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Borrow on homes equity and save REAL ESTATE OUTLOOK January a 1MB Page By Harold Chmttra CA NC If you hive up tome equity in your home over past Tew yean then you have to some of the cheapen money around You can borrow cheap money through whits known as a home equity loan which 13 becoming a not meani of borrowing these days as more and more homeowners do it But what exactly Is a home equity loan Although technically a second mortgage it isactually a credit borrowing power given you on the strength of the present equity of your home And you can gel up to per cent of the appraised of your home less of course any mortgage balance Take an ex ample Suppose your home worth SI your mortgage balance is 50000 and the tender maximum ratio is per cent Thai means you qualify for an immediate line of credit of per cent of You can either take the whole at once or any lesser mount you happen to need Because it is a line of credit you do not pay any interest until you draw on The nice thing is thai you can use the money for any purpose The lender will not even ask The other nice thing Is the interest rate which will be very close to prune Depending on the lender the ratecannngcfromhalfapouutol 75 points over prime Even so the rate most likely the lowest around far better than for most other loans It all sounds good so far But there iS MflEYCARE arc two negatives to these loam set up costs and uncertain interest rale As far as set up costs go count on costing you several hundred dollars the range is from SI And because the Interest rate is lied to prime it will move up and down in step with prime How do you go about deciding if a home equity loan makes sense for you As with with finance get the details and compare So far chartered banks Nova Scotia TorontoDominion andMon treat one trust company Canada Trust and one credit union CUNA are offering home equity loans More will no doubt follow How docs the home equity loan compare with other types of loans For a loan running several years the equity loan will probably be far cheaper For one year the costs will be very close But dont forget once the equity loan is set up you can use it again any time So even if it is not cheaper at first it might be very useful to hive around for the next time ForCAsadvice on TVsee Your Wealth available on broadcast chan nels in Ontario and on satellite across Canada or see Money in the ank on n unity cable channel general 5000 SQ FT CUSTOM HOME CLASSIC Charming storey bock homo featuring a cosy don large living room with fireplace and coving separate dining room Hollywood style kitchen 3 bedrooms largo room with washroom on 3rd level Full basement with now gas updated covered walkout over the den large fenced lot with loot frontage area of large older homes 169 NEW LISTING 3 bedroom stdespM with new kitchen built dishwasher and many extras Largo lot backing onto form Walkout family room ire place extra washroom Only goo For more Information call Larry Grooves or Gordon NEW HOME TO BE BUILT Like the homeowners below You Could PLAN Your SPRING Move NOW LET BILL OR ANDY SHOW YOU HOW EASY IT IS TO MOVE TO YOUR DREAM HOME Not Intended To Solicit Already Listed For Sal WARMTH AND COMFORT Interlocking drive manicured lawns 1 8 38 inground heated concrete pool Mature area of Georgetown Exceptionally finished top to bottom OFFERED AT 144900 For your personal viewing can Bill or Andy King BID MeKMwnalM RESTAR REALTY GROUP INC NETWORK OF THE STARS MEMBER REALTOR 4579788