TEXT US @ 604-226-9099
Frequently Asked Questions
Helping you work towards a brighter financial futureLeap Financial is your all-in-one private lender. As proud Canadian private lenders, for many successful years, the Leap Financial Team has been helping British Columbian residents with home equity loans, finding homeowners the money they need for whatever their financial endeavours may be. The Leap Financial Team consists of financial specialists with over 20 years of industry experience who whole-heartedly care about your financial well-being. We want to provide you with the solutions to your financing needs.
What is a Home Equity Loan?
Home Equity Loans allow homeowners to borrow against the equity in their homes. The potential loan amount is based on the difference between the home’s current market value and the homeowner’s mortgage balance due.
Home Equity Loans can be used to consolidate debt, renovate your home, pay for you or your child’s education, start or finance a business, or be used for any reason you see fit.
How do I calculate the equity I have in my home?
You can calculate home equity by taking the current market value of your home, then subtracting any mortgages/loans you have against the home. The difference is the remaining equity that you have built up in your home.
600
Appraised Value
200
Your Mortgage
400
Available Equity
You could have access to a portion of that home equity within a week of applying with Leap Financial!
What is a second mortgage?
A second mortgage may also be known as a home equity loan. The mortgage you obtained when you purchased your home is your first mortgage and a subsequent mortgage or, home equity loan would be a second mortgage. Third mortgages are also available.
How do I apply for a Home Equity Loan?
Applying for a loan at Leap Financial is a smooth and easy process. Simply begin by completing the free online application form, and that’s it! It takes less than a minute – it really is that simple! A lending expert will contact you shortly after to discuss your options. Click here to get started!
How quick is the process?
The process time can very on each file, but the typical turnaround time from approval until the funds are in your account is 1-2 weeks.
What are your rates?
There are a few variables that go into the interest rates. Rates are dependant on the location of the home, amount of equity available and the position of the mortgage on title.
Does your income and credit score matter when it comes to a Home Equity Loan?
No, your personal credit score and income will not affect your chances of qualifying for a Home Equity Loan with Leap Financial.
Where are you located?
We’re located in South Surrey, British Columbia, Canada.
Is Leap Financial a lender or a broker?
Both. We have access to our own capital but we also work with dozens of equity based lenders. We will always source out the best option for our clients.
Can Leap Financial also provide conventional bank mortgages?
Yes. We are a licensed brokerage and work with all the banks and credit unions in Canada.