Capital Direct Mortgage Brokers

Capital Direct Home Equity Loans

What is a home equity loan in Toronto?

If you're like most people, there are times when you'd appreciate a financial tool with greater flexibility, an equity loan can help you balance what you can afford with what you want out of life.

The Capital Direct home equity loan lets you have additional money to use how and when you want... for a vacation... renovations... education... even investment opportunities. Home Equity loans allow you to do what you need to, when opportunities arise.

Your Capital Direct mortgage broker in Toronto calculates your home equity by taking the current value of your home and subtracting your mortgage. For example, if your home is worth $800, 000 and you have a $200,000 mortgage, you have $600,000 of equity in your home.

A Capital Direct home equity loan allows you to borrow money using your equity of $600,000 as security for the loan.

Enjoy a financial solution that will help you reach your goals, big or small.

Uses of a Home Equity Loan

A Capital Direct home equity loan can be used for anything from paying off your high-interest credit card debt, to home improvements and renovations, to buying a car or going on a dream vacation. The best and most frequent uses of Capital Direct home equity loans improve your financial situation, your home or your future and these include debt consolidation, home improvement/renovation and education. Some other ways Torontonians have used Capital Direct home equity loans include buying a car and paying for a vacation. Capital Direct home equity consultants in Toronto will help you in planning how best to use the equity in your home to achieve your financial goals.

Here are some popular ways people in Toronto have used Capital Direct home equity loans:

Debt Consolidation

Using a Capital Direct home equity loan to replace various credit card and other high-interest debt has several benefits. The interest rate you pay on an average home equity loan from Capital Direct is lower than the interest rate you currently pay on your average credit card by 7% to 10% or more. Making a single payment on a home equity loan will simplify paying several credit cards with different lenders and staggered payment times.

A home equity loan from Capital Direct can also help make spiralling credit card debt more manageable by spreading payments out over a longer period of time. If you use a Capital Direct home equity loan for this reason, you should consider the fact that you may be paying more in interest over the long run if you make smaller payments. A Toronto Capital Direct mortgage and home equity specialist will work with you to determine your best solution.

Home Renovations

Using a Capital Direct home equity loan for home improvement, repairs or upgrades can give you an easier way to increase the value of your home.

When considering home renovations you will need to evaluate your goal: is it to make your home more comfortable, or are you wanting to increase your property value? If you complete renovations with the sole goal of increasing your property value, ensure that the improvements will add the value you are looking for. For example, a kitchen and bathroom renovation may recover the money spent and then some; where as adding a hot tub probably won't.

Education

Many Toronto Capital Direct clients have used the equity in their home to finance an education, whether it is theirs or their children's. Using your home equity in this way pays for itself in the long run with a potentially higher paying job and a more promising future.

Business/Investments

People in Toronto who take out a home equity loan to start or fund a business venture, investing in other property or even the stock market tend to be more embracing of risk. Before recommending a home equity loan to achieve these goals our Toronto mortgage specialists will work with you to determine your risk aversion and if these type of investments are suitable for you.

Miscellaneous

A home equity loan from Capital Direct can be used for anything and some less common uses include paying for medical treatments and emergencies or helping out a family member.