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Home equity loans are a popular option for many residents of London, Ontario. As the value of the home increases, the difference in equity can be taken out as a loan. This makes home equity loans easy to procure because the risk for the lender is reduced. With reduced risk for the lender, all you need to do is take advantage of the limitless upside by utilizing Smarter Loans to apply for a home equity loan today.
So where do you begin? Apply for a home equity loan online today without stressing over all of the information you need to consider. Smarter Loans can simplify the application process for you since we’ve made it
so that you don’t need to research providers individually. Instead, just scroll down and all of the top providers from London can be found in one directory. In order to make a decision easily, scroll down and apply to the best home equity loan provider for your needs.
If it sounds overly complicated, in summary all you need to do is scroll through and click “apply now” next to your chosen provider to unlock a brief online application that involves a basic set of questions to qualify you. Alternatively, pre-apply with Smarter Loans if you’d prefer for us to choose a provider on your behalf that we deem most suitable for your set of needs.
64% of London’s population own their own home; if you’re one of this group, and want a home equity loan, then there are a few criteria you need to meet. You must:
The amount you can borrow with a home equity loan depends on the value of your home and whether you have any other loans secured against it. In theory you can borrow up to a total of 85% of your home’s value; London has an average property price of $555,000, so this means you can borrow up to $471,750 (85%). However, if you have a mortgage or other home loan, you must minus its balance from your 85% borrowing room. Some lenders also have upper limits on how much you can borrow.
Each lender has different eligibility criteria, so in theory anyone – with any credit score – can access financing based on their London property’s equity. However, most traditional lenders (like banks and credit unions) do have a minimum credit score threshold of 650. The average score in London is 665. This doesn’t mean that Londoners failing to meet this level can’t get a home equity loan – they’ll just need to find a more flexible lender.
Interest rates on London home equity loans can be as low as 2%, but the average is just under 6%. The exact rate you pay will depend on the lender you go to, your financial circumstances, and the property in question. It’s important to remember though that interest charges are not the only cost associated with taking out a home equity loan; you also need to take into account any fees.
Every loan type has its own set of advantages and disadvantages, and home equity loans are no different. Here are the main points you need to consider with a home equity loan:
Pros:
Cons:
That depends on which London lender you apply to. Most traditional lenders – like banks and credit unions – have fairly slow processes, and it can take up to six weeks to process your application and release your loan funds. Some other lenders, like online lenders, can offer shorter turnaround times – sometimes as short as a week. To ensure your loan application goes through as quickly as possible, make sure you submit it with all of the required supporting documentation.
