Home Equity Loans in Alberta
Home Equity Loans give you access to the equity in your home to invest as you see fit!
Many Canadians have realized that, after years of home ownership, they have substantial equity in their home. In fact their largest single asset may be a large amount of equity tied up in their home. While being in an "equity rich" position is nice it may not always be the best use of your money.
This is where an "equity take out" mortgage can be very useful.
Equity take out financing is available for various purposes such as:
- Home renovations
- Major investments
- Second properties & revenue properties
- Assets such as Boats & RV's
- Debt consolidation
- To make an RRSP top up contribution (allowed by Revenue Canada)
- And much, much more!
The equity take out mortgage comes in three forms: the traditional fixed rate mortgage, a variable rate mortgage and a home equity line-of-credit option.
The traditional fixed rate mortgage provides stability in interest rates for a predetermined amount of time (such as a 1, 2, 3, 4, 5, etc. year mortgage). Pre-payment terms are typically 15-20% to each payment and 15-20% lump sums once per year.
On the other hand, the variable rate mortgage has a fluctuating interest rate which is usually below your lending institution's prime rate and can change at any time. Pre-payment terms are typically 15-20% to each payment and 15-20% lump sums once per year.
Lastly, a home equity line-of-credit (HELOC) will be a fluctuating payment at prime. This would be a fully open product and could be repaid at any time without penalty.
Alberta Home Loans
Everyone has heard the old adage “Money can’t buy you happiness”, but that may not necessarily hold true to people who have experienced the overwhelming feeling of relief when you clear up all of your debts, the endless possibilities of starting up your own business or the excitement of showing off your new home renovations to your friends and family.
These positive changes can begin with a single action but these actions often require money. If you own a home and need a Alberta home loan, chances are you have home equity and accessing this home equity can make all the difference of getting you what you need.
If you are looking for Alberta home loans, like anywhere else, Home Equity is the money that you've been putting towards your mortgage for years. Even though it’s your money, that doesn't stop the banks from shutting you out if they don't like the look of your credit or other potential factors affecting the home loans. Alberta residents have to consider these factors.
We are experts at Alberta home loans and accessing the money you need, no matter what outside circumstances may be involved. Home loans: Alberta housing renovation, debt consolidation, or just to free up some extra cash, contact me today and you could be re-investing in your own future as early as next week. The possibilities of an Alberta home loan are endless, so call today to experience a positive change in your life.
