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10 Georgetown/Acton/Erin/Rockwood, Wednesday, February 22, 2006 Show me the money Using a home equity line of credit t one point or another, everyone needs to borrow money. Whether it's for a new car; to renovate your home; to help finance your education; or to take that much needed vacation--borrowing money allows you to achieve things that just can not wait. If you are looking to borrow money these days, you need not look far; especially if you are a homeowner with enough equity in your home. There are several borrowing options available including a home equity line of credit. Think of it as having your own little bank What exactly is a home equity line of credit? In simple terms, a home equity line of credit is a form of a revolving credit backed by the portion of the home's value that you own outright. The equity in your home acts as the security for your line of credit reducing the risk to the lender; in return, the lender may be able to offer more favourable terms. For example, the interest rate is usually lower than rates for other types of credit. Think of your home as your own little bank. By using the power of your home equity, you can help secure the funds you need at a lower interest rate. For example with the CIBC Home Power line of credit you can get a lower interest rate to help you save on interest while you borrow. You can access up to 75% of your home's appraised value minus any balance owed on the existing mortgage and any other encumbrances on title. To A illustrate, if you have a home with an appraised value of $200,000, $100,000 outstanding on your mortgage and you want to borrow up to 75% of your home's value, you can access up to $50,000: There are many reasons for getting a secured line of credit. For some folks, they use it for home improvements; for others, it's for major and everyday purchases. With its lower interest rate and flexibility, a secured line of credit makes it a smart way to pay for vacations, secondary or recreational property and debt consolidation. How do you know if it's right for you? You should consider a secured line of credit if you: · have built equity in your home · would like to use the equity in your home to your advantage by securing a lower interest rate · like the flexibility of an interest-only payment option or paying as much as you want · prefer a reusable source of credit · want quick and easy access to your funds, i.e. cheques, branch, ABM, telephone or online banking The CIBC Home Power line of credit is subject to certain terms and conditions. More information regarding it and other lending options is available from your local CIBC branch, by calling 1 800 465CIBC (2422) or visiting the CIBC website at www.cibc.com --News Canada Borrowing to renovate your home s your home looking a little run down? Getting tired of that old kitchen or thinking of knocking down a wall for more space? Home renovations can increase the value of your home (depending on what you are changing or adding), but they can also end up costing a lot too. If you don't have extra cash sitting around, you may end up borrowing against your home to help pay for the work, using a line of credit or a personal loan. This means the collateral you use to secure the loan (like your home) is at risk if you don't pay back the money. This route could cost you more than you bargained for. Consider I the following BEFORE investing in your home renovations with borrowed money: · Borrow only what you can afford to pay back. · Monitor interest rates and inflation ­ small differences in rates can have a big impact. · Know the consequences of using collateral as security for your loan. For more information, read Borrowing to Invest ­ Understanding Leverage online at www.investorED.ca, or contact the Ontario Securities Commission at 1-866-544-5554 to order your free copy. - News Canada www.townandruralhomes.com www.townandruralhomes.com www.townandruralhomes.com www.townandruralhomes.com Call www.townandruralhomes.com ALAN MCPHEDRAN *SALES REP 519-856-0135 toll free RICHARD WARD *SALES REP NEW For all your Real Estate Needs! If you are thinking of Moving, Call EFFIE DIMOU 1-866-616-0210 $309, 000 www.townandruralhomes.com email: info@townandruralhomes.com NEW PRICE at 905-840-8400 EFFIE DIMOU $279, 900 $359, 900 EFFIE DIMOU Sales Representative PERFORMANCE REALTY INC. www.townandruralhomes.com OLD SOLD SOLD S QUIET CUL DE SAC... in mature area of Georgetown. Blocks from the "GO" station. 3 bedroom family home backs onto wooded area for privacy. Living room has walkout to deck and overlooks the trees. Family room has gas fireplace. Finished basement with office and 3 piece bath. NEW E PRIC SCENIC SETTING $309,000 Enjoy an almost new 4 bedroom bungalow on a mature lot backing onto private scenic wooded lot. Surrounded by large maple trees for the ultimate in a country setting. Walkouts from kitchen and master bedroom to terraced backyard & deck. Finished basement with 4 pc bath & 4th bedroom. Upstairs you'll love the open feel, ensuite bath and main floor laundry. Must see inside for all this home offers. Call Richard Ward 1-866-616-0210. www.homeward.com CUSTOM BUNGALOW EDEN MILLS Custom built 3+1 bedroom bungalow in estate subdivision in quiet Eden Mills. Large .82 acre, very scenic lot. Basement is full walkout. Recent upgrades include new roof, H.E. propane furnace, new cent. air & rebuilt deck. A great family home. NEW PR I $164,90 CE 0 Great investment opportunity or live in the countryside minutes from all the city amenities. 25 acres located 1 km north of Mayfield. Outside of the greenbelt. Don't delay, this won't last. Call Effie Dimou for details. www.townandruralhomes.com $199, 900 $169,900 1.2 ACRES Industrial land located on Hwy. 7 between Acton and Rockwood. House and land next door. Can also be purchased as a package or separate. Call Richard Ward* 1-866-616-0210. SHE2-03 www.townandruralhomes.com 5.7 ACRE BUILDING LOT Excellent 5.7 acre lot. Good building sites. very private, paved road, located on 6th Line just south of Wellington Rd. 22. Vendor says sell!! Call Alan McPhedran*. 94.38 Acres Near Caledon Village. Presently zoned agricultural. $1,299,900. Call Richard Ward* 1-866-616-0210 FINANCIAL & REAL ESTATE SERVICES DAVE KRAUSE* Sales Rep./Mortgage Broker SOLD IMMEDIATE POSSESSION AFFORDABLE LIVING Steps to the Conservation Area, backing onto woodlands. Clean, freshly painted 3 bedroom townhouse. Den on main level with walkout to patio area with country views. Great townhouse only minutes to Guelph and to 401, in the Village of Rockwood. 3 bedrooms, 2 bathrooms. Call Richard Ward* 1-866-616-0210 www.homeward.com BUR-05 905-877-5211 Whether you are buying or selling or financing a mortgage, Dave Krause can help! With 30 years of financial and real estate experience, Dave can save you time by co-ordinating the purchase or sale of your home along with providing financial services information. You may already qualify for a mortgage and not even know it! www.townandruralhomes.com SELLING YOUR HOME? BUYING A NEW HOME? NEED TO CONSOLIDATE YOUR DEBTS? DO YOU KNOW HOW MUCH OF A HOUSE YOU CAN AFFORD? Call now for more information! Call me for a free market evaluation of your home. Not intended to solicit properties already listed for sale.