Mortgage refinance is becoming a popular financial remedy
especially for those burdened by large monthly installments or multiple debts.
Mortgage refinance is becoming a popular financial remedy
especially for those burdened by large monthly installments or multiple debts.
Equity take-out
Equity take-out mortgages are receiving a lot of attention these days. A large number of Canadians have realized that after 15 or more years of home ownership, their mortgage balances are very low or even paid off! This means that their largest single asset may be a large amount of equity tied up in their home. While it’s nice to be “equity rich”, it’s also nice to have flexibility with where that money is invested.
Using your home equity may be the most cost-efficient way to finance home renovations, purchase that dream boat, use leverage for investment portfolios, or top up your RRSP.
Can be structured in two main ways
A standard fixed or variable rate mortgage
The standard fixed rate mortgage provides stability in interest rates for the term of the mortgage (such as a 5-year mortgage term) but has restricted prepayment options.
A variable HELOC (Home Equity Line of Credit)
A variable line of credit option has fluctuating interest rates which is usually based on the lenders. However, this type of financing is attractive because of the flexible repayment options.
If the borrower obtains an equity take out mortgage in the form of a Home Equity Line of Credit, the borrower is not required to use the entire line of credit at once. For instance, if the borrower receives a $300,000 line of credit, the borrower may take only $100,000 at one time, and may obtain additional draws against the line of credit as needed. The borrower only repays the interest and amount actually taken by the borrower, not the entire line of credit.
We have a number of equity take out mortgage products available. If you have substantial equity in your property and are considering borrowing against it, we will assist you in selecting the appropriate equity take out mortgage to meet your financial goals.
Our team works with you to find the best mortgage solution to suit your financial and personal situation.
We can help you in any project
We’ll help you get a better deal. Professional mortgage brokers will give you independent advice so you can make the best choice for your family. We offer unparalleled choice and expert advice to Canadians when you’re making the largest financial decisions of your life.