Not Sure How You’re Going to Retire? Learn About Home Equity Lines of Credit
If you want to figure out how to make yourself liquid AND stay in your home, a home equity line of credit can help.
If you want to figure out how to make yourself liquid AND stay in your home, a home equity line of credit can help. Like all other mortgages, you’ll find that working with one of our experienced Toronto mortgage brokers is going to help you get the best deal. You shouldn’t be stuck with a bad choice like retire or lose your home, and when you work with us you won’t have to. Let us help you explore all of your options.
Is a HELOC Different from a Second Mortgage?
Yes, a home equity line of credit is different because it won’t be a lump sum like you’ll get with other types of mortgages. You can still use the money for whatever you want, but you’ll be able to borrow what you need when you need it. This way you’ll make the most of your equity and you’ll be able to borrow on your terms, not the lender’s. You can open the line of credit now and not use it until you hit retirement, and there are many convenient options to spend your money.
Borrow What You Need, When You Need It
Some Canadian mortgage lenders will give you a cheque book, others will give you a special debit card that you can draw on. You don’t have to take money out of your home every day, but you will be able to get at it when you need to. You’ll want to look at the kinds of terms offered with each HELOC – when you work with us as your Toronto mortgage broker, we’ll help you understand what all that fine print means.
Some home equity lines of credit will have minimum revolving balances, meaning that for the 5 year period you can have no less than a certain amount (e.g. $3,000 or 10%). You won’t be able to pay it off early unless you want to face a pre-payment penalty. This can be a bad thing, depending on how many points of interest you’re being charged. But when you work with us as your Toronto mortgage broker, you’re going to get the help you need to avoid these types of predatory practices. You’ll get financing that fits the way you live and your financial lifestyle. Why get stuck with a HELOC that’s all wrong for you when we can help?
Save Big and Get What You Need
Just because you need a HELOC doesn’t mean you should have to pay more than you have to! When you work with us we’ll help you find the best lender or negotiate with your current lender to get you the best line of credit. You have to negotiate for the best terms from the outset – lenders want your business and you have to use your leverage while you have it! With interest rates at the lowest they’ve been in almost a century, now is the time to cash in on your equity. Contact us today and see what a Toronto mortgage broker can do for you!
Homebase Mortgages is a leading Toronto mortgage broker, which specializes in all types of mortgages ranging from home equity loans, second mortgages, private mortgages, mortgage refinancing, mortgage renewals, home mortgages and hard money lending.
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