Home Equity Line of Credit – Save Thousands in Interest
Home Equity Line of Credit
Rather than Refinancing Your Mortgage and amortize the debt over a longer period another option is to obtain a Home Equity Line of Credit. According to the Globe and Mail, by 2015 there were over 2.1 million Home Equity Lines of Credit outstanding in Canada.
Often also referred to as Home Loans, I work with a number of mortgage lenders that offer the Home Equity Line of Credit, which has a number of advantages over Mortgage Refinancing.
Unlike traditional Mortgage Refinancing the Home Equity Line of Credit is not amortized a over a predefined number of years with pre-determined monthly mortgage payments. Under most Home Equity Lines of Credit you have the option of paying interest only, or putting down large bulk payments. This enables homeowner to have flexibility into how their home equity lines of credit are paid off.
Purposes of a Home Equity Line of Credit
Increase your cash flow by paying a much lower interest rate than traditional credit cards.
With a much lower interest rate than traditional credit cards or home improvement loans, the Home .
Gifted Down Payment to relatives, investments, etc.
Home Equity Line of Credit Uses
Pay Off Credit Cards
Run Your Business
Gifted Down Payment
Gift to Family Member
Increased Cash Flow
With interest rates much lower than traditional credit cards, Home Equity Lines of Credit are a great way to save on interest!.
Use your Home Equity as Needed, and repay your Equity as Needed!
Rather than be subjected to the terms of a Mortgage, Loan, Automaker, etc, you dictate your repayment schedule.
Interested in Applying for a Home Equity Line of Credit?
If you are thinking about a Home Equity Line of Credit or a Home Equity Line of Credit then please do contact me. You can complete the following form, or Call or Text me at 519-860-2102.
Mortgage Broker London Ontario – Contact Mark Mitchell – Mortgage Broker London Ontario
I understand that when you have questions about your Mortgage that a a few hours to receive a response can seem like an eternity! I specialize in providing a fast response time to all inquiries, questions or comments. My Yelp Page shows an average of 10 minute turnaround time for all responses.
As I do with all of my clients, when we are awaiting a response from the mortgage lender we will touch base every day just to keep in constant contact.
Please Feel Free to Call or Text me at (519)860-2102.