Canadian Mortgage Experts: Lower Your Borrowing Costs
Using Your Home Equity
You’ve worked hard to build equity in your home. That equity should work hard for you.
If you own a home, using the equity you have built up may be one of the most cost-effective ways to lower your borrowing costs. In many cases, home equity products can offer you a lower interest rate as compared to other types of loans while providing you with access to credit for unexpected expenses or home improvement projects. It’s yours to use however you wish!
You may be able to borrow against the equity in your home to finance other needs such as a home renovation, debt consolidation, college tuition and more. You can generally borrow up to 75% of the appraised value of your house, and up to 90% if you insure the mortgage against default.
Home Equity Line Of Credit (HELOC)
HELOCs are the most flexible, easy and affordable solution for managing your mortgage costs while also enjoying a credit line that is always available, anytime, for anything.
This flexible mortgage solution:
- Helps protect you from interest rate fluctuations and can help you save money by diversifying your mortgage loan terms and interest rates into different segments.
- Offers you an overall credit limit of up to 75% of the value of your home. In addition, your available credit limit increases as you pay down your mortgage or secured line of credit.
- Allows you to access funds as you need them, by writing a cheque and with most institutions even by making a withdrawal at any ATM.