Application Form
Do you need money for;
 Home repairs and remodeling?
Education of your child?
Then . . . use the equity in your home!
A CLICO Mortgage & Finance Corporation Home Equity Loan helps
you achieve the things you care about! You can borrow up to 80% of the
equity in your home and enjoy very competitive interest rates.
Here are some of the most frequently asked questions that our customers
ask.
What do you mean by equity?
Quite simply, equity means the difference between the appraised value
of your home and the balance on the first mortgage.
How will CMFC determine the amount that I will be eligible to
borrow?
Let us look at the following example.
| Appraised Value of property |
$150,000 |
| |
X 0.80 |
| Maximum Loan amount |
120,000 |
| Less Balance due on first mortgage
|
$60,000 |
| Estimated available equity |
$60,000 |
How do I go about applying for a CMFC Home Equity Loan?
Complete and submit our on-line mortgage application form to start the
ball rolling. We also require a valuation from one of our approved valuers.
What are the closing costs like?
All legal fees associated with the transaction must be borne by you the
borrower. You should therefore consult with your attorney about these
costs. In addition to the legal fees, you will also have to pay a negotiation
fee (0.5% of the amount borrowed), commitment fees (0.5% of the amount being
borrowed).
How will you gauge my ability to pay?
A very important criterion is your debt service ratio (DSR). At CMFC,
to qualify for a loan your DSR (Total Debt Payments/Gross Family Income)
should not exceed 40%. Debt here refers to other mortgage payments, bank
loans, hire purchase loans, credit card debt etc.
It is important that you insure your valuables. Visit the Homeowners Insurance section of our site for further details. You can also get an on-line quote.
Complete our On-line Application form today and one of our professionals will be in contact with you!
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