Leap Financial ⎯ Helping Consumers Take The Leap Into Financial Freedom

Leap Financial ⎯ Helping Consumers Take The Leap Into Financial Freedom

Written by Caitlin Wood
Last Updated November 19, 2020

Whether you’re looking to tap into your home equity to pay down high-interest debt, need to finance a renovation, or are in the market to buy a new house, Leap Financial knows that the mortgage loan process can be stressful and financially draining. With their team of specialized mortgage brokers, Leap Financial helps consumers in British Columbia take the leap into financial freedom.

What sets Leap Financial apart from other mortgage loan providers? Why should consumers consider Leap Financial over their local bank or even mortgage broker?

We are a compassionate team of mortgage brokers with a combined total of 20+ years of industry experience. We have gone through the lending process and understand how stressful it can be. We created Leap Financial knowing that it is important to genuinely care about your customers’ financial health and making the process as smooth as possible – as this can offer peace of mind to those in need. This is what we do and we are proud to be helping BC homeowners.  

A potential borrower’s credit score is not taken into consideration when their application is reviewed, can you explain why this is? 

The primary focus is the equity that the BC homeowner has in their home. Credit will have an impact if it’s a conventional mortgage. 

What do you consider when approving a potential borrower? 

The equity a homeowner has in their home and the location of the property. 

What should Canadian homebuyers expect from the Leap Financial application process? Are there any specific requirements they should be prepared for or documents needed?

The process is smooth and simple. The first step is completing the application form on LeapFinancial.ca. Our team of experts review the application ASAP and may require additional information including an appraisal, first mortgage details, and employment information. 

When is it the right time for a homeowner to tap into their home equity? And is there ever a wrong time?

The best time for a homeowner to tap into their home equity is when they need to cover home renovations to make their current space either more livable or sellable. You can also use the funds to start or grow a business. When it comes to covering debt, it is important to consolidate your debt as soon as possible especially when it comes to credit card debt. 

In addition to home equity loans, do you offer other types of financial services?

Conventional mortgages (purchases and refinances), construction financing, deposit loans. 

2020 has obviously been a difficult year for everyone. Has there been any change in the number of consumers looking to borrow with their home equity? Have the reasons why consumers want to apply for a home equity loan changed?

Yes, the number of applications did drop for a bit and the reasons have altered since Q2 as more and more homeowners are looking to cover unexpected expenses. 

Rating of 5/5 based on 3 votes.

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

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