Check Out Fast and Flexible Home Equity Loans from Tembo Financial
Home equity loans are a great financial tool where homeowners can use the equity of their residential property and use the funds for a variety of purposes. Are you looking to pay down debt, buy a second home, finish a renovation project, or just excited to take your family on a long-awaited vacation? With a home equity loan in Ontario the options are practically endless.
For years, Tembo Financial has been providing exceptional service helping homeowners with acquiring home equity loans in Ontario. Regardless of a homeowners age, income or credit score we are able to approve clients fast and efficiently often with no credit checks or appraisals*. We provide funds to our clients in many cases within 48 hours from receiving their initial application.
What can a home equity loan be used for?
As one of the leading financial services providers, Tembo Financial offers a tailored solution to each client. Once approved, homeowners can receive a home equity loan in Ontario to afford the things that matter most.
With this advance, homeowners can use the equity for many things, such as:
- The deposit or closing costs of another home.
- Debt consolidation
- Home Renovations & repairs
- Purchasing new furniture.
- Personal emergencies.
- Paying off personal taxes
- Going on vacations.
Looking for home equity loans in Ontario? Contact Tembo Financial
Tembo Financial has been one of Ontario’s leading home equity loan providers. We will ensure to get the money to our clients as quickly as possible so they can use it to cover all the things they need. Please get in touch if you are interested in a home equity loan in Ontario.
Example of a home equity loan for home renovations:
John and Nancy initially purchased their home in 2018 and have seen home prices in their area grow substantially over the years. They have always wanted to update their kitchen and bathrooms but with starting their own businesses, they initially found it very difficult to find the funds to complete these renovations. Through Tembo’s website, John and Nancy submitted an application for a $40,000.00 Home Equity Loan to finally complete their upgrades. After reviewing the necessary documents, they were approved the same day and had the funds in their account within 48 hours of submitting their application.
Example of a home equity loan for second home purchase:
Dan and Heather have always dreamed of buying a cottage on a peaceful lake but with property values always on the rise, they never thought saving for the down payment was ever realistic. After speaking with Tembo Financial, Dan and Heather realized they had enough home equity in their primary home in Toronto to use for their down payment. After searching around for the perfect cottage, Dan and Heather were able to make their dream a reality by using a home equity loan from Tembo Financial.
No longer do you have to wait until the future closing date of your home to receive your money from the proceeds of sale. Tembo Financial can have your funds to you in as little as 48 hours (from receipt of application) with no appraisal and no credit check!
Tembo Financial offers property owners a unique service whereby once you have received, and signed off on a firm purchase and sale agreement on your existing property that you had listed for sale, you can apply for an advance on your equity that you would typically receive upon closing of the sale and the transfer of title.
For example: If you were to sell your home firm on April 1st, but the closing date is set for June 29th, you would normally wait the 90 days until closing to receive your proceeds of sale. Thanks to Tembo Financial, you could avoid this waiting period, and receive your proceeds of sale within 48 hours, or in this case by April 3rd.
What are the costs of getting an equity advance?
The fees are simple with our home equity advance loans and always clearly outlined in our commitment and borrower disclosure. The fee structure is dependent on many factors, including the loan amount, the position on title as well as the location and condition of the subject property. Give us a call today to discuss home equity loans in Ontario and get a quote at 1 844 238 6717.
Are lawyers required to get an equity advance?
Yes, lawyers are required to complete the loan transaction. Fortunately for our clients, Tembo Financial has the really low legal fees.
How long does the application process take for an equity advance?
The application process is simple and only takes a few short minutes to complete. Most clients are approved in minutes! We are often able to fund the loan in 24-48 hours. Some conditions apply and are subject to qualification.
How is my equity advance secured?
All our loans are secured by real estate. Tembo Financial registers a mortgage ranking directly behind the existing mortgage(s) in place.
When do I receive the funds for my equity advance?
Funds are sent to our client’s bank account directly from the lawyers once the file is “closed” and the mortgage is registered on title.
Do I need a home appraisal for my equity advance?
In most cases we do not require appraisals, however some exceptions apply.
What documents do I need to apply for an equity advance?
- 2 pieces of Valid ID (Drivers License, SIN #, Credit Card, Passport)
- Void Cheque
- Most Recent NOAs (upon request)
Documents Related to the property:
- Most recent mortgage statement(s)
- Most recent property tax statements
(If the property is Sold or going to be sold)
- Listing Agreement
- Purchase and Sale Agreement (when applicable)
- Sold MLS Listing (when applicable)
- Any waivers, Amendments pertaining to the sale
- A copy of the buyers deposit cheque (when applicable)
What rates does Tembo Financial charge for an equity Advance?
The interest rates at Tembo Financial are competitive to current market prices but do vary depending on each client situation. Please call our offices at 1 844 238 6717 to get a quote.
Is there a minimum loan amount for an equity advance?
Our minimum loan amount at Tembo Financial is $25,000.00
How does Tembo get repaid from an equity advance?
Clients have options when it comes time to repaying the loan. Many clients decide to repay the loan directly through their lawyer on the closing date when the subject property is sold. Clients might not be selling their home and therefore decide to pay off the loan through a mortgage refinance or from their own personal funds. Every situation is different. If you need assistance in figuring out your repayment strategy, please give us a call for home equity loans in Ontario today.
What areas does Tembo Financial Lend in?
Tembo lends throughout Ontario. Please contact us directly to see if we lend in your area. Some of our approved lending areas include: Ajax, Arnprior, Barrie, Bracebridge, Bradford, Brantford, Belleville, Burlington, Brampton, Caledon, Cambridge, Collingwood, East Gwillimbury, Erin, Fort Erie, Guelph, Goderich, Gravenhurst, Grimsby, Hamilton, Halton Hills, Huntsville, Ingersoll, Kawartha Lakes, Kingston, Kitchener, London, Markham, Mississauga Milton, Mono, Newmarket, Niagara Falls, Oakville, Orillia, Ottawa, Orangeville, Pelham, Pickering, Peterborough, Prince Edward County, Richmond Hill, Sarnia, St Catharines, St. Thomas, Toronto, The Blue Mountains, Vaughan Wasaga Beach, Whitby, Waterloo, Whitchurch-Stouffville, Windsor.
Can my equity advance be an open term?
Yes, some of our equity advances are full open. This allows our clients to repay their loan any time during the term of the loan without any repayment penalties. Depending on the client’s situation, we can provide terms that make the most sense for the situation.
What term length are your Equity Advances?
In most cases our equity advances are 12-month terms. We can customize the term length to be anywhere between 1 and 12 months for all Equity Advances.
Use your equity advance for a variety of things.
Closing Costs include legal fees and disbursements, land transfer tax, and other costs associated with the purchase and sale of your home.
Moving Expenses can include truck rental fees, labour costs, packing materials, insurance coverage, and other unexpected costs.
New Furniture can be necessary when downsizing or moving into a larger home, but this additional cost is not always accounted for.
Home renovations can include costs such as labour, appliances, and equipment. Improvements can cause an increase in the value of your home.
Personal Emergencies are almost always beyond your control, and can incur unexpected costs at a rapid rate to you and your family.
Vacations allow you, the homeowner, to take time away from the stresses of moving for some rest and relaxation you deserve.