Home Equity Loans Explained By Canadian Tailored Mortgage Solutions

A home equity loan is a loan that is available to you against the equity in your property. It is a type of loan in which you use your home’s equity as collateral. A home equity loan is also known as a second mortgage or a home equity installment loan. It is available for any purpose like renovations or medical treatment, and it is available against both residential and non-residential property. The loan amount is calculated based on the current market value of the property.

At Canadian Tailored Mortgage Solutions, we want to keep you informed about the benefits of home equity loans and how they can help you get the funding you need to cover any emergency expenses. For this reason, we’ve explained below how this debt instrument can work for you.

A home equity loan can be a good option if you need to cover large expenses associated with home renovations, consolidating debt, pay off high-interest debts, home renovations, purchase an investment property, payoff mortgage or property tax arrears, help kids with post-secondary school fees, or other types of major expenses. Because you can borrow against your home’s value, a home equity loan may also be easier to qualify for than other instruments because your house secures the loan.

If you are a responsible borrower with a steady, reliable income, a home equity loan can be a great option. It offers flexibility in what costs it can cover. It is also suitable for any homeowner who has built up significant equity in their house. The money you acquire through a home equity loan can also be used to buy an investment property, start a business or fund another goal. Some reasons for using a home equity loan may be wiser than others, but once you’re approved, you can use the lump sum for almost anything.

If you use the funds to buy an investment property, you will be using your equity to help build wealth. If the funds are used to pay off debt, you can increase your monthly cash flow and get your finances back on track.

For more details about home equity loans, contact one of our agents today by calling us at (905) 509-8164 or (877) 834-9346. Our mortgage agents at Canadian Tailored Mortgage Solutions are well versed in the mortgage industry with an accumulated experience of thirty years in dealing with mortgages. Through our expertise, we can advise you to discuss what suits your needs best. If we conclude that a home equity loan isn’t the right product for you, we can develop other solutions, such as home equity lines of credits or mortgage refinancing. The fees for the services we provide will be discussed on a case-to-case basis. This is after an application has been completed and the file has been reviewed. Our job at Canadian Tailored Mortgage Solutions is to build and maintain stellar relationships with lending institutions across Canada. We have studied their products and their services, we understand their fine prints, and we know how to identify the right fit for your mortgage requirement. To learn more about the services we offer, please click here. To get in touch with us, please click here.