Faqs | Home Equity Lenders Montreal

What is your company and what do you do?

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.

How do I contact your company?

You can send us a message through our contact us form.

What are your company's hours of operations?

Our offices are open Monday to Friday from 9am to 5pm although you can submit an application online at any time.

How long does it take to get a response from your customer
service team?

Our team will respond within 24 business hours of your request.

What is a home equity loan?

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.

How does a home equity loan work?

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.

Do I need to own my home to qualify for a loan?

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 .

What can a home equity loan be used for?

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.

How much can I borrow with a home equity loan?

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.

How is the interest rate on a home equity loan determined?

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.

What is the difference between a conventional and Interest-only loan?

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.

What is the difference between a home equity loan and a home equity
line of credit (HELOC)?

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.

Can I get a home equity loan if I have a bad credit?

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.

How long does it take to get approved for a home equity loan?

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 do I pay back the loan?

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.

What happens if I sell my home before paying off the home equity loan?

If you sell your home before paying off the home equity loan, the loan must be paid off with the proceeds from the sale.

How does a home equity loan compare to other types of loans, such as personal loans or credit cards?

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.

How do I apply?

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.

Will applying for a loan with PADS impact my credit score?

When submitting a full application, PADS will need to run a credit check to provide an accurate offer. Depending on your credit history, this credit check may or may not affect your credit score.

Which document will I need to present to apply for a loan?

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.

Why do you require access to my bank account?

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.

How do I access my funds?

The funds will be deposited into your bank account of choice once the loan is approved and signed.

Will I have to meet with a Notary?

The final step of the process involves an in-person meeting with a notary. In some cases, the notary signing can be done virtually.

How do I reset my password?

Please proceed to the sign-in page and click on the "Forgot Password" option. Follow the instructions provided to reset your password.

How do I update my personal information?

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.

How do I report a technical issue or bug?

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.

Frequently asked questions

If you did not find the information you need, then write to us!