Home Equity Loans in Ontario
Easy to obtain
If you have enough equity you can easily get a home equity loan in Ontario.
Possible tax deduction
If you are using the funds for building or renovation, you may get a tax deduction on the loan.
Lumpsum cash
You have quick access to a huge amount of money.
Fixed-rate interest
You will be working with a team who will always be there to resolve any queries or take care of any issue as quickly as possible.
What is a home equity loan?
If you are the owner of a home, you should know about equity. When purchasing your first mortgage, you are securing it against your home. That means, you’re keeping your home as collateral and once you complete all the payments you will have complete ownership. It also means that as you pay back, you are getting a certain percentage of equity back and you can use this equity to get access to more funds.
This is where home equity comes to play. If you have earned back more than 80% of the equity of your home, then you can use this equity for another loan (home equity loan). You can always find out more about it by getting in touch with our mortgage agent in Ontario. Schedule an appointment today, we look forward to meeting you.
Why do you need to apply for a home equity loan?
Well, it doesn’t only have to be for an emergency. The funds that you get from a home equity loan in Ontario, you can use for anything that you want. Maybe there’s a renovation project that you’ve meaning to start but never had the funds or you can save the money for your child’s education- the choice is up to you. You can also pay off your loans and debts with the home equity loan. You should also know that the loan amount also depends on the market value of your property and the value increases then you would have access to more funds.
Why should you choose our Home Equity Loan in Ontario?
When you work with Sure Loan For You, the are somethings that you should always expect. These are:
High level of professionalism
Affordable interest rates
A friendly team who will always resolve your queries
Tailored plans
Quick approval times
And these are only some of the benefits. So, what are you still waiting for? If you are looking for home equity loans, contact your local mortgage agent at Sure Loan For You.
HELOC and Home equity loan: they are not the same
This is a very common misconception but how equity loan and home equity line of credit are not the same. When to come loans, you will be getting a lump sum amount of money at one time, but with HELOC, you are getting access to a credit line which you can use at any time, it’s not a one-time transaction. Also, the loan comes with a fixed-rate and there’s a term by which you would have to repay it, but with HELOC the interest rates are variable (they can increase over time) and you can pay a minimum amount and then use the funds again.
How Much Can I Borrow With a Home Equity Loan?
A home equity loan gives you the option to borrow money while using your property as collateral. The borrower will receive a lump-sum payment and repay the loan over a pre-determined term where the interest rate is fixed.
Generally, one can borrow up to around 80% – 85% of the value of your property, minus what you will owe on your mortgage. For example, if the property purchase price is around $350,000, the lender will allow you to borrow around 85% of that.
To determine if a home equity loan is a sound decision, it completely depends on the borrower’s financial situation and what they intend to do with the funds. Keeping in mind, using your home as collateral carries a lot of risks, so you must be aware of this when making a decision.
To apply for a home equity loan in Ontario, please get in touch with the experts at Sure Loan For You today.
Common Uses For Home Equity Loans
A home equity line of credit can be used for more than renovating or improving your property. They are pretty straightforward as you borrow the amount of equity you have present in your home. Below mentioned are common uses for home equity loans:
Funding your dream vacation
Funding a student loan
Making property improvements
Paying off your medical bills
Funding future investments
Paying for any important celebrations
Funding your retirement
Paying off your high-interest credit card debt or debt consolidation
If you hold a mortgage, you can apply for a home equity line of credit. This gives the borrower access to their funds at any point, and they will need to pay interest for the amount they draw. Keep in mind, there will be some closing costs that will be incurred by the borrower. To apply for a home equity line of credit or to find out more details, contact the team at Sure Loan For You today.
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