I was beyond thrilled at how quickly everything came together for us - Stalin was was on the ball 100%!
Nima Shadman at Canadalend got us the mortgage we needed and with a great rate. When a small issue came up 2 days before closing he got in touch with the bank and had the issue resolved quickly so that we still closed on time without any further problems. He was always available and worked hard to get us what we were looking for! I would highly recommend Nima and Canadalend.
As one of Ontario's premier boutique law firms we have had the benefit of working with many mortgage brokerages throughout the decades, however, we can say with the upmost confidence that Canadalend's services far surpass their competition. Bob Aggarwal and his team always deliver to their clients everything promised in addition to quality service. At the Top Law Firm we pride ourselves with only working with the top of any industry, that's why we are pleased to have Canadalend as one of our 5 star associates. Keep up the good work and thank you for providing our clients with the service and support they have now come to expect. You guys truly set the bar high when it comes to your industry standard.
Stalin was amazing. Very well organized and solution-oriented with excellent communication skills the whole way through. Highly recommend !
CanadaLend has provided our firm with exceptional customer service and are always available to work on a solution for every situation. Bob, Stalin, Vivian and the rest of the team always display a high degree of professionalism and are very knowledgeable about the real estate and mortgage industry. When you work with CanadaLend, you know you are being taken care of and are in great hands. Highly Recommended!
A Home Equity Line of Credit, or HELOC as it’s known, allows you to borrow up to a certain amount of the appraised value of your home at low mortgage interest rates. You can borrow as much, or as little, as you need and only pay interest on what you use.
As you pay down the principal on your mortgage over time, the line of credit limit increases, giving you access to more of your money. This can create breathing room to accommodate emergency expenses, credit management ,or even home renovations.
A HELOC can be used in addition to your mortgage or as a stand-alone product. That means you can refinance your home by using a HELOC; with the remaining balance being paid as a fixed-term mortgage!
It’s that flexible!
A home equity line of credit and credit card are very similar in some ways but there are distinct advantages by choosing to secure a HELOC.
For example, you get a much better interest rate coupled with a flexible repayment schedule and fixed spending limit (based on home equity).
Some of the benefits of a HELOC that homeowners find most attractive are:
A home equity line of credit gives homeowners the freedom to spend their money when they like and repay it in a way that best
suits their financial needs. It is the ideal choice for homeowners who need continuous access to equity on their own terms.
Not only is the repayment schedule flexible, but the interest rate you pay on a home equity loan, while higher than that of a first mortgage, is drastically lower than what you’d pay on a credit card or other consumer loans.