A home equity mortgage allows you to tap in to your home equity!
This alternative allows home owners to borrow against the equity in their home. The equity in your home equals the value of your home less what you owe. You can borrow a portion of the appraised value of your home to finance major purchases or consolidate debt. The advantage of home equity loans is that you can often obtain a lower interest rate because your loan is secured by real property.
You have all the flexible options and choice of a regular personal loan - just at a preferred rate:
- Express Loan (HELOC) - With an Express Mortgage you can borrow up to 65% of the purchase price or appraised value of your home, not exceeding a total of 80% when combined with a conventional mortgage. Once approved, you can advance as little or as much of the loan as you want, as often as you like with a simple phone call.
- Term Loan - Borrow up to 80% of your home equity with your choice of amortization period - up to 25 years.
So let's say you're ready to start renovations, you need a new motorhome or you've found your summer cottage at the lake! With a Home Equity Mortgage, you can tap into the equity you have in your home to make it happen.