St Catharines Equity Loan With Bad Credit

Securing Loans with Bad Credit

Many people are struggling with debt and bad credit everywhere and St. Catharines, Ontario is not an exception. Bills can pile up making it difficult to get back on your feet financially. But that should not deter anyone facing such problems as there are options available to help people repair their damaged credit. One such option is Home Equity Loans for people with bad credit or here simply referred to as St Catharines Equity Loan with bad credit. This seems like a reasonable choice especially to those with bad credit scores.

Types of Home Equity Loans

A St Catharines Equity Loan with bad credit comes in different forms. These include: Home Equity Line of Credit, Home Equity Loan, and complete refinance. These are discussed in more detail below.

  • Home Equity Line of Credit
    This kind of mortgage is referred to as HELOC. A line of credit refers to a set amount limit beyond which you can’t be allowed to borrow. So when making the drawings, the borrower has a fixed limit to which he or she is allowed to borrow. This line of credit is set by the lender which in most cases is a bank or credit union. Interest rates are applied to the exact amount you borrow, not on the line of credit limit. It is, however, important to note that interest rates can fluctuate. If interest rates do go up, then one option is to convert the debt into a fixed rate loan.
  • Home Equity Loan
    This kind of mortgage is usually a fixed rate loan secured against the property. The borrower can apply for an amount of money and then pay it back over time (the amortization period). This particular kind of loan would be a second or third mortgage and may come in handy when you need to finance expenses over a period of time, consolidate debt or finance a home renovation project. It could also come in handy when you need funds to pay things like property tax bills or mortgage arrears.

Refinance

Sometimes it is better to completely refinance your mortgage or loans especially if you locked into a higher rate before the mortgage rates went down. Your mortgage broker will look at the numbers to determine whether refinance into a single new first mortggae is the best option for you. Typically, depending on the property location and crdit worthiness first mortgages are available up to 80 percent of the home’s value. If you need more than 80 percent, then some lenders, (often private lenders) will offer a second mortgage over 80 percent of the home’s value. These days, however, no many lenders are willing to finance 100 percent of your home’s value.

How to Find the Best Home Equity Loans

Finding the best St Catharines equity loan with bad credit is easy and can save you thousands of dollars if you use a professional mortgage broker. He or she will follow these simple strategies for you:
i. Shop around for different loans to help you make a wise and informed decision
ii. Review your credit score and ratings and, if necessary, help you improve your credit so that you are attractive to lenders.
iii. Compare offers that best meet your needs.

WHAT PEOPLE ARE SAYING…

  • “I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off or back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.”

    KKP, HAMILTON
  • “I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Expert Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.”

    M.D, Mississauga, ON
  • “The bank would not lend money on our farm unless we showed them financial statements. Since my husband passed away, my son and I were struggling to keep the farm afloat. We just needed more time. The third mortgage you got us was the miracle we needed. You believed in us and we are so grateful. Thank you.”

    S.E. Orono, ON
  • “My pig farm always made good profit but last year was brutal for the whole industry. I fell behind on my mortgage. I showed FCC that my loss was just a temporary blip and asked them to give me some leeway but they started a foreclosure anyway. Thanks for getting me that private loan to buy me some time until I’m profitable again.”

    K.O., Hawkesbury, ON
  • “My ex-wife’s lawyer gave me 30 days to buy out her half of our house or have it put up for sale. I had no job and I was in bankruptcy. My bank manager laughed at me. I thought it was hopeless until I saw your flyer. I don’t know how you qualified me for the mortgage. You’re a miracle worker. Thank you!”

    J.R. Burlington, ON
  • “We were 6 months behind on our mortgage and the Sheriff was coming in 5 days to lock us out of our home. Every other mortgage broker said NO! I can’t believe you were able to get us a second mortgage that fast. You saved our home and I will refer everyone I know to you.”

    C.C., Oshawa, ON
  • “The bank refused to value my property based on all 211 acres. They said that their ‘rules’ limited it to 5 acres. Personally, I think that’s biased against farmers. I didn’t know that you had lenders who would value my property on all the acres. I finally got a large enough loan to tie all my debt into one payment. Thanks!”

    C.R., New Dundee, ON
  • “Every time I’d walk into a bank and say the word ‘farm’ the suit on the other side of the desk would look at me like I was from another planet! They had one agricultural ‘specialist’ for the area that was not much better. Then I went to 4 mortgage brokers before I stumbled on your company. Your rates were lower than the bank.”

    M.D., Bradford, ON
  • “Our credit was destroyed after we had a bad year. We needed to expand our facility. I explained to the bank that the expansion would make us profitable. I proved it on paper. They still declined us. I never heard of your ‘no questions asked’ private loans but you gave me $500,000 with no paperwork. That was a Godsend. My wife and I appreciate it from the bottom of our hearts and we won’t let you down.”

    R.Q., Woodville, ON
  • “Once again, a big thank you for arranging our new mortgage and being able to arrange for additional funds on closing. Matthew has worked hard for me over the last few years… I have a very high level of trust in Matthew and Expert Mortgage, and will surely recommend you to anyone I know who is in need. Thank You.”

    M.Z. Brantford, ON