FIVE STAR CUSTOMER SERVICE! 
+1 416 800 4284
Equity Takeout
Mississauga
Award winning customer service to each and every single client!
Let's Get Started
Your Mississauga Home May Hold Significant Equity
With changes to the Canadian Mortgage Market, Equity Takeout Mortgages have been replaced by Equity Loans or in the case of the primary residence Home Equity Loans.
If you’re a homeowner your Mississauga property could represent a significant chunk of your personal wealth. A home bought several years ago may have significant equity value due to the initial down payment, repayment of the principal debt and appreciation in the value of property over time. This equity can be used as collateral for a loan.
Equity is the net market value of your property after deducting the mortgages owed on it. Equity loans are typically second mortgages so they do not replace the primary mortgage. You will only qualify for the equity loan when the equity on your property reaches twenty percent or more.
Mortgage Offers
...pick the one thats right for you.
$1000 Cash Back or Free iPad
When You Close With Us!
Featured Rates
starting from
6.45%| Term | Rate |
|---|---|
| HELOC | 5.95% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
3.99% | 5 year |
 First National Financial |
4.19% | 4 year |
 RMG Mortgages |
4.09% | 3 year |
 Street Capital Bank |
4.99% | 2 year |
 TD Bank |
4.99% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 4.95% (Prime - 1%) |
| 3 year variable | 5.1% (Prime - 0.85%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 5.75% |
You have questions. We are here to help!
Equity Loans – the Facts
Because it is a second mortgage, the primary mortgage will take precedence should you default on payments. The lender, in the case of the second mortgage, will receive only partial payment if there are insufficient funds made from the sale of the property to cover both. Since there is more risk to the lender of the second mortgage, the interest rate is typically higher than the interest on the first.
Because the loan is secured, equity loans tend to be a lot cheaper than other forms of finance, the term is longer and they are typically cover larger amounts. This makes them ideal financing tools for large projects such as renovations. Financing through equity loans can make the cost of large projects affordable. They are commonly used to finance expensive items over a short period of time.
A Home Equity Loan is different to a HELOC in that you will receive a lump sum payment on the conclusion of the agreement. The interest rate and monthly repayments are fixed. The loan starts to accrue interest as soon as the lump sum payment is made.
Equity Takeout As A Line Of Credit
You can decide to take the equity takeout mortgage as a line of credit. If you take this route you can borrow just what you need when you need it. You pay interest only on the amount that you have borrowed. With this type of loan, you obtain approval for a given amount but you don’t have to take it all at once. You can pay back the principal amount at your own discretion.
The Advantages of an Equity Takeout
- A home equity loan is a great way to improve the value of your house, allowing you make improvements or to do renovations.
- The interest payments may be tax deductible if the money is used for an investment from which you earn an income.
- The equity loan can be used to consolidate high-interest debt or to fund your children’s education.
Disadvantages of using home equity
- The initial fees are high
- Inability to service the payments on the mortgage could result in foreclosure and your family could be left without a home.
- Because equity loans are based on market value, a major drop in property value could result in insufficient equity to cover the loan and you could end up owing money even after you have sold your home.
Your Mississauga Mortgage Broker Can Help You Make the Right Choices
If your credit rating is on top form, your bank may be prepared to offer you an equity loan, but they will insist that you take mortgage default insurance. This will add to the already higher interest cost, so it may be more cost effective to go to a private lender. You’ll have to pay both mortgages simultaneously so care must be taken to ensure that you can afford the repayments.
Your Mississauga mortgage broker can help you to choose the best option to suit your needs.
Google Reviews
Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
Contact Us
Turkin Mortgage Across Ontario
…by providing award winning customer service to each and every single client.
