Jay and Nima are true professionals!!! They are super easy to work with and take the worry out of the whole process of dealing with the bank I highly recommend using Canada Lends for your next mortgage From beginning to end they talked me through the whole process and helped me understand the requirements and documents that the bank needed Thanks Jay and thank you Nima because of you me and my family are loving our new home!!! I look forward to doing more business with Canada Lends in the near future
Canada Lend provided me with exceptional customer service. Stalin provided me with a speedy approval, very knowledgeable, very responsive. Thanks to Stalin!
Since working with Matthew, he has met and surpassed my expectations. He has taken the time to really know my needs, which gives me every confidence that not just my financial goals are well understood, but also my comfort level. Matthew regularly provided updates and was always available to answer any questions or to explain options. Matthew’s fine work and guidance has helped with transitioning us into seeing our plan for retirement come to life. And I for one, look forward to continuing to work with him on our next phase!!
Working with Matthew was a great pleasure. Not only did he take the time to make sure I understood all of my options; he was also efficient finding the right lender for me and a great rate! I couldn't be happier.
Stalin did a good job answered all my questions and concerns it was a nice to work with such a professional team!
At Canadalend, we believe that you should have access to your money whenever you need it, regardless of your past or current credit history. We help by finding you the lowest rates available, as well as providing the
support you need in order to achieve your financial or real estate goals.
The difference between the appraised value of your home and the unpaid balance of your current mortgage makes up your home equity. You can grow your equity by paying down your mortgage, but it can also grow on its own if the appraised market value of your home increases over time.
For example, if your home is worth $350,000 and you still owe $250,000 on your current mortgage, you would have built up $100,000 in home equity.You have worked hard to grow the equity in your home so why not use it however you'd like?
There are two types of home equity loans, a fixed-term loan and an line of credit - also known as a HELOC.
A home equity loan is a one-time lump sum of money that slowly gets paid back monthly with a fixed interest rate. A home equity line of credit can provide you with access to funds as you need them, in which you pay back like a credit card.
Fixed-term equity loans include Second and Third mortgages, Refinanced mortgages, Reverse (or Chip) mortgages, and Prepaid.
Although interest rates on a home equity loan are higher than on a First mortgage, they are typically much lower than a credit card.
Paired with the fact that the interest paid on mortgage loans is tax-deductible, as well as some products offering interest-only payments, it is easy to see why more Canadians are switching to Canadalend for all their mortgage needs.