If your clients are like most people, they use chequing and savings accounts, mortgage loans, lines of credit, loans and credit cards to carry out day-to-day banking transactions. This method can be expensive and eat up valuable time.
Use the home equity line of credit for all of the banking needs of your clients and save them time and money.
The home equity line of credit simplifies banking transactions, saves money and helps pay off debts faster.
The financial institution will lend you up to 80% of the estimated value of your client’s home.He can use this amount to pay off his existing mortgage or any other contracted loan.A single, low interest rate is then applied to each dollar borrowed.
Instead of maintaining balances in his chequing or savings accounts that earn little or no interest, the home equity line of credit lets your client use these balances to repay his debt. A wise strategy—it allows him to save more interest than he would earn in his savings account. And since the home equity line of credit can be used as his chequing account, he can access his funds anytime he needs to!
By having his income deposited directly to his home equity line of credit, each direct deposit automatically reduces your client’s debt; he is also reducing his interest charges at the same time. He can withdraw money from his account throughout the month to pay for his expenses, and the excess cash stays in the account. Over time, the excess amounts used to pay down his debt can help him pay off his debt sooner than expected.
The home equity line of credit can help save time and money, it also offers unprecedented flexibility. Your client has the freedom to pay down his mortgage as quickly as he wants, and he always has access to these funds, up to his credit limit, if ever his needs change.
Do not hesitate to write us by filling out the contact form. It will be our pleasure to assist you in all the steps.Request a quote