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The Home Equity Loan Program (H.E.L.P.) is a low interest second mortgage program available for Ontario homeowners. Homeowners can borrow up to $50,000 with no credit check at 7.85% interest. Homeowners who have sufficient home equity will qualify for financing, regardless of their personal credit and income.
The program is designed to help homeowners consolidate bills and lower their monthly payments. However, the loan can be used for ANY purpose. Benefits of this program include:
- No credit checks
- Fully open payment schedule
- 48 hour online approvals (no office visits)
- No in house appraisal required
- Low monthly payments
- 7.85% 1 year fixed rate
Click here to apply online
| Fully Open |
All mortgages are fully open in whole or in part on any payment date without notice or bonus. |
| Term |
7.85% 1 yr. fixed rate with all renewals tied to the Royal Bank of Canada rate. So that clients are assured of an ongoing low 2nd mortgage rate, any renewal can never exceed the greater of 7.85% or a maximum of 3.85% above the Royal Bank of Canada 1 yr. open 1st mortgage rate. |
| Loan to Value |
80% LTV ratio. (higher advances available on an exceptional basis) |
| Loan Area |
Greater Toronto and surrounding area of Southern Ontario |
| Monthly Payments |
$15,000.00 at 7.85% x $ 99.00 per mo. principal & interest
$20,000.00 at 7.85% x $129.00 per mo. principal & interest
$25,000.00 at 7.85% x $165.00 per mo. principal & interest
$30,000.00 at 7.85% x $198.00 per mo. principal & interest
$35,000.00 at 7.85% x $229.00 per mo. principal & interest
$40,000.00 at 7.85% x $264.00 per mo. principal & interest
Higher amounts available on request
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| Appraisal |
No in house appraisal required |
| Lender Fees |
Rather than a CMHC type of lending where everyone pays the same premium based on the same LTV ratio, this 2nd mortgage premium is based on a seven-point risk scale taking into consideration the following:
- Location (i.e. desirable location vs. less desirable location)
- Property (i.e. newer home vs. older home in poor condition, etc.)
- Employment (i.e. managerial vs. unskilled trade vs. skilled trade vs. self-employed, etc.)
- Income bracket (i.e. above average income vs. lower income employment)
- 1st mortgage info (i.e. type of 1st mortgage lender such as Royal Bank vs. Home Trust)
- When purchased (i.e. bought last year and already wants to take out equity vs. 10 yr. homeowner)
- Loan to value ratio (i.e. wants to borrow the absolute maximum vs. small $15,000 advance)
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This mortgage Equity Loan Program is an equity fund, therefore confirmable income and credit are not included in the 7 point risk scale.
You will be required to provide the following documents:
Copy of your first mortgage statement
Current property tax bill/certificate
Home insurance policy/coverage
Lawyer's information (name/address/phone#/fax)
Void check
Important!
The H.E.L.P program is only offered by select mortgage brokers in the province of Ontario. This program is NOT available at chartered banks or trust companies.
Click here to apply online
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