Frequently Asked Questions

HOME EQUITY LOANS

1. What is a home equity loan?

A home equity loan is a secured loan where a property is used as security. There is a fixed monthly payment and term. The funds can be used for whatever your needs may be.

2. Am I eligible for a home equity loan?

Applicants who meet the following criteria will be considered:

  • Individuals must own a property

3. How do I apply for a home equity loan?

You can call, visit our office, or apply online. Applying online is easy, secure and will take you five minutes. A Tribecca Mortgage Specialist will contact you within six business hours by phone or email to discuss your application.

4. When will I receive my funds?

Once your loan has been approved, you will receive a call from one of our Mortgage Specialists to schedule a time for you to come in to our office to sign the necessary documents. Once signed, you will receive the funds within five business days.

5. How do I make my monthly payments?

Your monthly payment will be automatically debited from your bank account.

6. What area does Tribecca service?

Our customers must reside in the Greater Toronto Area (GTA) or surrounding areas.

7. If I am currently in arrears with my mortgage payment(s) and/or property taxes, am I eligible for a loan?

Yes. We can lend based on the equity of your property and will take your specific circumstances into consideration.

8. What are my payment options?

Payments are made monthly and will automatically be debited from your bank account. You can amortize your mortgage up to 40 years or take advantage of our interest only payment option which enables you to lower your monthly payment.