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Home Equity Line of Credit in Toronto (HELOC)
How Home Equity Line of Credit Work for You
It is a type of credit that enables you to tap into funds at a much lower rate than credit cards or personal loans. With HELOC your home acts as collateral. Basically, as you pay off your mortgage your home equity rises and then that equity is used to secure your loan. This home equity line of credit in Toronto is somewhat similar to a second mortgage or a credit card but with better rewards. Since your home is the collateral that ensures that you pay off the loan, you are able to get an amazing low rate.
Like a Credit Card, but With Better Rewards
When it comes to making payments for the loan, the process is pretty much the same as like with a credit card. You need to make at least a minimum payment on a monthly basis and the only interest charges are on the money that you take out. For ease of use you can set up an automatic minimum payment option through your chequing account so you don’t miss any payments. It is very easy to use and is a popular credit option in Canada.
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Variety of Rates for Home Equity Line of Credit in Toronto
Tapping into the additional pool of money can help out with a lot of different things. Perhaps you have been planning a much needed renovation project, want to consolidate debt, pay for school or cover medical bills. Whatever your reason may be, we can help you in acquiring this additional funding. By choosing to use your home equity line of credit you are making one of the most affordable and smart decisions.
At Toronto Mortgage Brokerage we offer you flexible payment options, no restrictions on your use of the home equity line of credit, no termination period and more.
Are you thinking about renovating your home? Or maybe starting a college fund for your children? Or perhaps you have high interest debt that you’d like to pay off? If you own a home and you want to borrow money, using your home’s equity is one of the most affordable ways to do it.
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