A home equity line of credit can provide more favourable terms than other lending options.
There is no doubt that making that final payment on your home mortgage is cause for celebration, but it may be bittersweet if you have expenses that detract from that joy. Perhaps your home needs major renovations to keep it habitable or to improve its value or you have other goals that require the funding to accomplish. Rather than succumb to the high interest rates on credit cards, a better solution might be a home equity line of credit. You can use the value that you have in your home to improve its value or cover other major expense with far better terms, in most cases.
At Centum Mortgage Store, Ltd, our mortgage brokers have access to many different lenders with terms on a home equity line of credit that can be the ideal solution for your situation. We are happy to talk with you to discuss how this type of mortgage works and go over the specifics of your financial situation to help you determine if this would be the best option for you.
Generally speaking, you can obtain a home equity line of credit if your Okanagan, British Columbia home is appraised for more than what you currently owe on it. This type of mortgage is different than a second mortgage in that you get approved for a certain amount but you can use as little or as much as you like of it at any given time. This makes it a great option for ongoing costs, such as paying for university semesters as they become due or handling a remodeling project one room at a time.
If you would like to know more about a home equity line of credit, don’t hesitate to give us a call. We keep ourselves available based on your schedule so that you’ll have guidance through the entire process. We look forward to helping you with financial solutions that make sense for your situation.