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Here's how we keep it simple for you
Fund Your Home Renovation with Swiftborrow Mortgages
Are you looking to spruce up your Ontario property but don't know the best way to finance it? With Swiftborrow Mortgages, home improvement is made easy. From small projects to large renovations, a private loan can help make your dream home become a reality.
Benefits of Home Improvement Line of Credit
Home improvement loans typically have fixed rates and terms, making them an attractive option for those who need financing for repairs or renovations. They are often easier to qualify for than traditional bank loans and many times come with flexible repayment plans. Additionally, taking out a mortgage can help raise the value of your property in the long run.
Features of Swiftborrow Mortgage
At Swiftborrrow Mortgages, we make the process of getting a mortgage easier than ever. We offer competitive rates and repayment plans tailored to fit your needs. Our application process is quick and simple, and you can be approved in as little as 24 hours. Plus, all our loans are backed by a satisfaction guarantee so you can rest assured knowing that your investment is secure.
We Work With All Credit Types
The biggest objection people have when considering taking out a loan is their credit score. Fortunately, with Swiftborrow Mortgages there's no need to worry about that. We offer flexible terms for those with less-than-perfect credit and even help people who may not qualify for traditional bank loans.
Consolidate your debt faster than ever
Here's how we keep it simple for you
1. Apply online for free
After you submit your application, one of our loan specialists will review it and contact you to discuss the best options available.
2. We get you approved
Once you have been approved, we’ll work with you to decide on a payment plan that fits within your budget. We offer competitive rates and flexible terms so that you can be sure that the home renovation loan is right for you.
3. Get your loan
You’ll make the agreed-upon payments until your home improvement mortgage is paid off in full.
HELOC Equity Line of Credit Features
Borrowing Limit
Typically, you can borrow up to 65% of your home’s value, minus any existing mortgage balance.
Interest Rates
HELOCs Toronto generally come with variable interest rates, which can change based on market conditions
Second-Position HELOCs
If your primary mortgage is with one lender, you can obtain a HELOC from another while keeping your original mortgage intact, giving you more flexibility in managing your loans.
Draw and Repayment Periods
HELOCs usually offer a draw period of up to 10 years, during which you can withdraw funds as needed and make interest-only payments. After the draw period ends, the repayment period begins, often lasting 20 years, where you will repay both principal and interest. This structure gives flexibility early on while ensuring the loan is paid off over time.
Sub-Accounts
Some lenders allow you to divide your HELOC into sub-accounts, so you can allocate funds for specific purposes, each with its own terms.
What Are the Types of Home Equity Line of Credit?
Below are the main HELOC types available. Each has unique benefits depending on your financial needs. Always compare Toronto HELOC lender mortgage options and terms before choosing the right one!
HELOC Combined with a Mortgage
Also known as a re-advanceable mortgage, this combines a home equity line of credit with a fixed-term mortgage. You can borrow from the HELOC while making regular mortgage payments.
Standalone HELOC
This is a revolving line of credit secured by your home, separate from your mortgage. You can borrow up to 65% of your home’s value, but the credit limit will not increase as you pay off your mortgage.
Fixed-Rate HELOC
Converts a portion of your HELOC balance into a fixed-rate loan, providing stable payments. Useful if you want predictable monthly payments while still having access to revolving credit.
Interest-Only HELOC
Requires only interest payments during the draw period (usually 10 years). Once the repayment period starts, you must pay both principal and interest, leading to higher payments later.
Advantages & Disadvantages of HELOC
Advantages
- A HELOC equity line of credit lets you withdraw money as needed instead of a lump sum, offering financial flexibility.
- Lower HELOC rates compared to personal loans or credit cards.
- Interest-only payments during the draw period reduce initial costs.
- Funds can be used for home improvements, debt consolidation, education, etc.
- Revolving credit allows you to reuse funds as you repay.
Disadvantages
- Since your home is used as security for the loan, not being able to make payments could result in losing your home.
- Variable interest rates can increase, making payments unpredictable.
- Easy access to funds may lead to overspending and unnecessary debt.
- Repayment shock when full principal and interest payments begin after the draw period.
- Some lenders charge origination fees, appraisal fees, and annual fees.
Get your loan approved today
What type of loan do you need?
Swiftborrow Mortgages offers fast and professional private loans for entrepreneurs and small businesses.
Swiftborrow Mortgages offers private equity loans to help clients in ontario, Canada consolidate their debt into one manageable loan and become debt-free.
Consolidate Your Debt With Swiftborrow Mortgages
We are committed to helping you secure your financial future through quality services and personalized guidance. Get in touch with Swiftborrow Mortgages today to learn more about our mortgages!
