The Many Uses for a Home Equity Line of Credit

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A home equity line of credit uses the equity you’ve grown over the years as collateral, resulting in a very cost effective means of borrowing. The mortgage payments you’ve been making aren’t just an investment that you can live in, but a valuable asset with which to borrow against.

A line of credit established with your home equity will result in available funds that can be used for countless purposes with interest paid only on the funds used. Most institutions make accessing the funds as easy a trip to an automated teller, over-the-phone transfers, or even through a debit card.

Many people take advantage of their home equity by borrowing to fund home renovations, investment opportunities, debt consolidation, elective medical expenses, vehicle purchases, and even to invest in other properties.

To get the most of your home investment, contact only the most reliable lender today. It’s a simple call that can lead to the financial freedom to follow through on the opportunities that matter the most to you, and your family.
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If you’re looking for ways to fund an investment or project, a home equity line of credit could very well be the perfect solution to your needs. You’ve been spending years developing home equity and now could be the time to take advantage of your efforts.
 

Home Equity

 
To figure out how much equity your home has, simply take the value of your home and subtract any outstanding mortgage amount. The longer you’ve been paying the mortgage, the more equity you’ve built up. Each mortgage payment reduces the principal owed, and as such, a bigger percentage of the home is officially yours.
 

Cost Effective

 
When it comes to borrowing money, interest rates are of utmost importance. Credit cards are a viable option to acquire necessary funds, but with interest rates hovering around twenty percent in Canada, they’re far from cost effective. By using your home’s equity as collateral, interest rates are just a fraction of the competitions.
 
To take advantage of your home’s equity for a line of credit, contact only the finest lenders in the industry. Their financial experience and friendly staff can make the entire process pain free. You’ll have access to the funding you need in no time!

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