Lower closing costs
Closing costs are virtually nonexistent for home equity loans Ontario. In some cases, lenders may even waive them altogether, especially if you have a good credit score.
Simply put...
One of the best ways to affordably borrow money is with a home equity line of credit rates - also known as HELOC. This allows you to borrow money at a low mortgage interest rate using the equity you’ve built up in your home.
For years Canadalend.com has been helping clients get a home equity line of credit rates Ontario for various purposes, including undertaking home improvements and repairs, combining credit card payments, and even helping to pay for kids’ tuition.
Unlike high-interest loans or credit cards, a HELOC is not only easy to apply for; it’s also designed to help you build your savings as quickly as possible. After you’ve been approved, you can access the available home equity loans at any time, without ever having to reapply.
The benefits of a HELOC for homeowners
There are many advantages that a home equity line of credit (HELOC) has over other types of loans.
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Low interest rates
Home equity line of credit rates Ontario are low because they are secured by your home equity. HELOCs have lower rates than unsecured loans such as credit cards or personal loans.
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Flexibility
A Home equity line of credit rates Toronto allows you to borrow money when you need it, and in the amount that you need. You will only pay interest on the amount that you borrowed for home equity loans. This means they are useful for covering ongoing expenses over a period of time.
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Use the funds for anything you want
When you set up a home equity loan you can use the money as you see fit. There is no need to justify your plans for using them as you would with other types of home equity loans Toronto.
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Limits on rate increases
Your home equity line of credit rates have a maximum limit on how high it can climb, so even if interest rates rise, you will be protected.
At Canadalend, our mortgage advisors in Ontario are available to assist you with finding your perfect home equity loan solution. Get in touch with us and a lending specialist will help you set up your home equity loans Toronto appointment for a free consultation today.
Fixed-rate loan vs. Home equity line of credit
Fixed-Rate Home Equity Loan
You can lock all or a portion of your outstanding home equity line of credit rates Ontario balance into a fixed interest rate for a closed term of one to five years. Choosing a fixed-rate home equity loan can give you peace of mind from knowing your regular fixed payments are protected from any increases in mortgage interest rates – you will always pay the same amount.
Home Equity Line of Credit
A home equity line of credit is a little like a credit card. You qualify for a set spending limit that you can access at any time and your repayment schedule is based on the amount, type of HELOC, and any fluctuations in the mortgage interest rate. This means you can’t guarantee that the cost of your payments won’t go up.
While both a Fixed-Rate Loan and Home Equity Line of Credit rates are about refinancing, they differ in structure. With a fixed-rate loan, a homeowner can take the loan as a lump sum payment, which is then repaid over an agreed-upon time frame at a fixed interest rate. With a HELOC you can draw out money as and when you need it.
Low rates and flexibility
A Home Equity Line of Credit rates Toronto offers a flexible repayment schedule and a competitive interest rate. At the time of writing, you could take out a HELOC with a rate of just 2.35%.
Many homeowners opt for a HELOC because of its flexibility; it allows borrowers to spend the equity in their home at any given time.
However, there are limits to the HELOC. The value of the home equity line of credit rates and the mortgage combined cannot be worth more than 80% of the value of the home, while the value of the home equity line of credit rates Ontario cannot exceed 65% of your property value.
We've can help you secure a HELOC and tap into your home equity
It’s not uncommon for homeowners to fall into the cycle of
spending, borrowing, spending, and then falling deeper into
arrears.
At Canadalend.com we are dedicated to five-star customer service. Get in touch with us and a lending specialist will help set up an appointment for a free personal consultation for your home equity loans Ontario. We will help you review your mortgage options and find the solution that fits your needs!