equity loan payments – home

How To Get A Home Equity Loan When Your Credit Is Terrible

Since releasing my special report, How to get a Home Equity Loan, even if your credit is terrible and your bank just turned you down, there has been a lot of commotion and confusion created over what it means and how it’s affecting homeowners in Ontario.

Is it the end of the banking system? Are banks not lending? Will it be impossible to get a home equity loan? The answer to all of these is definitely “No.” And I’ve written a few articles since then to clarify, but there’s still some misunderstanding going around.

Well, I’ve decided to clear the air once and for all,

Here’s the real deal…

As you know, the banks are clamping down on their lending. It’s gotten to the point where the major players are so tight with their lending policies that only the best qualified applicants can even think about applying.

What’s about secondary lenders?

When it comes the secondary institutional lenders things are changing fast. Normally this is a good option but they are closing shop in droves. The choices are extremely limited. Today there are only a handful of mortgage companies left who cater to the “sub-prime” market. To make it worse, the ones that remain are tightening their policies to the point of being as restrictive as the big 5 banks.

]]> The days of easy money are over my friend.

Where can you turn?
The final option is private lenders. I tin see you cringe like I said a bad word. But don’t be frightened. Private lenders can be wonderful….if you know which ones to use.

Private lenders step in where the banks won’t. They tin save your butt in a sticky situation and help you when everyone else says “No.”

Think about it. Who else is going to lend you money when your credit is bad or you can’t verify your income?

Private lenders look at one thing and one thing only. EQUITY.

Plain and simple…if you have equity in your home you tin get approved.

Now let’s get something straight. There will be challenges. This is not exactly the easiest way to get money. You will need to have your home appraised. You will have to supply documentation and you will have to pay legal fees and broker fees. And, I guarantee this won’t be the most pleasurable experience of your life. But you still tin get the money you need and probably come out in a good financial situation…..and….peradventure level consolidate those credit cards.

Strategic Capital Network is a licensed brokerage providing home equity loans for Ontario homeowners. If you would like to see if you qualify for a home equity lend go to www.loansforontariohomeowners.com for a FREE assessment.