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Do you currently own a home? If so, you may be able to tap into your home equity to cover all sorts of big expenses that may fall on your lap. The thing is, accessing your home equity can be a bit more complicated than it needs to be. Luckily, Nuborrow is changing that.

If you’re looking to use your home equity that you’ve accumulated through appreciation in value and regular mortgage payments, you may want to look at Nuborrow. 

Let’s take a closer look at this innovative service.

Who Is Nuborrow?

Launched in 2013 as “Freedom,” Nuborrow experienced a name change recently, but their services remain the same. Nuborrow is a platform that helps homeowners gain access to their home equity in a much simpler and more streamlined way without all the complexities that are typical through the average lender. 

The goal behind Nuborrow is to help make getting a home equity product a lot simpler. Nuborrow is designed to help homeowners learn how to refinance their mortgages, repair their credit scores, and save money using equity in their homes. With a customized SMART Mortgage Plan, you’ll get access to a step-by-step pathway towards financial freedom. 

Since launching, Nuborrow has helped homeowners save more than $2.5 million through their SMART mortgage plans. And when their credit program is followed closely, 97% of clients see an improvement in their credit profiles.

Nuborrow currently serves clients in Ontario and BC. 

Products Offered By Nuborrow

Nuborrow offers a range of equity products, including the following. 

Home Equity Loans

A home equity loan allows homeowners to use the equity in their home as collateral for a loan. The loan amount is based on the value of the home, which is determined by an appraiser appointed by the lender. The amount you can borrow will be based on how much equity you currently have in your home, as well as your credit and financial profiles. 

With Nuborrow, you can access home equity loans from 3 different sources:

Borrow Equity Loan ProgramEquity Empire Home Equity LoansPrivate Equity Funding Home Equity Loan Options
Maximum Loan To Value75%80%85%
Minimum Loan Amount$15,000$15,000$15,000
Loan Terms6 months,1 year with renewal option6 months,1 year with renewal option6 months,1 year with renewal option

The interest rate and loan amount you qualify for will depend on your current credit score as follows:

  • Credit scores of 640 and up: Rates as low as 5.99% with loans from $15,000 and up
  • Credit scores of less than 640: Rates as low as prime plus with loans from $15,000 and up

Once approved, funds can be accessed within 5 to 7 business days. With every payment you make during the term of the loan, Nuborrow will work with you to help you qualify for more affordable loans in the future. 

Equity Line Of Credit

A home equity line of credit — or HELOC — also allows you to tap into your home’s equity, like a home equity loan. The difference is that a HELOC works as a revolving source of credit, similar to a credit card. Rather than taking out a lump sum of money, a HELOC allows you to access credit any time you choose, up to a certain limit. 

Rather than paying interest on the entire credit limit you have available to you, you only pay interest on what you use. Once you pay back the entire amount withdrawn, you are no longer required to pay interest until you withdraw again. 

With Nuborrow, you can access a home equity line of credit from 3 different sources:

CCUA Home Equity Line of CreditHome Trust Home Equity Line of CreditDUCA Home Equity Line of Credit
Maximum Loan To Value80%75%65%
Minimum Loan Amount$10,000$10,000$15,000
Loan TermsNo annual fee, up to $100,000 in creditNo annual fee, up to $100,000 in creditOnly pay interest on what you use

First Mortgages

If you’re looking to take out a mortgage on your home, you may be looking for a first mortgage, which is the primary loan on your property. That means if you ever default on your mortgage at some point, your first mortgage has priority over all other liens or claims on title. For instance, if you have a second mortgage on your home as well, the first mortgage would be paid off first. 

Nuborrow helps borrowers obtain a first mortgage through 10 different sources:

  • Manulife ONE or Manulife Bank Select
  • TD Bank
  • B2B Bank
  • Optimum Mortgage
  • Equitable Bank
  • Home Trust
  • MCAP
  • Home Equity Bank CHIP 
  • Equity Empire
  • Private Fund Home Solution

Second Mortgages

If you ever find yourself requiring a large sum of money to cover the cost of a big expense — such as a home renovation or to cover college tuition — you may be able to qualify for a second mortgage. This loan type is secured against your home in addition to the first mortgage. For lenders, second mortgages are riskier than first mortgages because they are second in line to be paid off if you ever default on the loan.

