The equity in your home has great power.

Are you looking to consolidate debt or find the money to pay for unexpected expenses? Have you ever considered using the equity in your home? At The Home Mortgage Centre, we offer home equity loans to help you finance major expenses.

Why use the equity in your home?

It’s convenient. If you are approved for a home equity loan, or home equity line of credit, you can access funds through direct payment purchases using a debit card, cheque or cash withdrawal. Equity loans enable you to have financial freedom–you will only pay principal and interest on the funds you use.

Other potential advantages to using the equity in your home include:

  • Lower monthly payments – interest rates on home equity loans are usually lower than personal loans or credit cards.
  • Tax benefits – the interest on your loan.
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What is a home equity loan?

It’s reliable. Secured by your home, a home equity loan allows you to access a portion of your home’s value for monthly payments and a fixed interest rate.

How can you use the funds from a home equity loan?

Any way you see fit. Whether you want to repair and remodel your home, buy a car, pay for education, consolidate debt, or fulfill your dreams and travel, the equity in your home can be used for any purchase or expense.

Your home has equity that builds over time, and you can leverage that equity to take out a second mortgage on your property

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What can second mortgage funds be used for?

The money you borrow through a second mortgage can be used in many ways:

  • To consolidate outstanding debt from other loans/credit cards
  • To finance home repairs or a renovation
  • To pay for education for yourself or a child

Why get a second mortgage?

Usually, the interest rate on a second mortgage is lower than the rate you would have on a credit card, which will save you money in interest in the long run. And, a mortgage will typically offer you more time to pay the money back than other options.

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  • Annette Murphy

    Clarenville and Conception Bay North area

    Annette has been self-employed in the real estate and retail sectors for many years. From her experiences,...

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Springdale Office

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