What is a home equity loan? Well, it is basically a mortgage that is meant to extract equity from your property. For example – if your house is worth $100,000 and you are only borrowing $50,000 today – you may be able to get a 2nd mortgage for about $25,000 (the difference between the house value and the amount that you have borrowed against it is called equity).
Anyways – you might wonder what you’d want to have an equity loan? It would make sense to borrow money against your home (because house money is usually cheaper than any other kind of money) – and then use those funds to payoff more expensive debts.
Anyway – if you are interested in borrowing (or lending) home equity loans in Calgary – please let me know – thanks!
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Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 – 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info
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