Home Equity Loan

Best Mortgage Rates

What is a home equity loan?

For most Canadian homeowners, it is a sound financial decision to secure a sizeable mortgage at a low-interest rate by borrowing against their built-up home equity. A property’s built-up equity is considered an important asset, as it can help you finance your investments. By using your house as collateral, it ensures the loan is guaranteed to allow an individual to borrow a substantial amount of funds. The advantage of a home equity loan is that the interest rates are low when compared to a personal line of credit or credit card.

Do not let the stress of choosing the right lender. The team at Good Advice For a Better Life can help identify the correct loan that suits your specific needs. To find out more information, schedule an initial consultation with our loan experts.

Home Equity Loan

Why should one apply for a home equity loan?

1. Low-interest rates

The most important reason to choose a home equity is that banks and other financial lenders approving loans based on one’ built-up equity in their property are guaranteed the lowest interest rates compared to other loan options. If you have credit card debt, you can refinance it with a loan as the rates are low and free from tax.

2. Poor or a low credit score

Individuals with poor credit scores can still qualify it instead of other types of loans. Borrowers that find it hard to secure a loan with a lower interest rate should consider applying for a home equity loan.

3. You need to borrow a large sum of money

It matters if the borrower has a good credit score and they are considering taking a loan against their property's valuation to secure a large sum of money. If you find yourself in a position that needs to borrow a substantial amount of money, a home equity is a fantastic alternative.

4. You are eligible for a tax deduction

Another significant benefit of choosing a home equity is that the interest you pay on loan can be tax-deferred. You have to check with the advisors at Good Advice For a Better Life to find out more details.

5. Consolidate high-interest debt

If you are someone that is carrying high-interest debt, you can take out a loan based on your home equity and save a lot of money on interest if your credit score is good. This will allow you to pay off your debts quickly.

Best Rates Of Home Equity Loan

How to secure the best rates for a home equity Mortgage?

  • Make sure the loan is taken out for the right reasons, like home renovations and improvements, student loans, etc.
  • Maintain a good credit score. Before applying for a home equity loan, check your credit report and identify if there are any errors.
  • It is important that you calculate your loan-to-value (LTV) ratio.
  • Compare interest rates from different lenders or speak to the experts at Good Advice For a Better Life.
  • If you are not able to get approved for a home equity, consider applying for a home equity line of credit.

Pros of a Home Equity Loan

Pros of using Good Advice for a Better Life:

  • They give you the liberty to compare and shop for the right loan from several lenders across Ontario as they have built a sound relationship with them.
  • We act as a liaison between you (the borrower) and the lender. It makes paperwork less of a hassle at the time of closing.
  • We work on your behalf and look after your best interests by helping you find the right rate and terms on your loan.
  • You can rest assured; that we will go above and beyond to find the ideal deal to suit your specific requirements. From application to approval, we will guide you through every step of the process.

Why Choose Good Advice For a Better Life?

If you are based in the Ontario region and are looking to apply for a home equity loan, get in touch with our team today at (289) 804-0857 to schedule an appointment or for further enquiries.