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We assist homeowners throughout Ontario and the Greater Toronto Area in leveraging their property equity for various purposes, including debt consolidation, renovations, and business investments. Our services are inclusive, catering to clients with varying levels of debt, income, and credit history. As mortgage brokers focused on subprime mortgages, we are dedicated to guiding our clients towards a brighter financial future, ensuring an exceptional customer experience. With our expertise and resources, we expedite the process of securing necessary funds. In Ontario, a Home Equity Line of Credit might be your ideal solution, offering you the opportunity to utilize your home’s equity for your financial needs.
If you’re a novice homeowner, you may still be getting used to all of the responsibilities that come with owning your own home. Burke Financial is an award-winning mortgage brokerage committed to helping homeowners consolidate their finances and further invest in their property. We take every step to ensure our clients can make the most of their home equity.
Regardless of your level of debt, income, or credit history, Burke Financial can help you access up to 85% of the equity in your home for what you need.
Our team works with homeowners throughout Ontario to help them rehabilitate their finances and continue to invest in their property. Learn more about your options with Mantra Mortgages
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A Home Equity Line of Credit (HELOC) is always fully open to repayment at anytime, and can be reborrowed as needed. This gives you the freedoom and flexibility to make as small as the minimum payment each month or even pay off your balance in full is you so chose. This can be very attractive to clients who also want to pay down more than the minimum each month.
Once you register your Home Equity Line of Credit (HELOC), even if you do not advance the funds right away, you will be able have immediate access the funds typically in less than 24hrs and in most cases, online, directly to your bank account. This can be very important when opportunities arise, or in the case of needing emergency funds. This makes the Home Equity Line of Credit (HELOC) one of the most population solutions for most clients.
Whether you have a project that you want to complete or are worried about having funds available to finance an emergency home repair like a leaky roof or cracked foundation, a Home Equity Line of Credit (HELOC) allows you to tap into the equity in your property to complete those renovations and have quick access to funds for emergency repairs.
When a great investment opportunity arises, it’s important to be ready to act. Having quick access to funds through a HELOC allows you an opportunity to take advantage of those investment opportunities when they arise and make the most of them.
By using a Home Equity Line of Credit (HELOC) to consolidate higher interest debts you can reduce your monthly payments. In many situations, we have helped our clients reduce their monthly payments by up 75%! Helping our clients not only be able to better afford their obligations, but also be able to put money aside for what matters most!
Because a Home Equity Line of Credit (HELOC) is typically registered on your credit bureau, making consistent on-time monthly payments towards your balance is a great and efficient way to rebuild your credit. Every time you make a payment you will be slightly increasing your credit score and working towards better financial health.
The definition of a home equity loan, also known as a private mortgage, is a fixed-term loan designed to use a homeowner’s property as collateral to receive a large lump sum of capital. The amount of money a homeowner is entitled to will depend on their home’s current value and how much equity they’ve accumulated based on their monthly mortgage payments.
If you’ve been paying off your mortgage for several years, you’ll likely have acquired home equity. If you could make a sizable down payment before your monthly mortgage, the equity percentage will be even more significant.
The market value of your property will also factor into the compensation you’re entitled to. If you live in an area where the housing prices are rising, your home’s equity will likely have increased, as will the loan you can receive.
Working with a mortgage brokerage is an easy and efficient way to access the equity you need without waiting for your bank to process your application. Burke Financial works with lenders in Ottawa, Kitchener, Hamilton, Toronto and all across Southern Ontario to provide our clients with convenient borrowing options that fit their lifestyle.
A second mortgage is considered a type of home equity loan as it’s an additional loan taken against a homeowner’s property with an existing mortgage. Homeowners put up their homes as collateral, and their lender offers a single lump-sum payment with a fixed interest and payment plan.
A home equity loan is a secured loan with a fixed interest rate. This means that the lender you’ve selected with your broker will allow you to borrow a definite amount of money, which is based on the current value of your home. You’ll have an agreement in place with your lender, including the loan’s interest rate and established monthly instalments.
A home equity line of credit (HELOC) is the opposite of a fixed loan as it provides homeowners with a credit line that they can access as often as needed, up to a specific amount. The interest rates for HELOC often fluctuate, as will the monthly payments.
Typically, the only requirement for a home equity loan is that you have enough equity in your property to borrow against. It’s important to remember that your current financial institution may not offer this type of loan. If they do, your credit score will likely need to be above 650 to qualify. Burke Financial works with borrowers at every credit level to secure the loan they need, even for borrowers whose credit falls below the 650 average.
Homeowners have the freedom to use their loan however they see fit. This type of loan is often used to cover high, unexpected costs such as a flood or necessary home repair. However, some homeowners choose to use their payment to purchase an investment property or make improvements on their home that will increase its value.
We offer homeowners at every credit level the opportunity to receive a loan on their home equity. We use our expertise to help borrowers with the most challenging applications approved
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