Is 2013 the Year of the Home Equity Loan?
While it’s the year of the snake, it might also be the year of the home equity loan too!
It looks like this year through early to mid-2014 we’ll see cheaper interest rates and not have to worry about a hike, which means you can borrow more for less money. Why not? You’ve made your payments over and over again, and you’ve built up all that equity – isn’t it your time to shine? Of course it is, and it’s time to get big savings on your next home equity loan. By working with one of our Canada mortgage brokers you’ll get all the help you need to see big savings and soon.
What is a Home Equity Loan?
Each time you make your mortgage payment, you get a little equity. When you first got your mortgage you had a lot of money to pay back, but over time the number (should) get lower and lower. The more equity you have, the more you can borrow against your home, but only when you need it. You can decide when to borrow, how much you want to borrow and how much equity you’re willing to part with. When you work with a Canada mortgage broker like us we’ll work hard to make sure you’re getting the best deal for your equity.
How Much Equity do You Need?
You’re going to want a significant chunk of equity before you even think about a second mortgage, even when you’re looking at a line of credit that you’re going to open up in the future. The more equity you have the better the terms you’ll be offered, but you’ll also be in a good place to borrow. You can only borrow up to 70% of your actual equity, but if you only have a little available it won’t be hard to end upside down on your home. You’ve worked hard for your equity, don’t just throw it away because you don’t know any better.
Why are Low Interest Rates Important?
When it comes to getting the right second mortgage, a lower interest rate is always going to be important. The less you have to pay towards interest the more you’re paying towards the principal! You’ll be able to pay off your mortgage faster than ever and get the money you need now to do what you need to do.
Home equity loans can help you get the money you need to complete a project, sell your home, buy a vacation cottage by the lake – they can help you do a lot of things when they’re done right. It’s important to work with one of our Toronto mortgage brokers to make sure that whatever you do with your home equity loan, you’re getting what’s best for you.
Let us help you get the right mortgage – give us a call today! We’ll go through different lenders finding you the best terms and the lowest interest rates.
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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