Lots of Home Equity but Your Spouse Won’t Sign… Read On

Many married couples own a home together but owe debts to creditors separately. When this occurs, each partner will accumulate home equity, thus increasing their respective net worth.

This can make for a great partnership most of the time but can become a challenge when you want to look for mortgage financing. If one half of the couple wants to take advantage of their home equity, most lenders will not only want the spouse to sign, but they’ll also require the spouse to go through the full mortgage closing process. This can get burdensome and often includes your spouse seeing your closing costs, such as brokerage, legal, administrative, and appraisal fees.

If you go the traditional route and your spouse does sign, it means you’ll have to share your desire to borrow money with your spouse (which you may not otherwise have wanted to do) and your spouse has to agree to be responsible for the debt. Along with going through the whole closing process with you, this can be very stressful.

So, what can you do if you want to access your home equity, but you don’t want your spouse to know or they won’t sign?

Some lenders have recognized this challenge and have innovated their products and services to fill the gap. Take Prudent for example. We lend to those who have bad credit or who are self-employed. And if you don’t to include your spouse in the transaction, you don’t have to. As long as you have 50% equity in your home, you can get a home equity loan based on this with no mortgage registered, no closing costs, and no spousal signature required.

It may seem like 50% is a lot of home equity to need, but if you’re in Toronto/GTA, you may be closer than you think. The GTA real estate market has exploded in the past few years, so you might be surprised by how much home equity you actually have.

When you want to apply for financing based on home equity from Prudent, we don’t put you through an expensive or intrusive appraisal. We perform a homeowner report, which tells us your property’s value.

Curious about how much borrowing power you home has? Call us first. We offer unsecured loans based on home equity, full service first and second mortgages, and personal loans.

Contact us today at 1-888-852-7647 or visit www.prudentfinancial.net.


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