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October 24, 2017

Home Equity Loans

 

Tap into Your Home’s Capital

 


homepurchase


A HELOC (home equity line of credit) is an alternative way to borrow. With a HELOC, your home’s equity becomes collateral to provide you with a supply of credit You decide how much credit you need, when you need it, then repay it when you can. There is never a penalty to pay off your balance.

A HELOC is flexible the way a loan isn’t. Once approved, a line of credit can be accessed any time, for any amount up to your limit. With a loan, you need to re-apply every time you want more funds.

HELOCs have low interest rates (as low as Prime Rate +0.50%), making them less costly than credit cards and personal loans.

Cashin Mortgages has access to more than 45 Canadian lenders who offer a wide range of home equity products for all types of borrowers.

• First Position uninsured HELOCs up to 80% of your Home Value

• Second Position Equity Lines of Credit up to 80% on Home Value

A HELOC is an essential asset for today’s homeowner – you are only charged interest on the amount you use, not your available balance. The majority of HELOC’s include interest-only payments and you can pay any amount towards your balance penalty free.

Here’s how a home equity loan can work for you:

• Debt consolidation can turn high-interest payments into one affordable amount

• Small business owners facing slow growth or a transitional period have better management options

• Homeowners can renovate for investment purposes and receive a return on their investment