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Oshawa (2016 population 159,458; CMA 379,848) is a city in Ontario, Canada, on the Lake Ontario shoreline. It lies in Southern Ontario, approximately 60 kilometres east of Downtown Toronto. It is commonly viewed as the eastern anchor of the Greater Toronto Area and of the Golden Horseshoe. It is the largest municipality in the Regional Municipality of Durham. The name Oshawa originates from the Ojibwa term aaz haway, meaning “the crossing place” or just “(a)cross”.
Oshawa’s roots are tied to the automobile industry, specifically the Canadian division of General Motors, known as General Motors Canada. Founded in 1876 as the McLaughlin Carriage Company, General Motors of Canada’s headquarters are located in the city. The automotive industry was the inspiration for Oshawa’s previous mottos: “The City that Motovates Canada”, and “The City in Motion”. The lavish home of the carriage company’s founder, Parkwood Estate, is a National Historic Site of Canada, and a backdrop favoured by numerous film crews, featured in many films including It, Billy Madison, Chicago, and X-Men.
Once recognized as the sole “Automotive Capital of Canada”, Oshawa today is an education and health sciences hub. The city is home to three post-secondary institutions: Durham College, Trent University Durham and University of Ontario Institute of Technology as well as the Lakeridge Health Education and Research Network (LHEARN), in association with Lakeridge Health Oshawa, formerly the Oshawa General Hospital. Key labour force sectors include advanced manufacturing, health technology, logistics, energy and IT. In 2016, Oshawa was the sixth best place in Canada to find full-time employment based on data from StatsCan.
Downtown Oshawa is identified as an Urban Growth Centre in the Government of Ontario’s Places to Grow initiative. More than 5,000 people work and more than 2,400 university students study in the downtown core. The downtown is a prominent centre for entertainment and sporting events (Regent Theatre and Tribute Communities Centre), food (50+ restaurants and cafes) and culture (The Robert McLaughlin Gallery and Canadian Automotive Museum). Oshawa is home to a Regional Innovation Centre and offers start-up facilities for entrepreneurs and small businesses. Co-working offices are also located in the downtown.
A home equity loan is like a mortgage, but instead of going off your credit to get a good interest rate they will use your equity to base it on. So if you have bad credit, if you have a seasonal job or are self employed, you’ll be able to get the money you need to make home repairs, send your children to university or even to fund your retirement. It’s important to understand how home equity loans work and here we’re going to go over everything you need to know to get a good home equity loan, so let’s get started!
First things first, what is a home equity loan? It’s a way of turning the equity you have in your home into money you can use to do virtually anything. To calculate how much equity you have in your home, you need to know two things: how much is your home valued at (appraisal) and how much debt do you have in the home? Debt could be home equity loans, first and second mortgages and even private mortgages. So you need to take the value of your home, subtract the amount of debt you have against it and you’ll find the equity. If you have a $300,000 home and you owe $100,000 in mortgages you’ll have $200,000 in equity. You can borrow up to 70% of that $200,000, or $140,000. This means that you’ll be able to stay in your home and get the money you need to pay for life’s big purchases.
Home equity loans can be used for a myriad of purposes, but it’s important to make sure that whatever you use it for you only borrow what you can pay back. Don’t take out the full 70% for example when you can get by with only 30% instead. You’ll only pay for what you borrow, so this keeps your interest rates down.