This time last year, the CMHC introduced sweeping mortgage rule changes that limited affordability for many mortgage and home buyers. On the anniversary of these changes, how has the housing market – and overall economy – been affected?
The concept behind a Home Equity Line of Credit (HELOC) is simple – leverage your home in return for a hefty line of credit to draw from. However, it’s the underlying challenges associated with HELOC variable interest rates that makes a HELOC a tool best reserved for the thrifty and financially astute.
What is a home equity line of credit and how can it work for your borrowing needs? HELOCs can be a convenient way to access extra cash, but be aware of the pros and cons before tapping into your home’s equity to avoid dangerous levels of debt.
Downsizing to a smaller home or condo can be an effective way to free up equity, but it’s not always the right route. If you’re a boomer looking to cut corners, but can’t bear to part with the family home, consider these options.