A home equity loan can be a prominent and simple way to obtain funding for a variety of purposes. Instead of refinancing the first mortgage, which is usually accompanied by penalties, you may want to consider a HELOC or home equity loan. Consult with our financial experts to find a home loan product that fits your financial situation. While banks will let you dip into a lengthy and difficult process of home loan approvals, we make it easy and quick for you. Following are some factors that may lead you to consider getting a home equity loan in Toronto:
In case you have multiple debts such as car loan expenses, child’s tuition fees, or credit card debts, you can simply pay them off with home equity loans or HELOCs at lower interest rates. A home equity line of credit (HELOC) or home equity loan lets you borrow money against the equity built up on your home. HELOC comes with low-interest rates. By refinancing your high-interest debts at a lower interest rate, you save money. A good example is: you need to pay a 18% annual percentage rate (APR) credit card, which you can simply pay with a 6% APR home equity loan. With SN Mortgage, we work tirelessly to achieve rates that are lower than conventional markets for Toronto home equity loans.
Stop considering personal loans or credit cards for home renovations. Homeowners usually consider remodeling their kitchens, bathrooms, basements, or living areas to improve their home outlook and increase their current value. Would it surprise you to learn that you can use a home equity loan or HELOC for major renovations? It is possible to finance a remodel with home equity, especially when the interest rates are lower than those on a conventional loan. Besides offering low-interest rates on HELOC Toronto, it also offers tax deductions and substantial returns on your investment. Our mortgage company makes it easy for you to get approved for home equity line of credit in Toronto rather than you would go for home renovation loans.
Funding for Business
Take advantage of the equity in your home to start a business if you don't have the funds to do so. You don't have to liquidate your business or apply for a business loan if there's a decline in your business and you need money to cover up large expenses. Business loans trap you in a lengthy and strict process despite their high interest rates. HELOCs and home equity loans in Toronto can be used for business purposes since you can easily qualify and they offer relatively low interest rates. Lines of credit offer flexible repayment periods and a large amount up to 90% of the combined loan-to-value ratio of your residence.
SN Mortgage not only offers the lowest interest rates on second mortgages or home equity loans geared towards debt consolidation, home improvements, business funding, or significant expenditures. Call us today and get a FREE consultation on home equity loans or HELOC rates in Toronto.