Equity Line of Credit
Having a home equity line of credit in place means you're prepared for life's unexpected events. Many Canadians live paycheque to paycheque and are woefully unprepared in the event of a personal emergency. Having a line of credit means the money is there when you need it, even if you never have to touch it.
An equity mortgage is similar to a home equity loan, except it is not a lump sum of money. It is a line of credit that can be drawn on as needed, to handle unforeseen expenses, or to facilitate debt consolidation using your home as collateral. Your home's equity can work for you when you are confronted with major expenses you simply do not have the cash for.
One of the most attractive advantages of a home equity line of credit is that interest is only calculated on the outstanding amount, which you pay back as you go. Borrowers with less than perfect credit can qualify for this type of loan because banks permit the borrowing of a certain percentage of the value of a property, using the property as collateral. In today's uncertain economic climate, and with the many high interest credit cards available, it often makes more sense to have a line of credit because it can be paid back at a much lower rate of interest.
If you're like many Canadians, you've gotten in over your head with those high interest credit cards. a home equity line of credit will allow you to consolidate your high interest debt, freeing up more of your income to be put aside for a rainy day. Your money is ultimately going back in your pocket, instead of to the bank.
For more information on how a home equity line of credit can work for you, call 1 (866) 668-6570 today. Our mortgage experts have helped thousands of Canadians in major cities and small towns overcome their financial difficulties. Allow us to put your home to work for you.
Our equity line of credit options are available to residents living anywhere in Canada - some of the clients we have already provided assistance to reside in these areas:
Ajax, Abbotsford, Barrie, Beaverton, Belleville, Bolton, Bowmanville, Bradford, Brampton, Brantford, Burlington, Burnaby, Calgary, Cambridge, Campbellford, Carleton Place, Chatham, Clarington, Collingwood, Coquitlam, Courtice, Delta, Durham Region, Edmonton, Fenelon Falls, Georgetown, Gravenhurst, Grimsby, Guelph, Haliburton, Hamilton, Kelowna, Keswick, Kingston, Kitchener, Kitchener, Langley, Lethbridge, Lindsay, London, Maple, Maple Ridge, Markdale, Milton, Mississauga, Newmarket, Niagara Falls, Oakville, Ontario, Orangeville, Oshawa, Ottawa, Peterborough, Pickering, Port Colborne, Port Hope, Port Perry, Red Deer, Regina, Richmond, Richmond Hill, Saskatoon, Scarborough, St. Catherines, Sterling, Stoney Creek, Sudbury, Thornhill, Toronto, Trenton, Tweed, Unionville, Vancouver, Vaughn, Welland, Whitby, Winnipeg, and Windsor.
