Home Equity Take-Out Loans in London, Ontario
Trusted London, St. Thomas, Brantford, Woodstock & Guelph Mortgage Broker
What Types of Home Equity Loans Are Available to London Home Owners?
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.
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