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Home Equity to Access a Secure Line of Credit in Hamilton

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For many Canadians, the idea of renovating or repairing their homes, taking a tropical vacation in the sun, or buying a cottage is an unaffordable dream associated with unwanted long-term debt or maxed-out credit cards. However, many Hamilton homeowners are not aware that by using the equity in their home as collateral, it is possible to access money at low interest rates in order to realize these objectives – by securing a home equity line of credit.
 
A home equity line of credit (also known as a HELOC), differs from a conventional loan as the borrower does not receive a lump sum upfront, which must be repaid monthly with a fixed interest rate within a specific time frame. Instead, a HELOC permits the borrower to be advanced sums of money up to an agreed-upon limit, which is similar to a credit card, except the repayment schedule is generally much more flexible. This method of borrowing is particularly convenient for intermittent financial needs.
 
Additionally, a HELOC allows a borrower to access a loan with a much lower interest rate than would be offered by a credit card. One of the features of a HELOC which many customers appreciate is the option to make the required minimum monthly interest payment, or to decide to pay more – up to the entire balance! The result is that the loan is much more manageable and the borrower feels more in control as they may tailor the loan to suit their budget requirements in a much more fluid manner than with a fixed-rate loan.
 
Although the jargon may initially seem intimidating, home equity is simply the difference between the market value of your home and the amount of money owing on your mortgage. Currently in Canada, it is possible to access up to 80% of the value of your home through a home equity line of credit. Determining your home’s available equity is as simple as inputting your details into a home equity calculator, available online from many of the leading Canadian mortgage brokers such as Canadalend. A one-time application is all that is necessary for the duration you own your home, making a pool of credit available, without the need to constantly reapply.
 
When deciding on the most suitable financial product for your particular requirements, it is important to feel that you have access to specialists with the most up-to-date information and a proven track record. An independent broker will take the time to fully assess your current financial situation and provide you with a comprehensive list of solutions. Canadalend has long been a trusted name for homeowners in Hamilton seeking a creative solution, such as a home equity line of credit, to satisfy their financial needs.

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4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!
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