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Private Mortgages in Thornhill

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Home Equity Lines of Credit

 

For most homeowners, taking out a home equity loan is something they only consider in a time of need. However, home equity lines of credit can be useful in more than just emergency situations.

 

When Would I Consider Refinancing My Home?

 


When used responsibly, second mortgages and home equity lines of credit can be a great way to finance large-scale expenses, consolidate debt, or renovate your home. Lenders offer private mortgages to Thornhill homeowners at interest rates that can be much lower than that of your credit card. The interest is also tax deductible at the end of the year, making it an attractive option for consolidating debts.

 

Benefits of Refinancing with Private Mortgages in Thornhill 

 

 

Since the interest rate is lower than that of your credit cards and other forms of debt, refinancing your home to consolidate your debt can leave you with better cash flow in the short term while saving you money in the long term. It makes it much easier on homeowners to pay one simple payment at the end of the month. Refinancing your home is also great for when you need cash quickly or to fund large-scale home renovation projects; however, it is important not to spend uncontrollably. Remember, your home is being used as collateral. 

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