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Home Equity Loans in St. Catharines

About St. Catharines

St. Catharines is the largest city in Canada’s Niagara Region and the sixth largest urban area in Ontario, with 96.13 square kilometres (37.1 sq mi) of land and 133,113 residents in 2016. It lies in Southern Ontario, 51 kilometres (32 mi) south of Toronto across Lake Ontario, and is 19 kilometres (12 mi) inland from the international boundary with the United States along the Niagara River. It is the northern entrance of the Welland Canal. Residents of St. Catharines are known as St. Cathariners. St. Catharines carries the official nickname “The Garden City” due to its 1,000 acres (4 km2) of parks, gardens and trails.

St. Catharines is between the Greater Toronto and Hamilton Area (GTHA) and the Canada–U.S. border at Fort Erie. Manufacturing is the city’s dominant industry, as noted by the heraldic motto, “Industry and Liberality”. General Motors of Canada, Ltd., the Canadian subsidiary of General Motors, was the city’s largest employer, a distinction now held by the District School Board of Niagara. THK Rhythm Automotive, formerly TRW, operates a plant in the city, though in recent years employment there has shifted from heavy industry and manufacturing to services.

St. Catharines lies on one of the main telecommunications backbones between Canada and the United States, and as a result a number of call centres operate in the city. It is designated an Urban Growth Centre by the Growth Plan for the Greater Golden Horseshoe, intended to achieve a minimum density target of 150 jobs and residents combined per hectare by 2031 or earlier.

Types of Home Equity Loans

A St Catharines Equity Loan with bad credit comes in different forms. These include: Home Equity Line of Credit, Home Equity Loan, and complete refinance. These are discussed in more detail below.

Refinance

Sometimes it is better to completely refinance your mortgage or loans especially if you locked into a higher rate before the mortgage rates went down. Your mortgage broker will look at the numbers to determine whether refinance into a single new first mortgage is the best option for you. Typically, depending on the property location and crdit worthiness first mortgages are available up to 80 percent of the home’s value. If you need more than 80 percent, then some lenders, (often private lenders) will offer a second mortgage over 80 percent of the home’s value. These days, however, no many lenders are willing to finance 100 percent of your home’s value.

How to Find the Best Home Equity Loans

Finding the best St Catharines equity loan with bad credit is easy and can save you thousands of dollars if you use a professional mortgage broker. He or she will follow these simple strategies for you: