Home Equity Line of Credit

Alex owned a house that was virtually paid off and he wanted to do something constructive with his home’s equity. He’d always thought about owning another property or investing in a business but wasn’t sure what the best approach would be to leverage the equity in his home. His bank recommended that he do a mortgage over a HELOC as the interest was cheaper but wanted to get a second opinion. That’s when he googled The Mortgage Centre Guelph and was impressed with the reviews! He set up an appointment.

The Mortgage Centre went through the pro’s and con’s of each option for investments in an unbiased way. At the end of the consultation, the secured line of credit option was a better choice since all of the interest in the loan would be tax deductible. The lower rate on the mortgage offered no advantage to the HELOC since the standard forced Alex to pay down on the principal of the loan (and that wasn’t his original idea because it was an investment loan). Because The Mortgage Centre had the experience and expertise Alex was able to grow his investment portfolio to two rental properties and even invest in a business that generated dividends!

Sharon and Violet had accumulated some debt, but it wasn’t a lot. They knew a secured line of credit might be a better option than carrying the debt on their credit cards. They had a mortgage with a major bank but whenever they tried to book an appointment it was always being rescheduled and the process seem tedious and drawn out. They finally lost their patience and came to The Mortgage Centre as a recommendation from a friend.

Thankfully The Mortgage Centre – skipthebank.ca was able to help them work with their existing mortgage lender and acquire a secured line of credit. Sharon and Violet found it easy to communicate with The Mortgage Centre as they used technology for esigning the final mortgage documents. The Mortgage Centre also was able to accommodate evening appointments and were quicker at answering questions.