Home Equity Loans in Ontario
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
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