If you would like to put the equity in your home to use, contact us about a home equity line of credit.
It can be exciting to find out you have several thousand dollars of equity in your Collingwood, Ontario home and begin envisioning what you could do with it if you took out a second mortgage. However, this type of loan isn’t always in line with your financial goals. If you don’t have a pressing need for the funds, such as to renovate your home or cover your children’s college tuition, a better option may be a home equity line of credit. Here at the BRM Lending Team, we take the time to learn what your short-term needs and long-term goals are so that we can properly advise you about your options. From there, we put together options from several lenders and negotiate with them on your behalf to get you the best solution for your needs.
A home equity line of credit can be obtained at any amount up to the total you have in equity, so one of the things we’ll look at is your comfort level with having a certain amount easily available. Just because you can have the entire amount doesn’t mean you’d want to do that. We also look at what you want to use the funds for and what payments you feel comfortable with. This way, we can advise you on how best to manage your line of credit so you accomplish your goals without feeling overwhelmed.
We take the time to fully explain the terms of a home equity line of credit, so you completely understand how the loan works and how it can affect your long-term financial goals. We work for you, not the lender, so we handle the negotiations with them to get you the best terms. If you have any questions or would like to get started discussing this type of loan and other options you may have, don’t hesitate to contact us.