Home Equity Loan Mississauga
Borrow up to 80% of the appraised value of your home
Fund home renovations
Help pay for major purchases
Low-interest rates
Straightforward process
Apply For Home Equity Loan
Reliable Home Equity Loan Professionals
A lot of Canadian homeowners aren’t aware that by making their monthly mortgage repayments throughout the years, they are slowly building up equity in their property. The built-up equity in your property does not need to just sit there, you can utilize it to pay for your children’s education, become debt-free and much more. Harpreet Puri Mortgage Agent works very closely with homeowners to help them qualify for a home equity loan immediately. To find out more information or if you are looking to apply for a home equity loan in Mississauga, get in touch.
What is a home equity loan?
A home equity loan is exactly what the name suggests. It is a type of loan that allows the homeowner to borrow against the equity that they have built up in their house. While the loan products may vary across different lenders, some home equity loans will pay out a fixed lump sum amount that is agreed upon, and the borrower will pay the loan back over a fixed term. The monthly payments will remain the same over a set period until the loan amount is completely paid off.
By using the built-up equity in your home as collateral, home equity loans allow borrowers to access larger amounts of money at a lower interest rate, when compared to other forms of unsecured debt like credit cards, personal loans etc. As long as you have more than enough equity built up in your home, you should be fine.
To apply for a home equity loan in Mississauga, give the team at Harpreet Puri Mortgage Agent a call today.
Reasons for getting a home equity loan
Property owners usually take out a home equity loan to finance any unexpected purchases or settle their debts. However, below mentioned are reasons for getting a home equity loan:
- To fund home renovations
- Improve your credit history by paying off any collections
- To help stop a foreclosure
- Consolidating all your high-interest debts into one single easy-to-make payment
- Invest in another business venture
- Pay off property tax arrears
- Pay for your children’s post-secondary education
If you are looking to spend your hard-earned built-up equity other than home improvements, it is better to consult Harpreet Puri Mortgage Agent for expert advice in helping devise a sustainable savings plan. Additionally, when it comes to the equity present in your property, avoid borrowing more than what you need. Try not to overspend and put your home at risk of foreclosure. For further enquiries, speak with a member of our team today.
Pros of getting a home equity loan
1. Interest rates are low
For almost every loan, the interest rates have been skyrocketing. However, when you compare it to a personal loan or a credit card, loans that are secured by a property, i.e. your home have some of the lowest interest rates. The interest rates are somewhere usually around 5%, unlike credit cards where it can be anywhere between 10% – 20%. Furthermore, when you take out a home equity loan, the lock-in rate is guaranteed, meaning, it will not change throughout the entirety of the term.
2. Continuous payments
The payments made to a home equity loan are similar to the payments you will make on your principal mortgage. The first payment is the payment you will need to make each month for several years. Since the rate is guaranteed, the monthly amount is known, which makes it easier to plan your monthly budget ensuring you don’t miss out on your payments.
3. Potential tax benefits
The interest paid on a home equity loan that is taken out to pay for home improvements may be free from tax.
4. The built-up equity can be used for anything apart from property renovations
The interest paid on a home equity loan for consolidating debt, college tuition, paying off medical bills, or for any other purpose is tax-deferred. The funds from the equity built up in your home act as a quick way to utilize it for the above-mentioned reasons. So, simply put, you can use the money according to your wish.
The best way to get a home equity loan
A home equity loan can be attained through a traditional lender like a bank or a credit union or through private lenders, but for a traditional lender, you will need to have a great credit score to qualify for the loan. If you decide to approach a private lender by yourself for a home equity loan without doing any due diligence, then you could probably end up paying more than you should.
By choosing to work with Harpreet Puri Mortgage Agent, the stress is taken off your hands, as the team of expert mortgage agents will do all the heavy lifting and shop for the best rates and terms. With years of experience in the mortgage industry, we have built a solid reputation with several lenders, so you are guaranteed to be presented with a plethora of options with favourable terms and the lowest terms to help you make a well-informed decision.
To find out more information, call to schedule an initial consultation.
Why you should hire Harpreet Puri Mortgage Agent for a home equity loan in Mississauga?
The answer is simple really, professional and experienced. If you are looking to apply for a home equity loan in Mississauga, you cannot go wrong with Harpreet Puri Mortgage Agent. Based on your current financial situation and specific needs, our team of skilled mortgage agents can create personalized financial solutions to match your requirements. Please do not hesitate to give our team a call today and learn about the various options on how you can acquire a home equity loan. If you wish to find out more, we will be more than happy to address any queries that you may have.
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