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Category: Home Equity

July 03, 2018

What is a Second Mortgage?

Borrowers looking to apply for a Home Equity Loan or Line of Credit are likely to hear the term "second mortgage" at some point as they are shopping and applying for a loan. Although a common term, it's one that is often open for misinterpretation. In our latest blog, we review this terminology and bring clarity to it.

May 22, 2018

Planning for Life Events

Let’s face it, life can be expensive. Even with the best planning, you will still have times where you will need to borrow money. Here are some of the most common things, outside of home improvements, that might require a loan to finance a portion or all of the expense.

April 27, 2018

How Do I Find Out My Home’s Value?

For borrowers looking to apply for a Home Equity Loan or Line of Credit, the value of your home is going to be a significant factor in determining how much you can be approved for. As a result, it’s normal for you to wonder what your home is worth. There are a couple of ways a borrower can find this information, each with varying degrees of accuracy.

October 27, 2017

How Risk Affects your Home Equity Line of Credit Rate

When deciding to take out a Home Equity Line of Credit, one of the first things someone will research is the rate they will pay. As they research rates offered by various lenders, they often learn that more and more banks offer what is called risk-based pricing, which then prompts the question, “What exactly is risk-based pricing?”

September 20, 2017

What is Debt-to-Income Ratio?

If you’re looking to borrow a Home Equity Loan or Line of Credit, the term debt-to-income ratio is likely to come up. This is a major consideration when a lender is evaluating a credit application. You'll want to be sure to know what it means.

June 15, 2017

Will I Need a Home Appraisal When Applying for a Home Equity Line of Credit?

A home appraisal is an impartial evaluation of a home’s value performed by a professional appraiser. What an appraisal allows a bank to do is confirm that the value of your home is more than the outstanding balance on your mortgage plus the amount you are looking to borrow on your Home Equity Line of Credit.

April 17, 2017

What is a Home Equity Line of Credit Draw Period?

A draw period is the period of time you can access funds available on a Home Equity Line of Credit. It can vary from bank to bank and even from product to product and is typically in a range of 10-25 years.

November 17, 2016

What is Loan to Value Ratio?

A question we are commonly asked by people looking to borrow with the ENB HomeLine is…what is Loan to Value Ratio? People notice the terminology in advertising disclosures and elsewhere, but often don’t know what it means. We explain in our latest blog.

Contact us and we’ll answer your questions.