Tap Into Home Equity Home Equity Loans in Oakville
Buying your first home in Oakville is exciting, but it's a lot of work to make it happen. I'm here to walk you through the entire process.
Increase Your Home's Value
With such favourable mortgage rates these days, many Canadians are leveraging the equity in their home to increase the value. Whether your plan on selling in the near future or if it's time for a renovation, let Patrick Romann show you the best way to leverage your home equity.
Quick Approval For Home Equity Loans
I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage lending and financing they need.
We make Mortgage Lending & Financing Possible for our clients living in Oakville.
Looking to renovate your home in Oakville? I can help you find the best rates and get approval fast.
What is a Home Equity Loan and How Does it Work?
Also referred to as a second mortgage, a home equity loan in Oakville is usually used for large purchases such as home renovations. If you're looking to re-do the kitchen or fix the roof, a home equity loan is a good place to start.
The home equity loan can be provided as a line of credit which you can have free access to, and is secured against the equity available in your home.
HELOC is For More Than Home Renovations
While there may be home renovations that need doing, you may have more pressing matters like paying off debt, or if you're a business owner, you may want to expand or cover lost sales. This is where a HELOC (Home Equity Line of Credit) comes in. It's not limited strictly to putting money back into your home. You can use your home equity for virtually anything you like.
While both methods enable you to tap into your home's equity, there are minor differences between the two.
Home Equity Line of Credit (HELOC)
Home Equity Line of Credit (HELOC) works like a credit card, where you can start your line of credit with the lender. This line of credit comes out of your home equity. It is one of the safest methods to consume your home equity because you only have to pay interest on what you use. It means you get to use a line of credit, just like your credit card, but with a pre-approved credit limit out of the home equity.
You repay a HELOC in monthly payments based on how much you withdrew and the current interest rate. Even if you only possess 20% home equity, you can take get the HELOC. There is simply no age requirement to acquire your own Home Equity Line of Credit where you can spend on whatever you want. Being an experienced broker, I can assure you that you can have the best deal on HELOC with me.
Home Equity Loan
Home Equity Loan is an easy way to get a large lump sum amount of money from your home equity. Unlike a reverse mortgage, there are no risks of losing your home at the closure of your mortgage. Although reverse mortgages are perceived as risky, with Patrick Romann, your money is on the safe side – Always. A home equity loan is comparatively shorter than a reverse mortgage and is best for short-term financial solutions. There is no age requirement for a home equity loan, and you can pay back your principal and interest (at a fixed interest rate) on loan in monthly payments. As a veteran mortgage broker, I assure you that you can enjoy the benefits of having some extra cash without losing your home.
BEWARE OF THE HOME EQUITY LOAN SCAMMERS
I have been in the mortgage service for as long as I remember. I have a vast network of mortgage brokers, real estate agents, lawyers, lenders, and other similar finance people. Being in the market for so long, I have made it my responsibility to help my customers out as much as I can.
Unfortunately, there are lots and lots of individuals and even some companies involved in the home equity loan scams. These ruthless people usually target the elderly and somehow convince them of a lucrative loan deal. This is my request to all the homeowners in Oakville to watch for such scammers and always be alert.
You can even lose your own home if you fall for any shady lender. It is therefore recommended to only pick the renowned and reliable mortgage broker for your loan needs.
Make Your Home Equity Loan Tax-Deductible
For the tax years through 2018 to 2025, there is an excellent opportunity for all the Oakville homeowners. All the interest on your home equity loan is tax-deductible during these tax years if you use your loan for qualified purposes. These qualified purposes involve any improvements that you make to your homes, such as renovation, or repaint, or even rebuild the whole thing. I will make it much easier for you as you apply for a home equity loan through me.
Frequently Asked Questions
Yes, a home equity loan is secured by your property. Therefore, your home remains collateral against your home equity loan.
The only way you can risk your property is by borrowing from any suspicious and non-official lenders. Patrick Romann connects with one of the most reliable and easy-to-work-with private mortgage lenders in Oakville.
Except for anything illegal, you can do anything you like with the money from your home equity loan.
When you use your home equity loan for any qualified purpose, such as your home renovation or rebuilding, all the interest is then tax-deductible.
Yes, it is possible, and many people actually do use their home equity loans to pay off their second home mortgage's down payment.
Why Work with Patrick Romann
As a mortgage agent, I can help you get the best rates for your home equity loan in Oakville. Contact me to find out what your options are.