Home Equity Loans
Get the financial resources you need.
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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