I currently own a retail business that has slowed a lot during this winter making it difficult to pay rents and utilities. I left my job few years before to start this business. I own a small condo near to my shop. One of the advantages of owning a home is having equity. We can use the equity in our home to purchase a business. Home equity mortgages are quite easier to get approved when compared with commercial and personal loans. So, I'm planning to take money from my "residence" to fund business activities.
I know that the credit score must be greater than 680 to get a mortgage very easily. What are the documents required for the application of a home equity mortgage ( https://www.butlermortgage.ca/mortgages/refinance/home-equity-loans ) in Ontario? Your suggestions will be highly appreciated! Thank you!