Home Equity & Home Equity Lines of Credit (HELOC)

Many people find that one of the easiest and most affordable ways to access money is through the equity that they have accumulated in their home. This is a very popular option, especially when you have an excellent first mortgage in place.

Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others also look at home ownership as an investment vehicle. No matter what the reason, the truth is that home ownership has proven itself to be a good stable investment over time, and one which many Canadians are profiting from.
While many people have chosen to purchase their first home during these times of lower interest rates, there has also been a large movement to refinance home loans and pull out equity for home improvements, investments, college expenses, and even high interest debt consolidation. Canadians have been borrowing against their home’s equity in record numbers, taking out billions of dollars in cash each year.
In years past, many saw their homes as a shelter of safety, yet today, they are more than ever before, willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one’s advantage.
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks. The best thing you can do is to consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you.

Home Equity Lines Of Credit or HELOCs

Homeownership has proven to be one of Canada’s most stable forms of investment. In addition to people buying their homes during the contemporary times of lower interest rates, there has been an unprecedented upsurge in the proportion of borrowings against home equity. As a result, homeowners are refinancing their home loans to pull out equity for investments, renovations, higher study, and debt consolidation. Although removing home equity is a strategic and wise move, it requires caution. Thus, it is imperative to take the advice of licensed mortgage professionals to understand the benefits, risks, and opportunities of your home equity. The mortgage experts and financial planners will assist you with HELOC so that you can have immediate access to your home’s equity without paying the interest until you decide to use or draw down the line of credit..

Refinancing

allows you to access up to 80% of your home’s equity. This can help with reducing financial stress and getting you back on track for your financial future, while still allowing you to manage your current needs. Beyond helping you get a better financial footing, refinancing has additional benefits including:

Access a Better Rate: One reason to refinance your mortgage is to get a better rate – this is especially true when done through a mortgage professional such as myself. On average, I have access to over 90 lenders! This allows me to find the best mortgage product for your unique needs.
Consolidate Debt: There are many different types of debt from credit cards and lines of credit to school loans and mortgages. But, did you know that these types of debt have much higher interest rates than those you would pay on a mortgage? Refinancing can free up cash to help you pay out these debts! While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.
Modify Your Mortgage: Life is that it is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Refinancing can help with this too!
Utilize Your Home Equity: If you need funds, you can refinance your mortgage to access up to 80% of your home’s appraised value!

HOW CAN WE HELP IN REFINANCING

Refinancing is the key to mitigating your financial worries and taking control of your financial future. Refinancing has many merits, such as access to home equity, better mortgage rates, debt consolidation, mortgage modification, funds for renovation, higher studies etc. Jaspreet Bansal can find the right refinancing solution for your home and help you find out if paying off penalty makes a better sense or adding a 2nd mortgage is the best solution. So, contact our experts for the best mortgage plans to reach your financing goals.
Contact Jaspreet Bansal today to know what’s the best solution for your situation!

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Home Equity & Home Equity Lines of Credit (HELOC)

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