Home equity loan interest rates are considerably lower than those associated with other borrowing types. By using the equity you’ve established through years of hard work and payments, homeowners can take advantage of interest rates far closer to the prime rate than any other option.

 

 

Everyone knows that a home is one of the biggest investments most people will make in their lifetime. What many don’t realize is that as they make mortgage payments, their home equity is increased. Equity is the value of the home minus any outstanding mortgage amount. The more mortgage payments made, the higher the equity in your home becomes

 

 

Attaining a loan from a financial institution or credit card company is easy for any homeowner. The problem is the high interest rates. The reason that interest rates for credit cards are so high is that there is no collateral, which makes it risky for lenders. The higher the risk, the higher the interest rates. By using your home equity as collateral, the risk to lenders is much smaller, so much lower interest rates are possible.

 

Make an appointment with a reliable and trustworthy lender today at Canadalend to learn how the equity you have built up in your home can be a valuable asset in the quest for lower interest rates. It’s a simple call that can open countless doors and lead to a more stable financial future.