Home Equity Loans
Get the financial resources you need.
Ontario's best rates on
| Rate | |
| Prime Rate | 2.45% |
| 1 Year Fixed | 3.04% |
| 2 Year Fixed | 2.89% |
| 3 Year Fixed | 2.79% |
| 4 Year Fixed | 2.94% |
| 5 Year Fixed | 2.64% |
| 3 Year Variable | 3.49% |
| 5 Year Variable | 3.60% |
2ND MORTGAGES (UP TO 85% Loan to Value)
2nd Mortgage interest rates starting at 5.99% OAC
Ontario’s Leader in Home Equity Loans
Whether you need $5,000 or $500,000, we offer Ontario’s best rates! Get approved today!
We offer Home Equity Loan in Toronto and the Greater Toronto area. If you own your home, you’re approved within 24 hours!
Whether you are looking for funds for a home renovation, to pay to education or for any other reason, we can help even if you have poor credit! We specialize in homeowner loans. As a matter of fact, new clients applying with bruised credit can also be approved within 24hrs!
FREQUENTLY ASKED QUESTIONS
WHAT IS A HOME EQUITY LOAN?
A Home Equity Loan is also called a Home Equity Mortgage. The value that you own in your home can be tapped to access your home equity. This is done via a loan with the help of Homebase Mortgages.
Your home equity will depend on your home’s current market value minus the amount you still owe on your mortgage. If you bought a home that is currently worth $400,000 and you still owe $100,000, your home equity now is $300,000. The amount you still owe is calculated based on the market value when you bought your home minus the amount you already paid. If you bought your home 10 years ago at $200,000 and paid off $100,000, you owe only $100,000 even when the current market value is much higher.
WHAT ARE THE ADVANTAGES OF A HOME EQUITY LOAN?
A Home Equity Loan can be better than other types of loans because of two major advantages: Tax savings and a much lower interest rate. Whereas a credit card loan can have an interest rate of 8-30%, a Home Equity Loan can have an interest rate of just 5% or less because it is a secured loan that is guaranteed by the value of your home equity. Note that depending on what you will use the Home Equity Loan for, you may be able to deduct the interest on the money you borrow unlike the interest paid for personal loans and credit cards.
WHAT CAN I USE A HOME EQUITY LOAN FOR?
You can use your Home Equity Loan for anything you may want or need. The most popular uses for it include home improvements, debt consolidation, investments, paying for school tuition, growing a business or starting a business, extra cash flow for possible emergencies, and taking a dream vacation. Some people use a Home Equity Loan for business investments such as buying stocks or property. There are also people who use it as an emergency fund for medical emergencies.
HOW TO CALCULATE HOME EQUITY?
Subtract your existing mortgage debt to current market value of the home. Once you have these pieces of information, you can apply for a Home Equity Loan with Homebase Mortgages and be approved within days.
HOW LONG DOES IT TAKE TO CLOSE HOME EQUITY LOAN?
It can take as little as 24 hours at Homebase Mortgages. Fast approval means that you can access the money in your bank in just a few short days.
HOW TO I APPLY FOR A HOME EQUITY LOAN?
There are many ways to apply for a Home Equity Loan with Homebase Mortgages! You can fill up the application form to apply online, call us during business hours, or contact us on Facebook and Twitter. Our mortgage professionals will get back to you as soon as possible and will be available to answer your questions during business hours.
WHY SHOULD I CONSIDER HOME RENOVATIONS?
Home renovations are a great way to increase the value of a property when properly done. The key is in choosing home renovation projects that has the most impact on how the home is perceived to amplify the value it can bring to your home.
CAN SOMEONE SELF-EMPLOYED GET A HOME EQUITY LOAN?
The most important criteria when applying for a Home Equity Loan is to have some home equity. Your source of income is not a huge factor to get approved. We can help you get approved within 24 hours at Homebase Mortgages regardless of your source of income.
LESS ADVERTISING. MORE SAVINGS.
In order to save our clients more money by offering the best rates possible, at Mortgage Central, we DO NOT advertise on TV, radio or print ads. Our best advertisment is our many satisfied clients!
We Specialize In
The Latest Home Equity Loan News from Our Blog
NEED CASH FAST? WE CAN HELP!
