Debt Consolidation in Canada. Home equity loan mortgage - happy family

Home Equity Loan Mortgage

 

Many Canadians enjoy the stability of owning their own home and have built up equity – either by paying down the mortgage or by the increasing market value of the home (or both). 

 

With the record low interest rates now available, Canadians have been borrowing against their home’s equity in record numbers. 

 

Homeowners can take advantage of the low mortgage interest rates available through a home equity loan or a home equity line of credit.  Your mortgage medic can help you determine which one is right for you.

 

 

 

 

 

 

 

 

 

 

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Home Equity Loan - Line of Credit debt consolidation Canada


Debt Consolidation in Canada

Home equity line of credit, home equity loan Canada

When you use your home to borrow money, you can usually borrow at a much lower rate than conventional loans or revolving credit (credit cards).  Many Canadians take advantage of the low interest rates offered with home equity loan mortgages to pay off higher interest debt - like car loans, credit cards or merchant cards. 

Instead of having many debt repayments every month, debt consolidation results in one payment at a lower interest rate each month,- which can help you with cash flow. 

Mortgage refinancing can save you money, increase your monthly cash flow and eliminate the stress of making multiple loan payments. Products like home equity loans and lines of credit are available to homeowners.


Secured Debt Consolidation Loan

Many Canadians use the equity in their homes for consolidating debt, but others see it as a source of cash for realizing their dreams. Many home owners use their equity for investment purposes, including RRSP’s.  Others use their equity for home improvements, which often increases the market value of their home. 

Your secured debt mortgage loan can also be used to pay for college, medical expenses, a car, a boat, travel and more.  Looking to buy an investment property, cottage or vacation property?  Using the equity you have in your current home can help you qualify for a mortgage on your new purchase.


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.

 

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