Home Equity – Helping You Pay Off Life’s Big Expenses
If you find yourself in a position where you need a large lump sum of money, the equity in your home – which is built up over time by paying towards your mortgage every month – can be accessed for a secured low rate loan. The equity in your home is essentially the amount of value put in your home through regular mortgage payments, as well as the natural increase in value of your property over time.
What is Home Equity and What Can I Use it For?
The difference between the current market value of your home and the amount still owed to the lender is essentially your home equity. By accessing this equity, you can use the funds to pay for many things, such as your child’s educational tuition, a home renovation, rising debt, a car, or an emergency expense that has suddenly come up. Whatever your reason, a home line of credit against the equity in your home can be your best bet for a low interest loan, if you qualify.
Mortgage Brokers Can Help You Access the Home Equity You Need
Sometimes life throws you curve balls, or simply doesn’t give you the time you need to build up that sum of money you need to pay for something big. Or perhaps you have large amounts of debt that you would like to pay off sooner in order to save on the thousands of dollars in interest that you are paying every month on high interest, unsecured loans.
Home equity lines of credit, or home equity loans, carry higher interest rates than a first mortgage loan, but these rates are still typically much lower than most unsecured loan rates, like credit cards. Since you want to keep interest payments low, a home line of credit can be just the thing you need to help pay for life’s big expenses.
If this sounds like a solution that could be right for you, contact Lee Anne Taylor of Home Loans Ontario. Lee Anne is an independent mortgage expert who has plenty of experience and lenders who can finance your debt consolidation or big purchase. She will sit down with you to help you figure out if a home equity line of credit is right for you. Contact her team today for a home equity loan Burlington or other areas of Greater Toronto and Greater Hamilton. Call (905) 336-8948 and learn your financing options using the equity in your home.