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Home Equity Loan

Mississauga Mortgage Agent

A home equity loan allows a borrower to use the equity in their home to secure a loan. The amount of available equity in a home is calculated by assessing the current value of the home and then subtracting the current mortgage(s) still owing on the home from the value. Home equity loans are a great option for homeowners with bad credit or low income, or in many cases people who are self-employed who report their income differently than those who are salaried employees of a company. Types are Home Equity Loan are:

  • Fixed Rate Loan or a Second Mortgage
  • Home Equity Line of Credit (HELOC)

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