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 $75,000 with no credit check from 8.99%% 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.
Restrictions may apply on condominiums, smaller urban or rural areas and on higher priced homes or income properties
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. skilled trade vs. self-employed, etc.)
Income bracket (i.e. above average income vs. average income employment)
1st mortgage info (i.e. type of 1st mortgage lender such as Bank of "B" product lender)
When purchased (i.e. recent purchase vs. long term homeowner)
Loan to value ratio (i.e. amount of loan requested vs. equity left after loan advance)
Protecting your privacy and the confidentiality of your personal information has always been our policy whether we do business with you through the Internet by fax or over phone.