Take advantage of your home equity through an Equity Take Out Mortgage. 

Most Canadians, after 10 or more years of home ownership, will have a sizable equity in their home due to increases in property values. That means their largest single asset may be a large amount of equity tied up in their home. While it’s nice to be “equity rich”, it makes good sense to put that equity to work for you. 

'Equity take out' financing is available for many purposes: 
 

• Home renovations 
• Investment portfolios
• Buying a second property 
• To top up an RRSP contribution as allowed by Revenue Canada 

The equity take out mortgage comes in two forms: the traditional fixed rate mortgage or a variable line of credit option. 

The traditional fixed rate mortgage provides stability in interest rates for a predetermined amount of time (such as a 5 year mortgage). It has limited prepayment options, with a 10-20% prepayment per year being standard. 

On the other hand, the variable line of credit option has a fluctuating interest rate which is usually based on the lending institution’s prime rate and can change at any time. Flexible prepayment options make this form of financing attractive.
 

Contact us and start saving on your mortgage today!