Why use Mortgage Guys?
- You can go to every bank one at a time or you can go to them all at once Mortgage Guys – one and done
- Apply online in minutes from the comfort of your home
- Rates as low as you go !
- Get unbiased expert advice with hundreds of options no single bank can provide
- Secure a rate hold for up to 120 days
- Fast we mean really fast service
- Save a ton of time and money with our pre-negotiated rates and terms
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Equity-Based Mortgages Tips
Did you know that you may qualify for a Home Equity mortgage without needing proof of income. That’s right, with good credit and lots of equity in your home we can get you a mortgage without needing paystubs, job letter, notice of assessment, or any other income docs. Talk to one of our mortgage brokers and find out if this type of mortgage product is for you. To begin, you must understand what equity is. Let’s say you purchased a home five years ago for $200,000. Over the past five years you have paid a significant amount towards your mortgage loan and now owe only $150,000. Essentially, you have $50,000 in equity in your home. However, this amount can vary depending on the value of your home. Home values can change over time due to the advancements in the neighborhood, recent home sales, and upgrades to the home, etc. Your home would need to be evaluated to ensure the true value and then the equity determined based on that number. There are many ways to use the equity of your current home. You can choose to consolidate debt and take the money from the equity loan and pay off all credit cards or other debts. You may also choose to use the money to complete updates needed to the home such as a new roof or flooring, even an addition. The choice is yours, with the money coming in handy for whatever you need!
Use Your Equity
You will need to be pre-qualified and the home evaluated to see just how much equity you have available. Based on certain factors such as your income, debt ratio, and credit score, you will be given an interest rate and term for the loan.
Terms & Monthly Payments
Once all the factors have been considered and the home evaluated, our brokers will be able to provide you with the information you need to make a decision including terms and monthly mortgage payment.
Get The Best Rate
Once you have made a decision that you want to take out the equity mortgage, the brokers at Mortgage Guys will work hard to find you the best rates possible to ensure you are able to afford the new mortgage and complete whatever tasks you have planned.
Speak To A Broker Today
You can go to every bank one at a time or you can go to them all at once with one application why not be one and done– something no bank can do ! With exceptional service, expert advice we will save you thousands.
Our Mortgage Process Simplified.
At MortgageGuys.com we want to provide you with a stress-free mortgage experience.
- Pre Approval Consultation: Well discuss what your situation and needs are and provide the options with any pros and cons to each. From here you'll fill out an application online or in-person and upload the necessary documentation. Then you'll receive a pre-approval and budget so you can begin your search.
- Make An Offer On Your Home and Gather The Necessary Information: We’ll review and gather employment letters, pay stubs, and all necessary documents to make sure there are no surprises at the end.
- Select a Lender: Together we’ll review lender options and the type of loan that best suits you.
- Mortgage Loan Submission Mortgage Load Approval: We are notified of the approval and we then ensure with you any outstanding conditions are met prior to funding.
- Prepare Mortgage Documents: Your mortgage documents are completed and you can sign them from the comfort of your home or come in to sign.
- Mortgage Funding: Your mortgage funds are then transferred by wire to your lawyer on your closing date.
- Move in and love your new home – CONGRATULATIONS!
Equity is a term used to describe the value available in a home mortgage. When you have a mortgage, you gain equity as you make your monthly payments. Over an extended period of time, you can earn a great deal of equity in your home. The value you have gained can then be used in an equity-based mortgage. You can take out a loan based on the equity you have built up in order to complete home projects, consolidate debt, purchase another home, and more. At Mortgage Guys, we offer equity-based mortgages that can help you in a variety of ways. Consult with our brokers today to see how much equity you have in your home and how it can be used to your benefit!