A: A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home. You can borrow, repay, and re-borrow funds up to your limit, paying interest only on what you use.

A: A private HELOC (Home Equity Line of Credit) is an equity-based financing option that does not require proof of income or employment. Approval is based primarily on your home’s equity, not your income or credit score. Private HELOCs typically allow up to 75% loan-to-value (LTV), compared to around 65% with traditional banks. They also offer faster approval times and often no prepayment penalties, making them a flexible solution for many borrowers.

Bank HELOCs (Traditional Lenders): 1. Interest-Only Payments During Draw Period You typically only need to pay the interest on what you borrow. This period can last 5–10 years, depending on the lender. You can repay and re-borrow funds at any time. 2. Principal + Interest Repayment (if applicable) Some HELOCs transition into a repayment period where both principal and interest are due. Terms vary, but this can last up to 20 years. 3. Variable Interest Rates Most bank HELOCs have variable rates tied to the prime rate, which can fluctuate over time. Private HELOCs (No Income Verification): 1. Flexible Repayment Options Often structured as interest-only for the duration of the term. Terms are usually 1 to 3 years, renewable. 2. No Fixed Amortization You can repay the principal in a lump sum at the end or gradually during the term. 3. No Prepayment Penalties (Typically) Most private lenders allow early repayment without penalties, giving borrowers added flexibility. 4. Higher Interest Rates Rates are higher than bank HELOCs due to the higher risk and lack of income verification.

• Homes act as collateral, failure to repay can result in foreclosure. • Interest rates are variable and tied to prime. • Easy access to funds may tempt overspending. • Only paying interest may prolong debt.

A: GNE Mortgages Inc can assist you in finding the best mortgage rates and terms through personalized service and industry expertise. As a mortgage broker, we have access to a vast network of lenders, including major banks and credit unions, which allows us to compare a variety of mortgage products tailored to your specific needs. Our team analyzes your financial situation, credit history, and homeownership goals to identify the most suitable mortgage options. Additionally, we negotiate on your behalf to secure competitive rates and favourable terms, ensuring you get the best possible deal. By leveraging our professional knowledge and relationships within the industry, Gne Mortgages Inc saves you time and stress, providing you with the peace of mind that you are making an informed and optimal financial decision. Best of all, our services are usually free to you, as we're typically paid by the lender, not the client.

A: At GNE Mortgages Inc, securing a mortgage for a borrower generally takes between 2 to 6 weeks. The exact timeline can vary based on several factors including the complexity of the borrower's financial situation, the responsiveness of the borrower in providing necessary documentation, and the efficiency of the lender. Our team of experienced mortgage brokers works diligently to expedite the process, ensuring that each step—from initial consultation and pre-approval to final mortgage approval—proceeds as smoothly and quickly as possible. We maintain constant communication with all parties involved to avoid delays, providing a seamless experience for our clients. If you have any further questions about the mortgage process or need personalized assistance, please don't hesitate to contact our team at Gne Mortgages Inc.

A: The specific documentation requirements may vary, but commonly requested items include proof of income (pay stubs or tax returns), employment verification, bank statements, identification documents, and details about the property you purchase or refinance.

Absolutely. At GNE Mortgages Inc., we understand that life doesn’t always follow a perfect financial script. Whether you have bruised credit or non-traditional income, we’re here to help — without judgment. Our team specializes in finding real solutions for real people, working with a wide range of lenders who offer flexible options beyond the banks’ strict criteria. We’ll take the time to understand your story and match you with a mortgage that fits your needs, not just the numbers. Let’s talk about your goals — and how we can help you make homeownership a reality.

A: No, you won’t lose your home or have it taken by the lender as long as you: continue to pay your property taxes, maintain the home, and keep your homeowner’s insurance up to date.

A: Yes, you can get a reverse mortgage even if you have an existing mortgage. In fact, many homeowners use the reverse mortgage funds to pay off their current mortgage, eliminating monthly payments and freeing up cash flow. The key is having enough home equity — our team can help you assess your eligibility and show you how it works.