A home equity line of credit or HELOC is a revolving line of credit secured by your home. It generally has a lower rate of interest than a personal or unsecured line of credit. The combination of your existing mortgage and your HELOC can not exceed 80% of your home’s value. Though HELOC rates are generally lower it is not a never-ending source of money. A HELOC is for revolving credit; interest is calculated daily at a variable rate which is relative to the prime rate. HELOC rates are generally higher than traditional mortgages rates. On a monthly basis you are responsible…

Often confused with a HELOC (Home Equity Line of Credit) a Home Equity Loan is actually different; a home equity loan is paid out as a lump sum (vs as you need it), and the interest rate and monthly payments are fixed which is easier for budgeting purposes. A Home Equity Loan has helped people pay for their children’s education, put an ailing loved one in a state-of-the-art long-term care facility, invest in and grow their small business, and even take a well-deserved vacation. Use it to invest in another property or addition to your home. The funds are for you…

BAD THINGS HAPPEN TO GOOD PEOPLE Losing a job, running up credit cards, and unexpected expenses can leave a person in financial trouble. Our Toronto Debt consolidation loans can be an effective way of managing expenses and stress that comes from creditors and debt. When you take out a home equity loan, you can use those funds to consolidate high or unmanageable debt, reducing your overall expenses and repaying your debt faster. You will spend less servicing debt while at the same time repairing your credit score and stopping calls from creditors. Stress is relieved when you’re managing one low-interest monthly payment…

NEED A NEW KITCHEN? HOW ABOUT A RENOVATION LOAN SO YOU CAN AFFORD IT? A home loan from SJ Capital Mortgage Services will give you the capital for those needed home renovations, be it a new roof, adding new furniture or appliances, a pool for the summer, emergency home repairs, or a nursery for the new family addition. A renovation loan can make sense when traditional methods like credit cards and home equity loans may not. High interest rates applied by credit card companies can add up to unnecessary expenses while the card is being paid off, and overspending is a real…

FINANCING THE CONSTRUCTION OF A NEW HOME SJ Capital Mortgage Services provides competitive rates on two types of construction loans; Completion Construction Mortgages and Progress Draw Construction Loans. Are you purchasing a home from a Residential Home Builder at a fixed price upon completion? Then you need a Completion Construction Mortgage – in which case: The builder owns the lot You make a down payment when the offer is submitted for the house, which can be paid in several installments Money is only required when the home is complete Are you planning to build a home acting as your own general contractor, or hire a builder to construct a…