Where do you go to get a home equity loan? Most of the time, it would be from a private lender. The banks would like to call their loans home equity loans, but they use the same criteria to qualify their home equity loans as their first mortgages. That is, they have the same credit requirements, income requirements and debt ratio requirements.
Home equity loans should be qualified based on the equity in your property. If you have enough equity, then income and credit scores should not matter. These details that would derail an application at the bank is immaterial to a private lender.
If you have poor credit and/or have trouble proving all your income, but would like to borrow against your home or purchase one, then you’ll need a home equity loan. And the bank will not be providing you with that.
You will need a broker that specializes in home equity loans.
At Alternative Lending.Ca, we are experts in home equity loans. We can save you thousands in fees and even more on interest savings. Call John at 604-831-4437 to get the process started. Consultation is always free and confidential.
We operate out of Vancouver, BC, but can assist people in all of BC and selected locations in Alberta, Manitoba and Saskatchewan.
