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A draw period is the period of time you can access funds available on a Home Equity Line of Credit. It can vary from bank to bank and even from product to product and is typically in a range of 10-25 years.
We’ll show you what home equity is and how you can use it to access low-cost financing through a home equity loan or home equity line of credit.
Homeownership has its advantages. Saying “goodbye” to renting often means saying “hello” to increased square footage, stable housing payments, and potential tax benefits. It also provides an opportunity to build equity, the difference between the mortgage balance and the market value of the home, in an appreciating asset. The good news gets even better when homeowners learn they don’t have to sell their homes to access that equity. They can use a home equity line of credit to access the cash value in their homes today.
With interest rates rising, like they have over the past year, borrowers with variable rate Home Equity Lines of Credit tend to start thinking about how they can convert to a fixed rate to avoid further increases in the interest they have to pay on their outstanding balance.
A question we are commonly asked by people looking to borrow with the ENB HomeLine is…what is Loan to Value Ratio? People notice the terminology in advertising disclosures and elsewhere, but often don’t know what it means. We explain in our latest blog.
In our most recent online poll, we asked our customers: what is preventing you from applying for a Home Equity Loan or Line of Credit?
Do you feel like you are being bombarded with Home Equity advertisements from banks and credit unions you’ve never even heard of at every turn? While you may be tempted to apply for these offers, it may actually be more beneficial to consult with your banker where you have your banking relationship.
In our most recent online poll we asked, “Is it wise to use a home equity loan for general living expenses?” The majority of respondents said “no,” and we would agree. Using a home equity loan for general living expenses creates an opportunity for you to spend more than you earn.
This is a question we receive quite often at ENB. However, before we talk about how a home equity loan and home equity line of credit are different, it’s important to note how they are the same.
You want a home that’s a good fit for your family. You could renovate your current place, or you could move. Which is the right option for you?
