The typical time frame you can expect is 3-4 weeks. However, the time it takes from getting approved to being financed will vary from case to case. Many factors can cause your mortgage approval to be delayed. It is essential to keep in touch with your lenders or mortgage agents regularly and ensure you have any requested documents on time.

HELOC stands for Home Equity Line of Credit, a type of mortgage secured against your home. As the house mortgage is paid off, it builds up equity in the house. HELOC allows the house owner to access the home equity to use the funds required. One cannot exceed 65% of the house’s value. HELOC could be used to consolidate high-interest debt (for example: paying off credit cards), renovate their home, pay for higher education, and expand the business.

People sometimes choose the former option when considering moving or renovating existing homes. It is financially wiser to renovate the house instead of shifting the residential base as buying a new home can lead to several fees, such as land transfer fees, lawyer fees, realtor fees, and moving expenses. Renovations can increase the value of your property. We can help homeowners to get a home renovation mortgage based on the home’s equity.

If a homeowner owes a balance at the end of the mortgage term, you will need to renew your mortgage for another term. Having enough time to shop around for your next mortgage is always recommended. Remember to mark the current mortgage maturity date on the calendar. A couple of months before the maturity date is usually when the lender starts to send special offers on renewals. Please restrain from accepting the lender's offer since it may not be the best option.