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Home Equity Loans in Etobicoke

About Etobicoke

Etobicoke is an administrative district and former city that makes up the western part of Toronto, Ontario, Canada. Etobicoke was first settled by Europeans in the 1790s; the municipality grew into city status in the 20th century. Several independent villages and towns developed within the area of Etobicoke, only to be absorbed later into Etobicoke during the era of Metro Toronto. Etobicoke was dissolved in 1998, when it was amalgamated with other Metro Toronto municipalities into the City of Toronto. Etobicoke is bordered on the south by Lake Ontario, on the east by the Humber River, on the west by Etobicoke Creek, the city of Mississauga, and Toronto Pearson International Airport (a small portion of the airport extends into Etobicoke), and on the north by Steeles Avenue West.

Etobicoke has a highly diversified population (365,143 in 2016). It is primarily suburban in development but also heavily industrialized, resulting in a lower population density than the other districts of Toronto. Much of its cityscape is characterized by larger main streets, shopping malls, and cul-de-sac housing developments. Etobicoke contains several expressways, including Highways 427, 401, 409, the Queen Elizabeth Way (QEW) and Gardiner Expressway. Etobicoke is the western terminus of Line 2 Bloor-Danforth of the Toronto subway and served by four suburban rail stations of GO Transit. Humber College is located in Etobicoke, encompassing two campuses, one of which is also home to the University of Guelph-Humber.

What is Home Equity?

The amount of ownership built in a home that signifies the current market value of the house subtracted by the remaining mortgage payments. The value of the home is constructed over time as the owner pays off the mortgage as the market value of the property only increases! To calculate the amount of equity one has in their home all you do is take the value of your home minus the total of your mortgage and that gives you your home equity! From there you are able to refinance your home to pay off any bills, do some renovations on your home or even go on that vacation you’ve always wanted to go on!

Types of Home Equity Loans

There are two types of home equity loans, a fixed-term loan and a line of credit often referred to 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, while a HELOC provides you with access to funds as you need them and you would pay it back as you would a credit card. When getting approved for a home equity loan, financial institutions will approve your request up to a specific amount based on the remaining equity of your home as your equity in your home will act as collateral. Although interest rates on a home equity loan are higher than on a first mortgage they are typically much lower than on a credit card and we are committed to finding you the best rate!

When to consolidate your debt?

Reasons for a home equity loan