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Ajax is a town in Durham Region in Southern Ontario, Canada, located in the eastern part of the Greater Toronto Area. The town is named for HMS Ajax, a Royal Navy cruiser that served in World War II. It is approximately 25 kilometres (16 mi) east of Toronto on the shores of Lake Ontario and is bordered by the City of Pickering to the west and north, and the Town of Whitby to the east.
An ordinary home equity loan is simply a first or second mortgage provided for one year. Interest rates range from 7%-15% and the mortgage agreement allows borrowers to end payments early if possible. There is a penalty in interest fees to be paid for making this choice but it is certainly worth it because, besides peace of mind, you also get an improved credit score. Despite high interest compared to other products, people still seek the more flexible home equity loans. With help from our pleasant loan officers, you will surely find a home equity loan in Ajax to suit your specific needs.
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The mortgage agreement can feature any variation you want to ensure that you get the best loan with assistance from experienced professionals.
A home equity loan lenders can only decide how much to offer you by looking at the value of debts and that of your property. Using these two numbers, they can calculate a metric known as loan to value (LTV) ratio. The hope to get a result that is below 85% by dividing the value of debts by that of your home. 85% LTV or below is a sign that you have enough equity to act as security for the loan. While loan to value is the key factor in deciding who qualifies some lenders are also sensitive to other factors including credit score.