Using Home Equity to Fund Goals
Your home is probably one of the most valuable assets you have. Why not take advantage of some of the equity in your home to purchase a secondary property, do home renovations, or go on a vacation. Using the equity in your home you can secure a low interest rate, combine all your personal credit into one, and save. Why not consider a low cost combined borrowing solution that has the fixed payment schedule of a mortgage and the flexibility of a line of credit so you have access to those funds whenever you need them. You could also pay off the line of credit portion at any time without any prepayment cost and have the access available to you, up to your full credit limit. Or you could consider a traditional mortgage. A traditional mortgage is a loan that is secured against your property but it is also very easy to budget. You have a fixed payment schedule and an assured pay off date. What’s right for you depends upon your own individual circumstances, speak to a financial advisor, get a financial analysis and see whats right for you!
CIBC Mortgage Advisor