Why should one consider getting a HELOC?
A house is one of the most valuable assets. Homeowners can take out a home equity line of credit to fund things like home improvements, make other investments, and even consolidate high-interest debt. The agents at Sure Loan For You will identify mortgages that will give you the option to access up to 80% of the built-up equity in your home. Furthermore, a HELOC is a line of credit that is secured by your property. Here at Sure Loan For You, we pride ourselves on offering the best HELOC solutions across Brampton.
The interest rates for a HELOC are low and, in some instances, can be tax-deductible. Unlike a traditional mortgage, the credit is revolving in a HELOC. As a borrower, you have the choice to borrow money up to a maximum credit limit. To find out more details, speak to a member of our team today.
How does a Home Equity Line of Credit work?
Firstly, you must apply it with a traditional lender or approach a mortgage agent like us to determine whether you qualify. If you have a sufficient amount of built-up equity in your property, the more you can borrow. As the value of your house increases over time, the built- up equity in your house increases. If you borrow from a bank, you can get up to 65% of the property's value, but with our relationship with several lenders across Brampton, we can get up to 80% of the home's value. Bear in mind that interest rates are variable. HELOC fees include:
Title search fees
Title insurance fees
Legal fees
Appraisal fees
How do HELOC payments work?
When applying for a home equity line of credit, it is imperative to know that you have the option to pay off your mortgage using a HELOC. It is simple to pay off your mortgage with a HELOC. When you apply for a home equity line of credit to pay off your mortgage, you are bound to incur more interest. So, the most important question to ask yourself is, if a HELOC is better than a conventional mortgage? One significant benefit of using a HELOC to pay off a mortgage is your repayments will have a lower interest rate.
A borrower will need to make principal payments on regular mortgage payments too. Choosing to pay off your mortgage with a HELOC offers flexibility; however, it may take longer to pay off the entire loan amount. Moreover, if the interest rate increases, your HELOC payment will also increase. That is not the case with a fixed mortgage.
The HELOC process allows funds to be available through a revolving line of credit. For the balance to be paid off, interest payments need to be monthly, including principal payments. To find out more information regarding the home equity line of credit in Brampton, contact us today.
Schedule an appointment with Sure Loan For You Today
If you are looking to apply for a home equity line of credit in Brampton, you cannot go wrong with the professionals at Sure Loan For You. To schedule an initial consultation or for further inquiries, reach out to our team today. We will be more than happy to address any queries that you may have.
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