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What you should know about borrowing with your home

A mortgage vs a borrow with your home loan

It’s commonly thought, anytime you are a home owner and borrow money based on the fact that you own your home, it’s considered a mortgage. Either a first, second or third mortgage. This is not the case with a Prudent Financial borrow with your home  loan where your home is part of the conversation.

Is this a collateral loan?

In the case of a Prudent Financial borrow with your home loan, the loan is not tied in directly with the loan as it would be in a traditional collateral loan. So for these purposes, it is not a collateral loan.

Why is a Borrow With Your Home loan more convenient?

When a lender ties your home directly to the value of the money you’re borrowing, it’s necessary to file and register with the appropriate agencies all paperwork necessary to prepare a mortgage against your home.  Because a Borrow With Your Home loan is not a mortgage and doesn’t require the same paperwork a mortgage requires, it’s a much faster way to borrow money.

How is a Borrow With Your Home loan different?

As stated above, because this is not a mortgage, the paperwork is minimal.  And because it’s not a mortgage, if the home is owned by more than one person, the loan only requires the signature of one of the owners, provided the borrower owns half of the worth of the home.  This makes for a much more convenient borrowing experience.  If you own 50% of the home where there is at least 50% of the value of the home free from encumbrances, a Borrow With Your Home loan becomes a very quick and efficient way to borrow money.

What are the Rates for a Borrow With Your Home loan?

If you are taking advantage of a borrow with your home loan through Prudent Financial, the rates are among the lowest in the GTA for lower credit score borrowing.  The exact rate and fees will be calculated according to your credit history and clearly made available prior to your acceptance of the loan.  Because Prudent Financial pioneered the Responsible Lender Pledge, you can be sure the rates will be very competitive and the terms will be arranged around a payback schedule that is realistic with your financial situation at the time of the loan acceptance.

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Prudent Financial Prudent Financial Smart Money Clubhas been in business since 1984 and many of our customers date back several years. We stress the importance of a transparent relationship and equip our customers with as much knowledge as we can on how to hang on to more of your money with smart common sense tips and advice.  Join our Smart Money Club Facebook page  and learn how to keep more of your money while learning smart credit rebuilding tips too. Questions?  Call one of our helpful loan officers anytime during the business day at 416.223.9300.