If You Own a Home and Need a Loan, We Can Help You Get APPROVED!
Are you a homeowner interested in a loan, then we can help you get approved using the equity you have in your home. As house prices have increased across parts of Canada, home equity loans are becoming a more attractive idea to many homeowners. Even if the price of your home decreased, you can still be approved for a home equity loan if you have enough equity built up in your home.
What is a home equity loan?
A home equity loan allows a borrower to use the equity in their home to secure a loan. The amount of available equity in a home is calculated by assessing the current value of the home and then subtracting the current mortgage(s) still owing on the home from the value. At Clover Mortgage we can help you get a home loan of up to 90% of the value of your home depending on a variety of factors. It is often easier and faster to get a home equity loan because in many instances they don’t even require a credit cheque or complicated application process.
What are the types of home equity loans?
There are two types of home equity loans offered by lenders:
- Fixed Rate Loan or a Second Mortgage: With a Fixed Rate Loan or Second Mortgage, the borrower is given the option to withdraw a total lump sum of cash up front and make monthly interest-only payments. The interest rate is set once the loan is agreed upon and can change only at the time of renewal. In many cases there are no credit checks and is ideal for people who either have poor or bad credit, or have lower income, or are self-employed and report their income in a less traditional way. Even if you are turned away by the banks, in many instances you can still qualify for a Fixed Rate Home Equity Loan or Second Mortgage as long as you have equity in your home.
- Home Equity Line of Credit (HELOC): With a HELOC, the borrower gets approved for a line of credit from which they are able to continuously withdraw cash from the pre-approved limit as needed. A HELOC is a more flexible borrowing option because the balance of the loan and the interest costs depend on how much the borrower uses on the line of credit. If you have outstanding credit and a high enough income, this can be the more appealing option because you are only required to pay interest on the amount of the HELOC you have actually used. Unlike a fixed rate loan, interest rates for a HELOC are usually variable and can change based on market trends.
What are the benefits of a Home Equity Loan?
Home equity loans are a great option for homeowners with bad credit or low income, or in many cases people who are self-employed who report their income differently than those who are salaried employees of a a company. Borrowers can use the sum of the loan for many different reasons such as for consolidating debt, funding home renovations, paying for a child’s tuition, or financing other purchases or bill payments. For many borrowers, their home equity can be the biggest asset they have and their best way to secure a larger loan.
Why Work With Us
*Rates start as low as 6.99%
*Rates are subject to change. Terms and conditions may apply.
We pride ourselves on quick, easy & honest service. Our clients always come first.
We specialize in dealing with bad credit & bank declines. We turn a “no” into a “YES!”
*No credit checks. No complicated application.
*Terms & conditions may apply.
Our Customers Love Us
I was in debt and needed help getting back on track. My mortgage agent at Clover Mortgage helped me get approved for a home equity loan to consolidate all of my debt in one small monthly payment. Now I’m saving over $1,000 a month in interest and am left with less debt and more money in my pocket at the end of each month. Thank you Clover!
I’m a self employed independent contractor. I earn a decent income, but when I went to the bank to refinance my home, they denied my application telling me that I didn’t have enough “provable” income to qualify for refinancing my home. When I came to Clover I was almost out of hope. My Mortgage Agent at Clover was caring and professional, and help me get a great rate and flexible terms on full refinance. The whole process took less than 48 hours! I was impressed at how quickly and easily they were able to get me the money and home refinance I needed. Thank you Clover Mortgage, I’m recommending you to everyone I know!!
I had really bad credit, but really wanted to purchase a Condo. When I went to the bank they made me go through a lengthy application process that took weeks, and then they turned me down at the end of it all. When I found Clover Mortgage online, I called them and a friendly Mortgage Agent was able to help me get approved for a mortgage quickly and hassle-free. I got a good rate and now live in a home that I am comfortable in and am able to easily afford my monthly payments.
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my husband and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.
My husband and I found ourselves in a tough situation. Luckily my expert mortgage broker at Clover Mortgage helped us get a fast and easy approval for an amazing rate for refinancing our home. Clover’s service is the best I’ve ever experienced and I’ve been recommending them to all of my family members and friends ever since. Thanks for your help Clover!
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my wife and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.