Considering home improvement? Thinking about consolidating high-interest bills? A Home Equity loan may be the perfect solution. With our home equity loan, you borrow one lump sum and pay it back over time. We think it’s a smart ways to borrow against your home. Tap into your home’s equity to cover:
- Remodels and repairs
- Educational costs
- Energy-efficient appliances
- A more fuel-efficient car
- Medical bills
- Unexpected expenses
Many people find 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.
Using home equity to your advantage
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 that 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 the past, Canadians saw their homes as a shelter of safety. Now they are 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.
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and risks. Consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you.