Everything you need to know about Equity Take Out Mortgages in Oshawa, Ontario
As a trusted and experienced Oshawa Mortgage Broker, I can make sure you get the mortgage you need.
I'm Dennis Street and I'm an experienced Mortgage Broker working in Oshawa, Ontario.. As a mortgage broker I have the opportunity and ability to shop around to help find you the best mortgage solutions in Oshawa fitted to your exact needs. Unlike the big banks who have limited mortgage products available, I have relationships and access to over 50 lenders from across Canada which allows me to help get you the best and lowest mortgage rates in Oshawa, OntarioMore About Dennis
Equity Take Out Mortgage Loans in Oshawa
Equity take out mortgages (through a refinance, second mortgage or home equity line of credit - HELOC) can be good solutions to free up cash flow or to increase available liquid cash for whatever your needs. This is typically for things like... home renovations and repairs, investments, down payments for properties, etc. This type of mortgage is tied to the equity of your existing property, so an equity take out mortgage is only possible if the owner has the available equity (maximum 80%-85% depending on type of loan) after the fair market value and other registered mortgages are taken into consideration. An equity take out mortgage can be arranged as a fixed sum amount with a fixed rate or as a variable rate and in the form of a line of credit (secured) where the borrower may use the funds available and pay back the principal using their own discretion.
Typically, a home owner’s largest amount of net worth is tied up in their home. If the owner has owned this property for many years, the combination of property appreciation and payments toward the principal have added up to a significant deal of equity. As an Oshawa homeowner, when you need funds (for endless reasons), the cheapest and safest way to obtain necessary funds is through an equity take out mortgage. This option is preferred by many Oshawa home owners as the interest rate is much lower and the lending criteria are far more flexible than unsecured loans or other means of obtaining funds.
I can help answer any questions you might have in regards to Equity Take Outs and look forward to hearing from you.
Call Dennis Street Today! 1-844-363-9113