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The Benefits of a Home Equity Loan for Your Markham Home

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If high interest rates have you looking for debt relief, it’s time to consider a home equity loan for your Markham home.

What Is a Home Equity Loan?

Equity is the difference between what you owe on your mortgage and the market value of your home. It’s the amount you’ve paid off plus the appreciation of your house. If you’ve been in your house for years, you may have hundreds of thousands of dollars’ worth in home equity.
A home equity loan is a fixed-rate loan that provides a lump sum of cash for your personal use. It must be paid back at a fixed monthly rate for a set term. The interest rate remains the same throughout your loan, unlike home equity lines of credit, where the interest rate is tied to the prime rate and can fluctuate. Also, unlike a line of credit, the cash is totally yours once the papers are signed. The bank can’t lower the amount of the loan or cancel it.

Benefits of a Home Equity Loan

Many people find a home equity loan is a great way to find the cash for a one-time expense or to consolidate other debts.
Instead of moving, a home equity line of credit tied to your Markham home lets you renovate the home you have. There’s no reason why you can’t have the updated kitchen or granite bathroom of your dreams. You can also splurge for a new car or dream vacation.
When you use a home equity loan instead of your credit cards or store credit cards, you benefit from a much lower interest rate. In fact, with the current low interest rates, you can save over 20% in interest alone.
Debt consolidation is another benefit of home equity loans. With a loan, you can combine different debts into one easy monthly payment. It makes your expenses easier to track. With a low interest rate, you can put more toward the principal and pay down debts faster. Without changing your lifestyle or spending habits, you’ve found a way to pay off more each month or the extra cash you need to prevent a slide further into debt.
If you find yourself with a huge bill for being in arrears for your taxes, facing extra expenses due to illness or injury, or just falling behind on bills, consolidating that debt can save you money on interest and the hassle of dealing with bill collectors. It can also save you the sleepless nights that come with staring at the ceiling and trying to figure out how to pay off your credit cards and other bills.
This is a route for people who may have damaged credit ratings but have built equity in their homes. By drawing from that equity, you can make your monthly payments and help improve your credit rating.
Whether it’s for debt relief or the home renovation of your dreams, a home equity loan for your Markham home can help you find the cash you need.


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