Applying for a home equity loan can be the ideal solution for you to resolve your financial problems. You can use the loan amount to invest it in your business, pay off debts, pay for any medical expense, credit card bills, car loans and much more. You can get in touch with your team at Sun Micro Financial for more details on the same. We have been serving customers in Mississauga and the surrounding areas for many years. Our team members will note down all your requirements and we can create a personalized financing solution which gets you out of your financial crisis.
Home equity loans could be defined as a loan for a fixed amount of money that you get using the equity of your home. You get access to a large amount of money in a quick time. One of the benefits is, the interest rates for repayment is less when compared to other types of loans (credit card loans and consumer loans).
The way home equity loan works is, you covert the equity that has been building up in your home to cash. The amount that you can borrow is based on the combined loan-to-value ratio of 80 to 90% of your home’s appraised value (the difference between your home’s current market value and the mortgage balance due)
Once you start paying back your loan, the equity percentage will start building again. Also, if you used the loan to renovate or build your home, you can claim a tax deduction for the interest you pay. If you want to find out more about home equity loans, contact Sun Micro Financial in Mississauga today.
We like to be completely transparent with our clients that is why you should know that home equity loans have floating interest rates, which means if the prime rate increases so will the interest rate and so will your monthly premiums. If you have any queries, contact our office in Mississauga and resolve them today.
Our team at Sun Micro Financial can offer a customized home equity loan plan which meets all your financial needs. Contact us today.