Home Equity / Renovation

Maybe it just needs some new landscaping, an expanded kitchen, paying for your child’s education, or paying off some pesky debts! A record number of Canadians have taken advantage of the historic low mortgage rates and rising real estate values and have tapped into their home equity through equity take-out mortgages. Taking out home equity allows you to invest in your home/needs by using its own equity for its renovation, to expand your growing business, or whatever your financial need is! In this way, you are able to accomplish any task without stretching your monthly budget. By using the right home equity mortgage solution, your monthly payments will be at much lower rate of interest than conventional credit loans.

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REAL EXAMPLE

MORTGAGE PURPOSE

Family is taking a second mortgage to cover the expenses of building a new nursery for their expected second child

PROPERTY

Location
Toronto, ON
Type
Townhouse
Value
$345,000

BORROWER

Who?
Married borrowers with 2 dependents
Beacon Score
680+

Credit issues
· No Credit Issues

Employment
· Both applicants are salaried full time professionals
· Income documents used include: Job letter and pay stubs

Indigoblue Solution

Indigoblue Financial arranged the borrowers mortgage to be increased by $50,000 so the couple could finance the necessary nursery renovations. The borrowers kept their existing low mortgage rate and combined $50,000 at a new rate. There was no penalty or cost to the borrowers.
Term Same term as existing mortgage (4 years remaining)
Loan Amount increased by $50,000.00
Loan to Value Ratio 75%

 


Call for a no-obligation consultation call. Fill out the form below and we will call you within 24 hours.

GET APPROVED IN 3 EASY STEPS!


STEP 1

Type of Loan:

PurchaseRefinance

Mortgage Request:

1st Mortgage2nd Mortgage

STEP 2

Property Value:

Mortgage Request:

STEP 3

Name:

Email:

Phone:

City: