Home Equity Loans Ontario

Home Equity Loans Ontario

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Home Equity Loans Solutions In Ontario

If you’re a novice homeowner, you may still be getting used to all of the responsibilities that come with owning your own home. Burke Financial is an award-winning mortgage brokerage committed to helping homeowners consolidate their finances and further invest in their property. We take every step to ensure our clients can make the most of their home equity.

Regardless of your level of debt, income, or credit history, Burke Financial can help you access up to 85% of the equity in your home for what you need.

Our team works with homeowners throughout Ontario to help them rehabilitate their finances and continue to invest in their property. Learn more about your options with Burke Financial today.

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The Benefits of a Home Equity Loan From Burke Financial

A home equity loan is a loan taken out by a borrower to use the equity of his or her home as collateral. The loan amount is determined by the property’s current market value, which a designated appraiser determines. The longer you’ve owned your home, the more equity you’ve accumulated and can then use towards your financial goals.

If you’re struggling to meet your monthly payments, taking out a home equity loan can allow you to access a lump sum of money at a lower interest rate. These funds are often used to consolidate multiple existing debts into a singular payment, putting borrowers in a healthier long-term financial position.

Let us help you find the perfect mortgage product for you. A home equity loan may very well be your best option.

Reduce Monthly Payments

By using a Home Equity Loan to consolidate higher interest debts you can reduce your monthly payments. In many situations, we have helped our clients reduce their monthly payments by up 75%! Helping our clients not only be able to better afford their obligations, but also be able to put money aside for what matters most!

Flexible Payment Structure

No matter what your monthly household income is, a Home Equity Loan can be structured to ensure your monthly obligations are not too much to handle. Even clients who have little or no income can have their payments structured to match what they can afford. In many cases, we can even prepay the entire mortgage upfront, giving you no monthly payments during the term!

Consolidate Debts

If you are drowning in debt and have multiple creditors calling, a Home Equity Loan allows you to consolidate your debt into a single monthly payment. It’s a sensible solution to managing debt that will not only improve your financial situation, but also your overall health and wellbeing by reducing your stress and anxiety levels.

Rebuild Credit

Having bruised credit can be detrimental to most people trying to improve their financial situation. For most homeowners, the home equity they have built up over the years will mean they can obtain a Home Equity Loan to help polish up their credit score and perhaps secure larger loans in the future.

Cash for Renovations

Whether you have a project that you want to complete or are worried about having funds available to finance an emergency home repair like a leaky roof or cracked foundation, a Home Equity Loan allows you to tap into the equity in your property to complete those renovations.

Fast Access to Equity

Whether you are facing a stressful situation that you want to take care of immediately or have an investment opportunity that requires you to act quickly, you will need access to your hard earned equity quickly. Because of the way Home Equity Loans are approved and funded, they allow you to get access to that equity, fast.

Home Equity Loans For All Situations

We work with homeowners throughout Ontario and across the Greater Toronto Area to rehabilitate their finances and continue to invest in their property. Regardless of your level of debt, income, or credit history, we can help you. Burke Financial allows you to access up to 85% of the equity in your home for what you need to accomplish.

Our goal is to make every borrowing experience a positive one. As mortgage brokers specializing in subprime mortgages, we have the tools and resources to help you secure the money you need without the wait.

A home equity loan in Ontario could be your best option. Consider what you can do with a loan on your house equity:

We've Can Help You Secure a HELOC And Tap Into Your Home Equity

A home equity line of credit or HELOC is a line of credit taken out by a borrower to access the equity in their home. The amount you can access is based on the amount of available equity in your home, which is determined by subtracting the appraised value of your home relative to any existing mortgages. The more equity you have available, the larger the line of credit amount you can qualify for. Whatever the reason you have is for needing to access your equity, HELOC loans are a great solution that allow you to access equity with flexible terms and payment options.

Why Choose Burke Financial

At Burke Financial, we specialize in communicating with lenders on behalf of our clients’ needs to get the lowest possible interest rates and establish a successful payment plan.

Our mortgage brokers are available on-hand to improve the borrowing experience of homeowners throughout Ontario. As a customer service leader, we’re committed to creating a positive and seamless borrowing experience for all of our clients.

Contact us today to learn more about your options.

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Frequently Asked Questions

The definition of a home equity loan, also known as a private mortgage, is a fixed-term loan designed to use a homeowner’s property as collateral to receive a large lump sum of capital. The amount of money a homeowner is entitled to will depend on their home’s current value and how much equity they’ve accumulated based on their monthly mortgage payments.

If you’ve been paying off your mortgage for several years, you’ll likely have acquired home equity. If you could make a sizable down payment before your monthly mortgage, the equity percentage will be even more significant.

The market value of your property will also factor into the compensation you’re entitled to. If you live in an area where the housing prices are rising, your home’s equity will likely have increased, as will the loan you can receive.

Working with a mortgage brokerage is an easy and efficient way to access the equity you need without waiting for your bank to process your application. Burke Financial works with lenders in Ottawa, Kitchener, Hamilton, Toronto and all across Southern Ontario to provide our clients with convenient borrowing options that fit their lifestyle.

second mortgage is considered a type of home equity loan as it’s an additional loan taken against a homeowner’s property with an existing mortgage. Homeowners put up their homes as collateral, and their lender offers a single lump-sum payment with a fixed interest and payment plan.

A home equity loan is a secured loan with a fixed interest rate. This means that the lender you’ve selected with your broker will allow you to borrow a definite amount of money, which is based on the current value of your home. You’ll have an agreement in place with your lender, including the loan’s interest rate and established monthly instalments.

A home equity line of credit (HELOC) is the opposite of a fixed loan as it provides homeowners with a credit line that they can access as often as needed, up to a specific amount. The interest rates for HELOC often fluctuate, as will the monthly payments.

Typically, the only requirement for a home equity loan is that you have enough equity in your property to borrow against. It’s important to remember that your current financial institution may not offer this type of loan. If they do, your credit score will likely need to be above 650 to qualify. Burke Financial works with borrowers at every credit level to secure the loan they need, even for borrowers whose credit falls below the 650 average.

Homeowners have the freedom to use their loan however they see fit. This type of loan is often used to cover high, unexpected costs such as a flood or necessary home repair. However, some homeowners choose to use their payment to purchase an investment property or make improvements on their home that will increase its value.

Burke Financial offers homeowners at every credit level the opportunity to receive a loan on their home equity. We use our expertise to help borrowers with the most challenging applications approved

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