At Sunlite Mortgage, we believe that you should have access to your money whenever you need it, regardless of your past or current credit history. We help by finding you the lowest rates available, as well as providing the support you need in order to achieve your financial or real estate goals.
…Plus Much More!
The difference between the appraised value of your home and the unpaid balance of your current mortgage makes up your home equity. You can grow your equity by paying down your mortgage, but it can also grow on its own if the appraised market value of your home increases over time.
For example, if your home is worth $350,000 and you still owe $250,000 on your current mortgage, you would have built up $100,000 in home equity. You have worked hard to grow the equity in your home so why not use it however you'd like?
There are two types of home equity loans, a fixed-term loan and an line of credit - also known as a HELOC.
A home equity loan is a one-time lump sum of money that slowly gets paid back monthly with a fixed interest rate. A home equity line of credit can provide you with access to funds as you need them, in which you pay back like a credit card.
Fixed-term equity loans include Second and Third mortgages, Refinanced mortgages, Reverse (or Chip) mortgages, and Prepaid.
Although interest rates on a home equity loan are higher than on a First mortgage, they are typically much lower than a credit card.
Paired with the fact that the interest paid on mortgage loans is tax-deductible, as well as some products offering interest-only payments, it is easy to see why more Canadians are switching to Sunlitemortgage for all their mortgage needs.
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