Home Equity Lines of Credit
The financial “feel good” factor isn’t the only benefit to owning your own home. If you’re like most people, your home is one the most (if not the most) valuable asset you will ever own. But that equity doesn’t just give you bragging rights – it gives you borrowing power. A home equity line of credit is a great way to tap into that borrowing power.
A home equity line of credit, or HELOC, can be a great alternative to a traditional mortgage. It helps you leverage the power of your biggest asset and use it to consolidate debt, increase your financial flexibility or finance a major expense. If you’re seeking a home equity line of credit, we can help. You may never have to apply for a loan again!
What’s a home equity line of credit?
A home equity line of credit lets you use the equity in your home to borrow money. It’s a flexible alternative to a traditional mortgage that’ll allow you to adjust your payments to fit your life – and tap into your equity when you need it. And, because a home equity line of credit is secured against your home, you can slash your interest expenses. A home equity line of credit is multifunctional and versatile, making it one of the most powerful tools in your financial arsenal.
What can I use a home equity line of credit for?
A HELOC can be used to pay down a home while also providing access to a pool of cash for major expenses, such as renovations, travel or starting your own business. Unlike many other types of loans, a home equity line of credit gives borrowers the freedom to borrow money when they need to and pay it back as they’re able.
What about debt consolidation?
If you have other debts, especially high-interest credit card debt, rolling it into a home equity line of credit can make repayment much simpler – and much cheaper. At Vancouver Mortgage Team, our brokers have relationships with more than 70 lenders, giving us access to the most competitive interest rates. The lower the rate on your home equity line of credit, the less interest you’ll pay on all your outstanding debts. A regular payment plan will also help boost your credit score.
How can a mortgage broker help?
We have experience with all types of home loans and the expertise to help you determine what type of loan is right for you. If you’re looking to borrow funds, or just want to have access to them in case of unexpected expenses, a home equity line of credit can be a great option.
A home equity line of credit can mean flexible access to funds at a lower interest rate. It can be a great alternative to a traditional mortgage for borrowers with equity in their homes. Want to learn more? Fill in the form below and we’ll respond with a home loan solution that’s tailor-made for you.