Did you know that you can use the equity in your home to improve your cash flow, consolidate debt, pay off mortgage arrears, manage emergency expenses, launch a business or simply have extra cash on hand?
Did you know that you can unlock the equity that you have built up on your home to consolidate your high interest debt? Secured debt is significantly less expensive than your traditional 19-27% credit cards.
These days, more and more Canadians are becoming self-employed, on contract or have untraditional sources of income and are having trouble getting approved for a mortgage through one of the big banks or trust companies.
When you refinance a home mortgage loan, you pay off an existing home mortgage loan in exchange for a new mortgage loan. When you are considering refinancing your mortgage it is very important to make a well informed decision and work with a company you can trust.
A home equity line of credit, or HELOC, is an approval for a maximum amount from which you can borrow what you need. So if the need arises, you can borrow multiple times up to the maximum amount that you have been approved for.
A secured credit card is a home equity lending solution that converts your home equity into the form of a credit card. The card essentially acts as a mortgage leveraged on your home equity for you to use as you see fit.
Canadians take out second mortgages for many different of reasons: unexpected expenses, home improvements and renovations, consolidate high-interest debt, and most commonly, to fund the full purchase of a property.
The big banks are definitely the most popular, but may not always be an option for every borrower. Canadians take out a private mortgage for many different of reasons due to credit, income, timing or for various other unique situations.
But before you pull our the power tools, you should think about your financing options for your building and remodeling your dream project. A contract with a builder or contractor may bind you with additional debt.