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Home Equity Line of Credit GTA

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Hoping to renovate or make some repairs to your home in the GTA? Looking for that perfect winter getaway but worried about maxing out your credit card? A home equity line of credit may be the ideal solution to your financial conundrum. Many homeowners in the GTA do not realize that preferred interest rates are available for a line of credit when using the equity in their homes as security.
 
Terms such as home equity should not send you into a tailspin. Simply put, it is the difference between what your home is worth and how much you owe on it. As you pay off your mortgage loan balance, you build equity. You own a little more and your home turns into a valuable asset, which may be leveraged in various beneficial ways.
 
In the GTA, it is possible to access up to 80% of your home’s value, less your current mortgage value; the most common way being through a home equity line of credit or a home equity fixed-rate loan. A home equity line of credit differs from a home equity fixed-rate loan in a few important structural ways. Fixed-rate loan borrowers generally receive a lump sum amount, which must be repaid within a defined period of time, making it a good option for a one-time payment or occasion. On the other hand, a home equity line of credit is ideal if you require money periodically and not all at once. The entire available credit is not advanced upfront. Instead, you have access to as much as you need, whenever you need it. Homeowners appreciate this style of loan, which ensures that as the fixed-term mortgage is paid down, the available revolving limit increases.
 
Some of the other advantages of a home equity line of credit are detailed below:
  • One-time application – With the help of an independent trusted mortgage broker such as Canadalend, it couldn’t be easier to apply for a home equity line of credit, and once you do, you never have to apply again!
  • Convenience – Once you qualify for a predetermined spending limit, you can access it at any time.
  • Preferable interest rates – The interest rates available to HELOC borrowers are lower than those using a credit card to intermittently access funds.
  • Flexible repayment schedule – A HELOC gives you the flexibility to borrow and repay as frequently as required.
Homeowners generally use the equity in their homes to make major purchases that, till now, may have seemed out of reach, such as the following:
  • Extensive home renovations/repairs
  • College tuition fees
  • Vacations
  • Medical bills
  • Business establishment/expansion
  • A wedding
  • Vehicle upgrade
Others may choose to tap into their home equity in order to consolidate high-interest debt, such as credit card repayments into one monthly payment, while some homeowners may never access their available credit. The knowledge that it is there in the case of emergency (and does not cost if it is not touched) can be very comforting.
 
Whatever your objectives are, a home equity line of credit is an excellent option for homeowners in the GTA who have a significant amount of equity built into their home and wish to unlock extra cash by leveraging their home’s equity at affordable interest rates. A specialist’s advice from independent mortgage brokers such as Canadalend is an excellent way to ensure that the chosen financial product is the best fit for your budget and lifestyle.

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