Home Equity Loans in Newmarket
Newmarket (2016 population 84,224) is a town and regional seat of the Regional Municipality of York in the Canadian province of Ontario. It is part of Greater Toronto in the Golden Horseshoe region of Southern Ontario. Many Newmarket residents commute to Toronto, about 45 minutes transit time south of the town.
The town was formed as one of many farming communities in the area, but also developed an industrial centre on the Northern Railway of Canada’s mainline, which ran through what became the downtown area starting in the 1850s. It also became a thriving market town with the arrival of the Metropolitan Street Railway in 1899. Over time, the town developed into a primarily residential area, and the expansion of Ontario Highway 400 to the west and the construction of Ontario Highway 404 to the east increasingly turned it into a bedroom town since the 1980s. The province’s Official Plan, however, includes growth in the business services and knowledge industries, as well as in the administrative, manufacturing and retail sectors.
Some of Newmarket’s most noticeable landmarks are the Upper Canada Mall, Southlake Regional Health Centre, the Main Street Heritage Conservation District, the Fairy Lake Conservation Area, as well as many other parks and recreation areas. In 2013, MoneySense magazine ranked Newmarket 10th out of 200 cities in Canada, and 4th out of the “Top 10 Small Cities” in Canada in its “Canada’s Best Places to Live in 2013”. The same magazine rated Newmarket in the top 25 of 219 communities in 2016 and as the 14th among best small cities. In 2017, Amazon Canada ranked Newmarket as number 20 of the top 100 most romantic cities in Canada.
Your home is likely your most valuable asset. Why not tap into its value with a home equity loan? Whether you want to use the equity in your home to improve your cash flow, consolidate debt, pay off mortgage arrears, manage emergency expenses, launch a business or simply have extra cash on hand, a home equity loan could be an excellent option for all your financial needs.
Unlike other types of loans that take into account your income or your credit history, a loan through the equity of your home allows you to borrow money at a low interest rate using the equity that you have built up in your home over time as collateral. Your home’s equity is calculated by subtracting what you owe on your mortgage from your home’s current market value. For instance, if your house is valued at $300,000 and you still owe $100,000 on your mortgage, your equity would be $200,000. A loan specialist will be able to tell you exactly how much you could be eligible to borrow.