PADS is an online platform designed to assist qualified Canadians to obtain a mortgage.The whole process is done through our platform without the need to leave the comfort of your home.
You can send us a message through our contact us form.
Our offices are open Monday to Friday from 9am to 5pm although you can submit an application online at any time.
Our team will respond within 24 business hours of your request.
A Home Equity Loan allows you to borrow money using the equity in your home, which is calculated by subtracting the amount you still owe on your mortgage from its market value.
A home equity loan works by using your home as collateral to secure a loan. The lender will lend you money based on the amount of equity you have built up in your property. You will then repay the loan, plus interest and any fees, over a specified period of time.
Because it is a Home Equity Loan, you must be a registered owner of a property to apply and qualify for a loan with Pads Financial. If you own the home with someone else, that person becomes co-applicant and they would be required to apply as well and sign off on the loan .
A home equity loan can be used for a variety of purposes, including home renovations, debt consolidation, education expenses, medical bills, and more. There are no conditions for the use of the funds.
The amount you can borrow with a home equity loan depends on your home's value and the amount of equity you have built up. PADS allows you to borrow up a total of 80% of your home's value.
The interest rate offered can vary between 9.99% and 21.99% and is determined by several key factors. These include an evaluation of your borrower profile, the equity available on your property, and the loan term.
In an interest-only loan, borrowers only need to make bi-weekly or monthly payments towards the interest part of the loan. They're then expected to repay the full principal amount at the end of the term.On the other hand, a conventional home loan requires the borrower to pay both the interest and a portion of the principal each payment period, resulting in larger payment amounts. By the end of the term both the interest and principal will have been paid off.
A home equity loan provides a lump sum of money upfront, while a HELOC allows you to draw on a line of credit as needed.
Yes, as long as you have accrued equity on your property, you could be eligible for a home equity loan with PADS even with a lower credit score.
The approval process for a home equity loan with PADS is much faster than with a traditional bank. You can expect an answer within 24 hours of completing your online home loan application.
When applying for your loan, you must choose the loan term. You can repay the loan within 3 to 36 months. You can also choose to make bimonthly or monthly payments.
If you sell your home before paying off the home equity loan, the loan must be paid off with the proceeds from the sale.
Home equity loans generally offer lower interest rates compared to personal loans or credit cards, but they come with the added risk of putting your home as collateral.
You apply for a home loan by filling out the PADS online application form . You will have to answer questions about your property, employment and investments as well as verify your identity, upload some documents and provide access to your bank account for verification, all standard requirements. Once all the information is submitted, you can expect an answer within 24 hours.
To find out if you're pre-approved for a PADS home loan without any impact on your credit score, begin the application process here. If you decide to complete and submit your application, you will have to undergo a credit check which may or may not impact your credit score depending on your credit history.
During the online application process, you will be required to submit a picture of a government issued ID and a copy of your latest mortgage statement. You will also be asked to connect to your online banking for verification – all standard requirements. Once approved, we may require additional documents to finalize the file.
PADS leverages Flinks technology to securely connect with your bank account, enabling automatic income verification. This eliminates the need for uploading numerous documents, and your data is protected through tokenization and encryption. This not only simplifies the application process but also enhances the speed of approval.
The funds will be deposited into your bank account of choice once the loan is approved and signed.
The last step of the process will require you to meet with notary online. Through your portal you will have the ability to schedule a call and finalize your loan application to receive your funds.
Please proceed to the sign-in page and click on the "Forgot Password" option. Follow the instructions provided to reset your password.
To update your information, please sign in to your portal and navigate to the appropriate tabs where you can make the necessary changes.If you need assistance with changing your phone number or email address associated with your account, please contact our customer service team through the chat channel available in your portal.
If you have access to the portal contact our customer service team through the chat channel available in your portal.You can also contact us through our Contact Us form.