Nuborrow helps borrowers obtain a second mortgage from 3 different sources:

  • Nuborrow Equity Loan Program
  • Equity Empire Home Equity Loans
  • Private Lending Solution 

Benefits Of Nuborrow

There are several reasons why you may want to look to Nuborrow if a mortgage or home equity loan is required:

Easy application. Applying for a loan or credit product is easy with Nuborrow. All you need to do is input a few pieces of information about yourself and what you need help with, and you can get real approval in a matter of minutes.

Online process. While most mortgage brokers still do business via telephone or in person, Nuborrow offers a digital loan offer that allows you to get pre-approved for a loan virtually so you can review your qualifying options online.

Credit report analysis. Nuborrow will not only provide you with your report or credit score, but they’ll also break down your credit report in detail at no charge. 

Credit repair assistance. You’ll get step-by-step guidance on how to repair and rebuild your credit score quickly so you stand a better chance of getting approved for future mortgage products. 

Free property report. Nuborrow will provide you with a personalized property report for free. 

Dedicated underwriters. Underwriters are trained separately by Nuborrow with a dedicated team working on your behalf with an agent to seal a deal. 

Mortgage closing officers. Nuborrow comes with a full-time team of dedicated closing officers to increase the odds of your loan closing on time, following your SMART mortgage plan.

Dedicated client care. Nuborrow employs a full-time client care team who is focused solely on working with you after your mortgage closes.

Free mortgage monitoring. Nuborrow keeps their finger on the pulse of any changes in the lending marketplace and lending programs throughout the life of your mortgage plan for free.

Client loyalty rewards. Loyalty rewards are available through Nuborrow, including free appraisals for repeat clients and a referral program.

What Is The SMART Mortgage Plan?

The Nuborrow SMART Mortgage Plan includes step-by-step instructions on what you need to do to improve your financial health and give your credit score a boost. That way, you’ll have a much better chance of getting approved for a mortgage and other loan products in the future, and at a lower rate. 

Using your customized SMART Mortgage Plan will help you avoid high fees and any unpleasant surprises when it comes to your credit score. Instead, you’ll be guided to a better financial future.

How Is Nuborrow Different From Independent Agents? 

Nuborrow is unlike working with an independent agent. Her are just some ways they differ:

Fully licensed agents. At Nuborrow, all agents are fully licensed by FSCO and/or FICO. With other agencies, you’ll have to verify whether or not agents are licensed, as well as what their license number is. 

Standardized agent training. Mortgage agents are required to be trained in their area of expertise, and many agencies hire them based solely on this third-party training. Agents are usually required to obtain training on their own and stay up-to-date on current programs. At Nuborrow, agents are required to undergo a mandatory standardized training program to ensure all staff are up to snuff and fully qualified to provide their services. 

Dedicated client attention. Most mortgage brokerages and independent agents do not offer dedicated services to each individual client, whereas Nuborrow does. This ensures that you’ll be looked after full-time during your application review and after your mortgage closes. 

How Do I Apply For A Home Equity Loan With Nuborrow?

To apply for a home equity loan, all you need to do is input a few pieces of information through the Nuborrow online portal, such as the following:

  • Your full name and contact information
  • Type of loan product you need
  • Loan amount required
  • Your credit score
  • Property address

Real approval can be granted in as little as a few minutes. 

Nuborrow FAQs

Can Nuborrow help repair my credit?

Yes, your credit score can be improved with the help of Nuborrow. The Client Care team and agents working with Nuborrow are trained on how to help clients repair and rebuild their credit quickly. And as your credit score improves, you’ll be considered for Nuborrow’s lowest interest rates for loans and mortgages.

How fast will I receive my funds with Nuborrow?

You can expect to get access to the required funds within 5 to 7 business days.

Final Thoughts

Whether you’re looking to get a mortgage for a home purchase, need access to your home’s equity to cover a large expense, or need to improve your credit score, Nuborrow can help. They’ve got a team of experts who can help you access a number of financial and credit products, even if your credit profile is currently what it needs to be to get qualified for a loan elsewhere.

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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