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Surrey in British Columbia has seen much advancement in it’s high technology, clean energy, advanced manufacturing, health, education, agriculture, or arts sectors. As a result, property values in Surrey have been on the upward trend lately. This directly splashes over into the usefulness of home equity loans. How a home equity loan works is essentially that as the value of your home increases, the difference in equity can be taken out as a loan. This type of loan is secured which means that the lender doesn’t need to incur as much risk, making it that much easier for you to get qualified. Numerous companies from Surrey offer home equity loans so it’s just a matter of finding the right one for you.
Home equity loans are accessible online through a short application. The difficult part is choosing the right provider.
This is because researching providers separately can be relatively challenging if you are new to this. To make this process smooth and easy, Smarter Loans has put together a single page where you can scroll down and compare Surrey’s providers alongside their terms, rates and offers. It’s quite simple once you’ve selected a provider from the list below.
Easily access the resources that you need by identifying the provider that you’d like to provide to based on the information available. Then by clicking “apply now” next to the provider that you’ve chosen, you’ll be able to open the online application form. Alternatively also pre-apply with Smarter Loans if you would prefer for us to connect you with the most suitable provider that we’ve deemed for your needs.
Generally speaking, home equity loans work best for homeowners who are seeking a known, fixed amount of cash to cover a specific need – such as a renovation, major purchase, or to cover other debts. They are less suitable for those needing a flexible amount of financing or who aren’t sure how much they need to borrow.
Surrey is home to nearly 170,000 private homes, and the amount available to borrow against the equity in these homes depends on two things: the value of the home, and whether there are any other loans secured against it. This is how the math works:
So, using Surrey’s average property data, the calculation looks like this:
Most traditional lenders (like banks and credit unions) have a minimum credit score threshold of 650 for their loans. As Surrey’s average credit score is 668, many local borrowers already meet this criteria. If you don’t have good credit though, don’t be disheartened, you still have options. There are plenty of alternative lenders willing to work with lower credit scores. You may just have to pay slightly more in interest.
Do I need to get a home appraisal for a Surrey home equity loan?
Almost certainly. Most lenders require a home appraisal as part of their loan approvals process, so they can determine the appropriate loan amount and assess their risk. All loans come with fees, and an appraisal fee is just one. You may also have to take into account:
Home equity loans and home equity lines of credit (HELOCs) are sometimes confused, but they are quite different. A home equity loan provides you with an upfront lump sum, for which you make fixed payments for the life of the loan. A HELOC is like a credit card secured against your home – you can only borrow up to the maximum amount allowed, but this can be taken out in smaller sums, as and when you need it. And because of this, a HELOC does not have a fixed repayment schedule.
Absolutely! Despite Surrey’s convenient location and residents’ easy access to brick-and-mortar financial institutions, many lenders still offer online application and loan processing options, for convenience and flexibility. Some online lenders also offer very fast turnaround times, meaning you may be able to access a Surrey home equity loan in as little as 2 weeks.
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