Home Equity Loans in Ontario
Licensed Mortgage Agents/ Brokers In Thornhill, Vaughan
Benefits of Home Equity Loans
Lower interest rate.
The interest rate you pay on your average home equity loan is lower than the interest rate you will pay on your average credit card by at least eight percent. Home equity loans also have a lower interest rate than personal loans and other types of non-secured debt.
If you obtain a home equity loan, you may be able to deduct the interest you pay on the money you borrow. However, it depends on what the money is used for. Also, the interest you pay on credit cards and personal loans is generally not tax-deductible.
Apply for a home equity loan with us and use the funds for your current needs. Call our GTA Mortgage Broker Today!
Home equity line of credit is a kind of revolving loan that is secured against the equity of your house. . It offers high credit limits, low fees and flexible repayment option. Due to low interest and payment flexibility of this loan, it can be a good source of financing for renovation and construction, debt consolidation, student tuition, as well as investment. It is also available in a form of secured Credit card. Below are some of the features of HELOC.
- You will pay interest only on the balance of the loan not the whole amount you have approved for
- HELOC is an open loan, meaning that it could be used at any time, and it could be paid off at any time
- You only have to pay interest for your minimum payment.
- Moreover, it tends to have lower interest rates than most revolving accounts such as personal bank loans and credit cards
Speak Today to one of Our GTA Mortgage Agents or Brokers at (905) 707-9595