A Home Equity Loan For Hamilton Borrowers

Getting A Home Equity Loan In Hamilton

Major expenses can come up at any time, causing stress and the potential for debt; Home repairs, automotive or medical expenses can demand immediate attention. A general recommendation is to have a "rainy day fund” that will support living expenses for at least three months. Although, these kinds of savings can be a challenge to maintain for those with day-to-day expenses. For homeowners who have built equity in their homes, a home equity loan is a way to satisfy unforeseen financial demands.
If you live in Hamilton, mortgage brokers can advise you of the best loan take on to suit your financial needs and satisfy any important investments.

Benefits of a Home Equity Line of Credit (HELOC) 

As the name suggests, a HELOC is a flexible line of credit where the funds borrowed come out of the equity of a home. Operating like a traditional line of credit, borrowers will typically have up to 65 percent of the equity acquired available in the home. Depending on the type of HELOC, borrowers can find flexibility in a revolving line of credit with the security of a fixed-rate option. 

How unique are HELOC's between one another?


All home equity lines of credit are not created equal, and HELOC interest rates can vary between different lenders. This includes the big banks and independent lending institutions. Some will have a higher or lower variable rate on top of the prime rate, while others will offer differing lengths of time in which rates are applicable. Despite these differences, there are similarities amongst all types of HELOC loans:
  • A pre-determined spending limit is accessible to the customer at any time and the interest applies only on the balance
  • Cheaper interest rates compared to other fixed-rate loans (although generally higher than first mortgage rates)
  • Flexible repayment methods – choosing either a minimum payment made monthly, or larger, substantial sums repaid without penalty
Real estate experts have ranked the City of Hamilton as one of the top ten cities for real estate investors. Maintaining an investment in property in Hamilton can be realized by choosing to move forward with a home equity loan to secure a property, invest in its maintenance, and provide a solid foundation for future financial freedom.
Consult a lending advisor at Canadalend who can help answer any questions you have about home equity loans and how they can benefit you.


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