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Oakville is a suburban town in southern Ontario, located in Halton Region on Lake Ontario halfway between Toronto and Hamilton, and is part of the Greater Toronto Area, one of the most densely populated areas of Canada. The 2016 census reported a population of 193,832.
Before handing over the loan money, home equity lenders might ask why you need it. This shouldn’t worry you as it is only for record keeping. Once approved, a loan may be used in any way you like. Having been in the industry for years now, our lenders have encountered several uses including renovations, business investing, and education and paying off debts. A few people use it to furnish luxuries like vacations and cars.
The loans we offer have less common uses like stopping foreclosures or power of sale activation, which could lead to loss of property. There are no spending restrictions on home equity loans but you must repay as agreed to avoid losses.
A home equity line of credit is a type of loan with dynamic terms much like a credit card. This is different from a home equity loan with rigid interest rates and payment terms. From this, it is easy to determine that an HELOC is a revolving type of credit while home equity loans are an example of installment loans. When the HELOC is approved, you are free to withdraw without seeking additional approval. For the home equity loan, you get an initial chunk of money but have to await approval any time you want to access more funds. The only relationship between home equity loans and home equity lines of credit is that both are approved based on home equity.a