Home Equity Loans
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We offer Home Equity Loan in Toronto and the Greater Toronto area. If you own your home, you’re approved within 24 hours!
Whether you are looking for funds for a home renovation, to pay to education or for any other reason, we can help even if you have poor credit! As a matter of fact, 90% of our clients have poor credit and we pride ourselves on getting them approved, no matter the circumstance!
As a homeowner, you can put your home equity to much use. Converting this equity to cash is quite easy if you are aware of your options. Here’s a look at three common financing solutions that put your home equity to good use.
Home equity loan (HEL): Working pretty much like a traditional loan, a home equity loanprovides you a lump-sum payment at a fixed rate of interest. The borrowed amount plus interest must be paid over the loan term in the form of fixed periodic payments.
A home equity line of credit more is a credit line you can get against the equity built up in your home. There is a guaranteed amount of cash available to you; you can draw from this ‘money bank’ whenever there is such a requirement. The interest is paid on the actual borrowed amount, and the rate is variable over the loan term.
You can re-borrow the money that you just paid back, using checks or cards. A majority of home equity credit lines come with a variable rate, though you can also consider negotiating a fixed rate.
Cash out refinancing: Here, you take out a new mortgage of a higher value than the amount you owe on your current mortgage, and use the cash to pay off your existing mortgage. The difference is used as a home equity loan. The interest rate on such a financing solution is generally, but not always lower than that on a home equity loan.
|1 Year Fixed||2.89%|
|3 Year Variable||2.75%|
|3 Year Fixed||2.84%|
|5 Year Variable||2.75%|
|5 Year Fixed||3.09%|
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