Line of Credit in Ontario
One of the best ways to affordably borrow money is with a home equity line of credit - also known as HELOC. This allows you to borrow money at a low mortgage interest rate using the equity you’ve built up in your home.
For years Canadalend.com has been helping clients get a home equity loan in Ontario for various purposes, including undertaking home improvements and repairs, combining credit card payments, and even helping to pay for kids’ tuition.
Unlike high-interest loans or credit cards, a HELOC is not only easy to apply for; it’s also designed to help you build your savings as quickly as possible. After you’ve been approved, you can access the available credit at any time, without ever having to reapply.
Learn how financial services can help you and your business.
Fixed-rate loan vs. Home equity line of credit
Fixed-Rate Home Equity Loan
You can lock all or a portion of your outstanding HELOC balance into a fixed interest rate for a closed term of one to five years. Choosing a fixed-rate home equity loan can give you peace of mind from knowing your regular fixed payments are protected from any increases in mortgage interest rates – you will always pay the same amount.
Home Equity Line of Credit
A home equity line of credit is a little like a credit card. You qualify for a set spending limit that you can access at any time and your repayment schedule is based on the amount, type of HELOC, and any fluctuations in the mortgage interest rate. This means you can’t guarantee that the cost of your payments won’t go up.
While both a Fixed-Rate Loan and Home Equity Line of Credit are about refinancing, they differ in structure. With a fixed-rate loan, a homeowner can take the loan as a lump sum payment, which is then repaid over an agreed-upon time frame at a fixed interest rate. With a HELOC you can draw out money as and when
One of the best ways to borrow money!
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