Lines Of Credits in Toronto, Ontario
Sometimes you may need money or your may not need money from your home’s equity. This is when a Secured Line of Credit would be ideal. They are typically the cheapest way to borrow money in the form of a line of credit.
They are fully open for repayment at any time, you only pay for what your borrow, and rates are very competitive to a fixed rate mortgage.
If you are certain that you need to access money from your home, then perhaps a refinance might be better, because the mortgage rate will be lower, but with a mortgage you must borrow the entire amount upfront and pay interest on the entire amount. A secured Line of Credit may end up costing you less, even though the rate may be slightly higher. Let us work through the numbers and help you decide what’s right for you. And as always you will be assisted through the entire process from beginning to end.