For the unfamiliar, a home equity loan is exactly what it sounds like. As a homeowner you can take out a line of credit by using your home as collateral. The loan amount is determined by the value of your property, and the value of the property is determined by your lending institution’s appraiser.
When interest rates are low, homeowners have a great opportunity to secure funds for a variety of needs. When interest rates are near historically low levels, as they are now, homeowners are downright chomping at the bit. But it gets even better if you choose Carloni Mortgage Brokers to manage the home equity loan against your Penticton BC property. Due to our longstanding relationships with a variety of lenders throughout the Southern Interior of British Columbia we can get you access to even lower unadvertised interest rates and better “pay back” terms.
Common (and less common) Reasons to Get a Home Equity Loan
- To make a home improvement (kitchen renovation, etc.)
- To pay off debt that has greater rates of interest
- To make other worthwhile (and time sensitive?) investments
- To start a business
- To pay for your child’s education
- To get you through a tough time (for example; the economic lockdowns of 2020)
- To take a much needed family vacation
Despite the opportunities to leverage the equity in your home listed above, we know that using your home as collateral with banks and other lenders can be intimidating. They are looking out for their own interests, after all. When it comes to protecting what’s yours while gaining access to much needed funds you require someone in your corner that has YOUR interests at heart. If you’re in the Penticton area then you’re already in the right place. Our brokers will walk you through the entire process and ensure that you and your home are protected, and better yet – that you get the money you need to do something great.