Home Equity Loans and Lines of Credit

Advantages:

Monthly payments may be lower.
You are in control of your finances.
You may find you can get very low fixed interest rates.
It is a convenient source of credit.

Disadvantages:

Home equity loans are secure. If you fall behind on your payment you risk losing your home.
These loans can be complicated. There may be various fees and interest rates that can fluctuate depending on the loan. Make sure you carefully read and understand the terms of the loan agreement.
Watch out for lenders who prey on financially desperate consumers. Be aware of scams that may include balloon payments and equity stripping.
Fees are associated with arranging loans including survey’s and lender charges.
Risk of going further into debt if credit is not managed properly or spending is not controlled.

Call (888) 213-8678 to speak with one of our trained credit counsellors at Consolidated Credit Counseling Services of Canada, Inc. for assistance in this area.

Back to Alternatives

Get Help

Having issues with your unsecured debt?

Click Here to find out your options to get back on track by filling out a budget analysis or by calling (888) 213-8678 and speaking to a Trained Credit Counsellor.

Ask an Expert

Do you have any questions about your personal finances? We have experts waiting to help you.

Click here to submit your question, or call (888) 213-8678 to speak live with one of our trained credit counsellors.