What is a Home Equity Loan?
A Home Equity Loan is a lump sum given to homeowners, that can be used for any purpose and the loan is secured on a property.
Your credit rating isn’t a deciding factor; so if you’ve been turned down by other financial institutions in the past, this won’t affect your eligibility to get a loan.
At Tribecca Finance, you can get approved for a home equity loan at some of the lowest interest rates available in just a few hours.
The Benefits of a Home Equity Loan
Easier & Faster Process: Refinancing your mortgage can take weeks, sometimes months if you do not qualify the first time. But a home equity loan from Tribecca Finance doesn’t require you to go through an extensive approval process.
Avoid Prepayment Penalties: Most mortgages have a prepayment penalty if you refinance before the end of your term. For many homeowners, it makes more sense to access the equity through a home equity loan to avoid prepayment penalties. At Tribecca Finance, we can offer a home equity loan to match the term of your mortgage. This provides the flexibility to refinance at the end of the term and avoid the prepayment penalty.
Avoid First Mortgage New Rules Restrictions: For many, coping with the new 2018 mortgage approval stress test won’t be easy. The new minimum qualifying rate is currently 2% higher than the contractual rate. On the other hand, home equity loans are not qualified this way.
With a home equity loan from Tribecca Finance, your only criteria for approval are:
- have sufficient equity in your property
- capable of making the monthly loan payment
If you require access to funds, home equity loans are a great solution. Home equity loans can be used for many purposes such as:
- Pay off high-interest rate credit cards
- Consolidating debt
- Home renovations
- Household items
- Business investment
- Pay off a consumer proposal
- Pay mortgage and tax arrears
- Investment property
- New vehicle
- Wedding or other special events
- School fees
- Emergency medical expenses