• As you are well aware, we have been living in some very interesting times and these days things seem to change from one day to the next. However, just because the markets change doesn’t mean your plans or dreams have to.

    Recently, I have been receiving a lot of calls from my clients who have been inquiring about unlocking the equity in their home and consolidating all their debts into one “easy-to-manage” monthly payment.

    ID-10088309With interest rates at an all-time low there has never been a better time to take advantage of this opportunity. Just imagine, no more bundle of credit card bills every month and high interest rates!

    Confused about all the different options out there?  Here are some options to consider:

    Equity Line of Credit: An Equity Line of Credit gives you access to the equity in your home, usually up to a maximum of 65% of its appraised value. The advantages are that if you need to renovate, travel, pay down other debt, etc., the rate of interest on home equity loans is generally much less than other types of personal loans and credit cards. The downside is that the Equity Line of Credit is tied to the security of the home.  Lines of Credit are generally tied to the prime rate.  Lenders who offer this product are many, but the top lenders are MCAP, TD, Merix and Scotia.

    All-in-One Mortgages:  With this product you can have access to the equity in your home through a secured line of credit.  You can decide on how much to hold in a secured mortgage and how much to hold in a line of credit.  Furthermore, you get to have it as one charge, unlike the Equity Line of Credit, which is a second mortgage and thus has a 2nd charge behind the 1st charge, which is the mortgage and holds a different interest rate.  There are three lenders, who offer this product, which are Scotia Step, National Bank’s All-in-One and First Line Mortgage through Matrix.  This is also known as a the re-advancable mortgage, because as you pay down the principal on the mortgage portion, you open up the equity on the line of credit side.  Here is an article that will give you more information on the differences:


    If you’re thinking about consolidating some debt or you want to invest in home renovations please give me a call.

    Despite recent events, today’s economic climate can actually create a better tomorrow for you, and your family.

    Please call me today at 416 697-5443 or email me at [email protected], so we can begin making your dreams and plans a reality.

    To your Wealth!

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