Line Of Credit Waterloo & Kitchener – Access Mortgage
Do you have bad credit or no credit? Are you self employed or have unprovable income? Are you currently in debt to multiple creditors or have filed for bankruptcy in the past? Are you looking for a mortgage broker that can help you secure a line of credit in Waterloo or Kitchener? Well if so, Access Mortgage is the company for you. We can assist you with getting a line of credit in Waterloo or Kitchener because we represent over 400 private and institutional lenders that specialize in subprime lending. A line of credit can be secured or unsecured, but Access Mortgage focuses solely on secured lines of credit for our clients. Read on for more information about how Access Mortgage can help you get a line of credit.
What are some different line of credit options:
Secured Line Of Credit:
With a secured line of credit, you use an asset as collateral for the line of credit. For example, the asset could be your car or your home. If you don’t pay back what you owe, the lender can take possession of that asset. The advantage is that you can get a lower interest rate than with an unsecured line of credit.
Home Equity Line Of Credit (HELOC):
A home equity line of credit is a type of secured credit where your house acts as collateral. It usually has a higher credit limit and lower interest rate than other loans and lines of credit.
Unsecured Line Of Credit:
With an unsecured line of credit, the loan isn’t secured by any of your assets. Some types include personal lines of credit and student lines of credit.
Personal Line Of Credit:
A personal line of credit may be used for unexpected expenses or consolidating higher interest rate loans. Interest rates are usually lower than for credit cards and personal loans.
How does a line of credit in Waterloo and Kitchener work?
A line of credit works in a similar way to a credit card, in that you have the freedom to use the funds when it best suits you. An advantage to a LOC versus a credit card is that the interest rate is usually considerably lower. In addition, a line of credit usually comes with a much higher account limit for spending, whereas a credit card’s limit is much lower. You will also receive a monthly statement showing your balance, your minimum payment due, and summary of interest and fees. As long as you draw down the funds, you’ll be required to repay the money each month, as agreed with your financial institution.
Access Mortgage can assist you with getting a secured line of credit in Waterloo or Kitchener so that you can get back on the path towards debt relief. Our professional team will work for you to find you the lowest rates possible for your individual situation. For more information about a line of credit, please feel free to continue browsing through our website. Click here to find our contact information and to fill out our contact form.