What is a home equity loan, how it is worked out?
Home equity loan is actually a second mortgage loan that you can take when you need money to support your projects, expenses that are important. Here is what you have to know about home equity loans Canada if you are planning to buy a second mortgage. Features of Home equity loan When your home is still under a mortgage the home equity loan will enable you to borrow money against the current value of your home. This loan is simple to attain because it is a secured loan with your residence serving as collateral. It gives you access to large amount of money and needs less homework or legwork as it is secured. Eligibility You may be eligible for the home equity loan if the value of your home is more than what you still owe to the financer. The loan can fund any projects of yours and it could be the higher studies of your kids, expanding business, home renovation and other such needs. There is no restriction such as not using the funds for other projects except your domestic require