What is a home equity loan?
Taking out a home loan is a sound financial choice, as they can secure a mortgage at a lowerrate by borrowing against their property’s built-up equity. Moreover, the property’s built-upequity is a vital asset which can be used to finance your investments. By using your property ascollateral, the loan is guaranteed and it gives the individual the option to borrow a good amountof funds. The significant benefit of a home equity loan is that the interest rates are low whencompared to a credit card or personal line of credit.
If you are stressed about identifying the right lender for a home equity loan in Brampton, don’tworry! The team at Sure Loan For You will do all the heavy lifting to help you make a well-informed decision.
Why work with the experts at Sure Loan For You?
Experienced and reliable team
Stress-free and straightforward loan approval process
A wide range of loan plans to suit your specific financial requirements
Why should one consider applying for a home equity loan?
1. Lower interest rates:
The most crucial reason one should apply for a home equity loan is that lenders will approve the loan based on the individual’s built-up equity in their home. Additionally, they are guaranteed the lowest interest rates when compared to other loan options. If you have insurmountable credit card debt, you can utilize your home’s built-up equity. The rates are tax-free
2. Poor credit score
Individuals whose credit score is not the best can still qualify for a home equity loan when compared to other loan types. Borrowers that struggle to get a mortgage with a low-interest rate should consider applying for a home equity loan.
3. If you want to borrow a large sum of money
A home equity loan can be a good way to convert the equity you’ve built-up in your home into cash, home renovations or other investment purposes. So, for larger purchases home equity can be good option.
4. Eligible for tax deductions
Another reason to apply for a home equity loan is that the interest paid on the loan is tax-free. To find out more, speak with our team.
5. Consolidating high-interest debt
If you are having a lot of high-interest repayments to make, you can take out a home equity loan and save a large sum of money on interest. However, you must have a good credit score. This will help in allowing you to pay off your debts quicker and eventually become debt-free.
Need assistance with your first-time homebuyer mortgage in Brampton?
We give you complete control to compare and shop for the right home equity loan from various lenders across Brampton.
We make paperwork hassle free at the time of closing.
We look after your best interests and ensure you secure a favourable interest rate and terms on your home equity loan.
You can count on our team to go the extra mile in identifying a mortgage to suit your specific requirements. You can rest assured, that we will guide you through every step of the process.
If you have more than enough built-up equity in your property and are looking to apply for a home equity loan in Brampton, call Sure Loan For You today to schedule an appointment or for further enquiries.
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