Home Equity Loans are frequently confused with Home Equity Lines of Credit (HELOCs), yet they serve as distinct financial tools. In contrast to HELOCs, Home Equity Loans furnish borrowers with a one-time lump sum payment, featuring a fixed interest rate and predictable monthly payments that simplify financial planning.
Termed a ‘second mortgage,’ a Home Equity Loan introduces an additional layer of financing to your home, positioned behind your primary mortgage. With the ongoing rise in property values within the Greater Toronto Area (GTA), more and more individuals are exploring Home Equity Loans to secure capital for an array of financial needs. These purposes encompass home renovations, elevating property value for potential future sales, and strategic debt consolidation. By consolidating high-interest debts like credit cards and unsecured credit lines into a more economical, lower-interest loan, Home Equity Loans contribute to the reduction of monthly financial obligations, providing a practical solution for borrowers.
Life is full of uncertainties, and even those who are financially responsible can encounter unexpected challenges. Whether it’s a sudden job loss, the accumulation of credit card debt, or unanticipated expenses, these circumstances can lead to financial strain. Interfinance Mortgage Corporation recognizes the need for effective solutions during such times. Our Toronto Debt Consolidation Loans provide a practical means to regain financial stability, effectively manage expenses, and alleviate the stress that often accompanies debt and the pressures of dealing with creditors.
Envisioning a brand-new kitchen, a durable roof, elegant furnishings, a refreshing pool, vital home improvements, or a comfortable nursery for your expanding family? Look no further. Interfinance Mortgage Corporation offers home loans to fulfill your financial needs for these essential home upgrades. Unlike traditional financing avenues like high-interest credit cards or home equity loans, our renovation loan presents a more pragmatic approach to handling your expenses.
Interfinance Mortgage Corporation provides competitive rates for two specific categories of construction loans: Completion Construction Mortgages and Progress Draw Construction Loans. Our primary objective is to streamline the financing process for your new home construction.
If you’re in the process of purchasing a home from a Residential Home Builder at a predetermined fixed price upon completion, the most suitable option for you is the Completion Construction Mortgage.