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Hamilton is a port city in the Canadian province of Ontario. An industrialized city in the Golden Horseshoe at the west end of Lake Ontario, Hamilton has a population of 536,917, and a metropolitan (which includes Burlington and Grimsby) population of 747,545.
On January 1, 2001, the current boundaries of Hamilton was created through the amalgamation of the original city with other municipalities of the Regional Municipality of Hamilton-Wentworth. Residents of the city are known as Hamiltonians. Since 1981, the metropolitan area has been listed as the ninth largest in Canada and the third largest in Ontario.
Hamilton is home to the Royal Botanical Gardens, the Canadian Warplane Heritage Museum, the Bruce Trail, McMaster University, Redeemer University College and Mohawk College. McMaster University is ranked 4th in Canada and 77th in the world by Times Higher Education Rankings 2018–19 and has a well-known medical school.
Home equity lines of credit are flexible loans and help you make the most of the equity in your home.
What is It? With a home line of credit, you only borrow what you need (up to the credit limit) and pay the interest only during the ‘draw’ period the lender sets, typically 5-15 years. Once the draw period ends and you enter the ‘repayment’ period you then begin paying the principal and interest back.
Some people choose to refinance it all into one mortgage payment, depending on the lender’s guidelines. A thought to remember about home equity lines of credit is that the interest rate can fluctuate during the life of the HELOC.
Who is it for? Ideal when you want the option to have quick access to the equity in your home with flexible repayment options and are comfortable with changing rates.
Take advantage of current low rates, and protect yourself from future rate jumps by splitting your mortgage into short and long term rates.
What is It? Maintain your current long term mortgage and rate while taking out your equity (up to 80% LTV) as a short term second mortgage with an even lower interest rate. Short term equity loans are usually 6 months to 5 years and rates depend on the term chosen.
Who is it for? If you want to borrow the equity in your home and pay it back fast with a low rate then a short term equity loan is for you.
Take out 75% of the value of your home minus the balance owing, leaving 25% of the value in equity.
What is it? This home equity loan allows you to borrow up to 75% LTV in equity. For example, if you owe $50,000 on a $100,000 mortgage, you can take $25,000 of the equity out in cash at competitive rates.
Who is it for? This home equity loan is perfect for those who want to take out some of the equity in their home but not all, leaving 25% equity as peace of mind.
When you want lower payments up front and a fixed rate for the life of the loan which are normally for shorter periods. Or an equity line of credit with low rates and pay only the interest on the amount you draw.
What is it? An interest-only equity loan is a loan set for a term, wherein the borrower pays only the interest on the principal balance, but with the principal balance unchanged. At the end of the term the borrower may continue the interest-only equity loan, pay the principal, or (with some lenders) convert the loan to a principal and interest payment (or amortized) loan at his/her option.
As an interest only equity line of credit you may draw on as you need it with the same repayment options as an interest only loan. Payment amounts will change depending on how much you draw, lenders.
Who is it for? If your goal is a smaller payment with set rate until the term is up or to pay only on what you draw, an interest only equity loan or line of credit may be right for you.
Home Equity Mortgages (also known as second mortgages) are secured by the equity that you have in your property. Your first (original) mortgage probably has a term of 25 years, while some equity loans have a term of 5 to 10 years.
There are many reasons to consider a home equity loan, but some of the more common are debt consolidation, home improvements, and paying for school tuition.
In many cases, home equity loan products can offer you a lower interest rate as compared to other types of loans on the market. When you request a quote, you may see offers for both home equity mortgages and secured lines of credit to meet your equity needs.
For over 5 years we’ve helped people all across Ontario achieve their goals when applying for a home equity loan. We’d like the opportunity to do the same for you too.