So everything is great!! All monies received and paid out.
We want to thank you again for all your help. You came through at a time when the banks said they couldn't (wouldn't is more like it), help us. Even with our good credit. You worked hard and got us a great mortgage rate, and the money we gained by remortgaging allowed us to consolidate almost all of our debts. We both wondered how hard the whole refinancing process would be without actually meeting and doing everything over the phone and by email, but you made the whole experience easy and worry free.
We will definitely recommend your services to any and all our friends!!
Your professionalism and knowledge was a Godsend!
Thanks VERY much!
Home Refinance with Bad Credit in London, ON: A Guide to Home Equity Loans
If you're a London resident with bad credit, you may feel that refinancing your home is impossible. However, our mortgage firm is here to help you understand the options available to you. In this article, we'll discuss home equity loans and how they can benefit you as a London homeowner with bad credit.
What is a Home Equity Loan?
A home equity loan is a loan that allows you to borrow against the equity in your home. Equity is the difference between the value of your home and the amount of money you owe on your mortgage. For example, if your home is worth $300,000 and you owe $200,000 on your mortgage, you have $100,000 in equity.
Home equity loans are secured loans, which means that your home is used as collateral. This means that if you are unable to repay the loan, the lender has the right to foreclose on your home to recover their money.
Home Equity Loans vs. Home Equity Lines of Credit (HELOCs)
There are two types of home equity loans: home equity loans and home equity lines of credit (HELOCs). Both types of loans allow you to borrow against the equity in your home, but they work differently.
A home equity loan is a one-time loan that is paid back over a set period of time, usually between 15 and 30 years. You receive the entire loan amount upfront and pay it back in monthly installments. The interest rate on a home equity loan is typically fixed, which means that it will not change over the life of the loan.
A HELOC is a revolving line of credit that allows you to borrow money as you need it, up to a certain limit. You can borrow and repay the money as many times as you like during the draw period, which is usually 5 to 10 years. The interest rate on a HELOC is typically variable, which means that it can change over the life of the loan.
Why Refinance with a Home Equity Loan?
There are several reasons why you might consider refinancing your home with a home equity loan:
How to Refinance with Bad Credit in London, ON
If you have bad credit, refinancing with a home equity loan can be more difficult. However, there are still options available to you if you have sufficient equity in your home. Here are some steps you can take to improve your chances of being approved for a home equity loan:
There are several benefits to using a mortgage agent for a home refinance.