instance, you can pay for renovations in your home, which helps increase its value should you ever decide to sell. You can also use it to consolidate high-interest debts like credit cards and unsecured lines of credit into a lower interest rate loan and lower monthly payment.

Calculating your homes equity is simple

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A Home Equity Loan has helped people pay for their children’s education, put an ailing loved one in a state-of-the-art long-term care facility, invest in and grow their small business, and even take a well-deserved vacation. Use it to invest in another property or addition to your home. The funds are for you to use as you wish – it’s your money and we’re only here to help you secure it, not tell you how to spend it.

As a private lender, we can approve home equity loans where a bank may not, and we don’t require mortgage default insurance where the combined value of the first and second mortgage exceeds 80% of the property value. We can also approve funds for individuals with a tarnished credit history, or one’s where little credit history exists.

Speak with a Expert Toronto Mortgage Broker

Interfinance Mortgage Corporation offers home equity loans as well as HELOCs – contact one of our experienced mortgage brokers to find out which one is right for you.

Call: (416) 445-4890