Get a Home Equity Loan in Vancouver

If you own a home and need some extra money for remodelling, a larger purchase or another major expense, a home equity loan in Vancouver can be a great solution. A home equity loan uses the equity (the difference between the current market value of a home and the amount still owed on that home) of a house as the collateral for a new loan. Taking a line of credit out against your home can be a great investment opportunity. You can acquire the funds you need up front to complete renovations that in turn can help to increase the value, and potential selling price of your home.

How Does a Home Equity Loan Work?

If you’re interested in pursuing a home equity loan in Vancouver, it’s a good idea to have a basic understanding of how it works. To begin with, there are two types of home equity loans you should be familiar with:

  • Fixed-rate loan – a fixed-rate home equity loan provides you with a single, lump-sum payment. This loan is repaid over a set period of time at the interest rate agreed upon at signing. Both the payment amount and interest rate remains the same throughout the life of the loan. 
  • Home equity line of credit - a home equity line of credit works more like a credit card. You will be approved for a set spending limit and are able to withdraw money against the line of credit when the need arises. Monthly payments are based on the amount of money borrowed as well as the current interest rate. Any outstanding balance must be paid in full by the end of the term.

Different options work for different people, so be sure to speak with Rala Investments Ltd. when you’re ready to learn more about a home equity loan in Vancouver. Once you have decided which option of home equity loan is best for you and your individual situation, it is also important to think about what you will use the money for. Again, people need credit for many different reasons, but here are a few of the most common uses of a home equity loan in Vancouver:

  • Home renovations – the ability to access large amount of money with low interest rates makes a home equity loan in Vancouver a great choice for funding your home improvement. Additionally, home renovations can provide a great return on your investment by increasing the value of your home and property.
  • Paying off high-interest lines of credit – since home equity loans often carry much lower interest rates than other forms of credit, such as credit cards, it may be a viable option to use the equity of your home to pay off debt that may prove more difficult to pay down. 
  • Unexpected or short-term expenses – short-term, recurring costs such as college tuition can easily be handled with a home equity loan in Vancouver. It may also be beneficial to take advantage of the low interest rates to pay for unexpected expenses such as a damaged roof or medical bills.

Whatever your need, if you’re in the market for a home equity loan in Vancouver, turn to the trusted mortgage brokers of Rala Investments Ltd.

Contact Us Today for More Information about a Home Equity Loan in Vancouver

At Rala Investments in North Vancouver, our knowledgeable mortgage brokers work with you to find the home equity loan product that makes sense for your situation. We will work to get you the best possible loan terms so that you can feel good about taking out a home equity loan for your project or expense.

To get started shopping for a home equity loan in Vancouver, give Rala Investments a call today.

Rala Investments Ltd

1200 Lynn Valley Road Suite #301

North Vancouver, BC, V7J 2A2

Phone: 604-732-5865

Toll free: 1-866-732-5865

Vik Mann’s cell: 778-987-9006

Fax: 604-732-5893

Opening Hours

Monday – Friday: 9:00 AM - 5:00 PM

North Vancouver mortgage broker proudly providing a variety of mortgages, loans, and other financial assistance to the following areas in the Lower Mainland:

North Vancouver | West Vancouver | Vancouver | Burnaby | Langley | Coquitlam | Delta | Surrey | Richmond | New Westminster | Port Moody | Maple Ridge | Abbotsford | Cloverdale

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