Equity Takeout in Ontario
Looking to get an equity takeout in Ontario?
With real estate prices in Ontario skyrocketing over the last few years, many Ontario residents have accumulated substantial wealth in their houses. The difference between the property’s market value and the amount owed on the mortgages is your home equity.
When you pay your monthly mortgage payment, a portion of it goes towards the property. As a result, your home’s equity builds month after month. An equity takeout mortgage allows you, the homeowner, to borrow money against the value of your house. This loan can be used for various things like home improvements or as a down payment on another home.
If you can relate to these scenarios, you've come to the right place! With Freedom Capital, our borrowers receive custom-tailored commercial financing solutions and quick approvals.
Freedom Capital’s custom home equity loans in Ontario
Getting an equity takeout is easier than you think. While other lending institutions might require extensive documentation and various requirements, Freedom Capital can get you instant approval for a home equity loan in Ontario.
We just need a minimum of 20% equity. That is all! If you have the equity and are willing to work with our team, Freedom Capital can get you instant approvals in as little as 24 hours*.
If you are looking for quick and simple approvals, immediate funding, progressive mortgage solutions and, above all, a common-sense lender who understands your needs, Freedom Capital is perfect for you.
With a Freedom Capital equity takeout in Ontario, you can finance a variety of expenses, including but not limited to:
- Construction, renovation or other home improvements
- Debt consolidation
- Cashflow for a business
- Purchase of a new investment property
- Emergency expenses
- Large personal or professional expenses
- Death or illness of a loved one
- Other such life situations
Although the amount of equity you can take out of your home varies according to the lender and type of mortgage, most private lenders in Ontario allow you to borrow somewhere between 80 to 85% of your home’s appraised value.
Yes, a home equity line of credit or second mortgage can impact your credit score. However, if you repay the loan as planned, then your credit score will not be negatively affected by an equity takeout.