How it Works
We are an equity based lending solution. Which means it is primarily your homes equity that determines qualification, not your job history, credit score or monthly income. This allows us to help you when the banks say “no.”
What is Home Equity
Equity is the net value remaining after you subtract all prior encumbrances (mortgages, liens etc.) against the property.
Equity grows in two ways:
As time passes the balance of your mortgage goes down because of the payments you have made. As a result the equity of your home is increasing.
The Canadian housing market has a history of increasing in value over time. While you are paying down your mortgage the market value of your home is likely increasing, resulting in accumulated equity.