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Your Home - A Hidden Source Of Financing
by: News Canada
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(NC)-Your home is more than just a place to hang your hat. In addition to being a source of pride and protection, it can be a valuable source of equity.
With interest rates still low, now may be a good time to consider a renovation, purchasing a new car or making some investments. The equity in your home may be able to help you secure the necessary funds to help you achieve your goals.
One way to access the equity in a home is to refinance the existing mortgage. This adds additional funds to the mortgage but it may yield a lower interest rate and lower monthly payments than a traditional loan. One caution, however; adding to your existing mortgage means it will take longer to pay it off. As a consequence, you will be paying more interest.
Another way to access the equity in your home is to open a line of credit that is secured against your home. Just as with refinancing, a line of credit may be available at an interest rate that is lower than a regular loan. In some cases, the interest rate on a line of credit can be as low as prime.
A line of credit gives you payment flexibility that is not available with a conventional mortgage. Not only do you have control over the length of the loan and how you repay it, you also have the flexibility to pay off the debt at anytime without penalty and you can control
the amount of payment you make each month - the minimum, as little as interest only, or as much as you can afford. The larger your monthly payment, the quicker you will pay off the line of credit and the lower your overall interest costs.
If minimizing the amount of interest you pay over the lifetime of the debt is important, then a secured line of credit may work for you. To qualify, you generally require 25 per cent equity built up in your home. Legal fees or registry fees may apply.
"If you are considering leveraging your home equity, you should meet with a qualified lending expert," says Terry Fitzpatrick, Vice-President, Bank of Montreal Consumer Lending. "A lending expert will explain your options, offer a variety of solutions, and help you make the best decision to suit your needs and your budget."
Information provided by Bank of Montreal. For more information visit www.bmo.com.
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About The Author News Canada provides a wide selection of current, ready-to-use copyright free news stories and ideas for Television, Print, Radio, and the Web. News Canada is a niche service in public relations, offering access to print, radio, television, and now the Internet media, with ready-to-use, editorial "fill" items. Monitoring and analysis are two more of our primary services. The service supplies access to the national media for marketers in the private, the public, and the not-for-profit sectors. Your corporate and product news, consumer tips and information are packaged in a variety of ready-to-use formats and are made available to every Canadian media organization including weekly and daily newspapers, cable and commercial television stations, radio stations, as well as the Web sites Canadians visit most often. Visit News Canada and learn more about the NC services. |
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