This will give you an idea of how the home equity loan application works at Alternative Lending.ca.
Contact us:
The best thing to do is to contact us via phone or email. The consultation is free and we can quickly give you an idea of what is possible and what the rate and costs will be.
Fill out an application:
If you like the answers, then your next step is to fill out an application.
Analysis and Shopping:
Once it is sent back, we analysis your situation to see if a home equity loan is the cheapest option. Because we have access to all types of programs from banks, credit unions and trusts, we can sometime find a better solution through them. This is an additional advantage of coming to us over going directly to an individual home equity loan lender. It is only when we exhaust this option before we move ahead with the home equity loan.
Your file is shopped around different lenders to get you the best rate and terms.
Discussion:
The top options are discussed with you.
If you do not like what we have to offer, then the process ends here. There are no obligations and no cost to you.
Sign commitment:
If you feel that we have found a solution for you, then you will need to sign a commitment letter to confirm that we are going ahead with the loan. Depending on the lender, some will request a good faith deposit to cover the legal costs should you change your mind after the commitment letter is signed and the lawyer has been instructed to do work.
Receiving the money:
In general, depending on the complexity of your case, you should be able to get your money 5 to 10 business days after you sign the commitment letter. This is assuming that if there are any supporting documents/information that is required that you can provide them without delay.
Related: