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Should You Apply for a Home Equity Loan or Is It Better to Refinance?
Canadian homeowners have plenty of ways to access home equity although it can be tricky to choose which option is the best for their specific situation. It is not a secret that some individuals may face more difficulties or experience more limitations such as in the case of freelancers and other self-employed individuals. In general, people with non-regular income sources will have more difficulty securing mortgages and other loans.
Challenging Choices for BorrowersThe Canadian Government introduced the mortgage ‘stress test’ just a year ago and Canadians are having a more challenging time borrowing money with good interest rates since it was implemented. The mortgage stress test made things more favourable for lenders by increasing profits and decreasing risks but since borrowers have been having a harder time, they’ve been looking at more financial options to help them manage existing debt. This is a huge factor as to why the different types of home equity loans are becoming more popular although some people have voiced that that the many ways to access home equity is still a bit confusing for them and they aren’t sure which to apply for. The different home equity loans do have their pros and cons and what may work for one family ... more

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