Calgary Lawyers To Get Equity Out Of Your Home
Home equity credit refers to loans that are secured against the equity in your home. Lenders lend you money knowing that if payment is not made, they have a secure asset that they can sell to repay the loan. The lawyers at Calgary’s Kahane Law Office help you with your mortgage refinancing. We also help to set up credit facilities registered against the title to your home. Call today 403-225-8810.
Where To Get This Type Of Credit Financing
Most people will set up their home equity credit through their local bank or credit union. There are a number of other mortgage companies, insurance companies and lending institutions that lend on a home equity basis. Most require a lawyer to set up the legal side of the loan.
What Type Of Home Equity Credit Loans Are There?
As stated, a variety of home equity credit loans exist in Canada. While the specific terms of your equity financing varies between products and lenders, three basic types exist. For example, they include:
Home Equity Mortgage
A home equity mortgage is a typical mortgage where you borrow against the equity you built up in your property. Restrictions exists in Canada in terms of the amount allowed for borrowing. Depending on the value of your home, most lenders can lend up to 90%-95% of your homes value. On a refinance, that amount is less.
Line Of Credit Equity Loans
A line of credit home equity loan operates much like a bank account. Some of these products also include a bank account. Funds can be drawn down on or paid back at any time. The interest rate is often higher than a standard mortgage type loan.
Hybrid Home Equity Products
A number of lenders offer hybrid products. It offers a fix mortgage component as well as a line of credit component. In some of these types of home credit loans, the amount of available line of credit is fixed. The mortgage component operates like a standard mortgage. In some products, the line of credit amount available will increase as the mortgage decreases.
What Do Home Equity Lawyers Do
While they come in a variety of terms, most home equity loans require a mortgage to secure them on title to your home. Once you let your lender know we are acting, we will request tax and title searches, and then follow the lending companies mortgage instructions. Once we have all the documentation drafted, we will schedule an appointment with you to come and sign. Lastly, we then send the mortgage document to the Alberta Land Titles Office for registration.
How Long Does It Take To Set Up A Mortgage Or Line Of Credit?
While it can take land titles some time to register the mortgage, we can usually request funds before actual registration occurs. We usually ask for a week to prepare all the documents, have them signed by you and then fund the loan. If needed, we can speed up the process. In most cases, we can fund within one to two business if required. Rush fees may be charged, but if you are in a rush, we can tell you the amount before you commit to the additional cost.
Lawyers In Calgary For Your Equity Loan On Your Home
The lawyers at Kahane Law know real estate related loans. We look forward to helping you complete your home equity financing. Let your lender or mortgage professional know you want us to act for you. They then send us the information required to start the legal process. We believe in flat rate pricing so you know the cost of hiring us before you commit. Call or email any time. We enjoy answering questions. To reach us in Calgary, Alberta call 403-225-8810 or email us directly here.