Worried you won’t get mortgage approval because of your income or bad credit? There are alternative approaches you can take—and equity lending may be one option.
What is equity lending?
- Equity lending is a mortgage approval based primarily on the equity in your home
- The lender is less concerned about your credit or income
- Equity lenders will go up to 80% of the value of your home
- Equity lenders will charge more than your bank
What can equity lenders help with?
- 2nd mortgages
- paying off high-interest debt
- construction / renovation financing
- buying investment properties
- starting a business
What else should I know?
- Equity lending is on a case-by-case basis
- First mortgages start at 7.25%
- 2nd mortgages start at 8.5%