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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
Homeowners can renovate for investment purposes and receive a return on their investment
Small business owners facing slow growth or a transitional period have better management options
Ready to take the next step? Looking to capitalize on your property’s equity? Book a call with us today and let’s discuss your financial goals. Your future starts now! Or, give us a call at 416.655.CASH (2274) directly for immediate assistance.
A Home Equity Loan, or HEL, is a loan that allows homeowners to borrow against the equity in their home.
A Home Equity Line of Credit, or HELOC, is a revolving line of credit that lets homeowners access funds based on the equity in their home. It’s similarly to a credit card, where you can borrow and repay funds as needed.
Do you wish to buy a new house but don’t have the necessary funds? If you have equity, the options for this may become more available. However, there are a few factors to consider when buying a second house with equity from your current property.
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