A home equity line of credit, or HELOC, is a loan that uses the value of your home as collateral. The loan is approved as a line of credit, meaning you can borrow up to a certain amount and only pay interest on the amount you borrow. The interest rate is usually variable, meaning it can change over time.
The Canadian government has implemented several debt relief programs targeting household liquidity constraints. These programs allow individuals to push off payments and lower their interest rates.
One program makes it possible for homeowners to pause their mortgage payments for up to 6-months and use the freed-up cash flow to pay back bad high-interest debt.
Despite potential savings of over $4 billion, these programs have not reached the majority of those who could benefit from them and enrolment has been limited: only 24% for mortgages and 7% for credit cards. Research suggests that close to 80% of eligible homeowners were unaware of these debt relief programs.
In order to purchase a home, many buyers need to purchase a mortgage. If you make mistakes when it comes to your mortgage, you may be left without your dream home and probably a little bit confused. Here are the top five mistakes you should absolutely avoid with your mortgage.
There are a lot of things to consider when you’re buying a house: location, price, size, style…and whether or not you want to take on a mortgage. For some homebuyers, the idea of paying off their house in full is very appealing. But should you buy a house without a mortgage?
Homeowner Debt Relief Experts
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