I am facing a business loss. And in need of a huge amount to recover the loss. So, thinking of choosing some loans wisely. I came to know, there are two main types of home equity loans, the standard one, where you borrow a single lump sum and HELOC, where the lender authorizes to borrow small sums as needed, up to a certain fixed amount.
Which can be the best option for me? What about the interest rates? Is it variable or fixed?
How can mortgage brokers help us in taking a home equity loan? Should we check for the eligibility with a tax advisor? I came across several mortgage brokers in Toronto helping with home equity loans . If you have previous experience with some mortgage brokers before, kindly recommend. Waiting for your replies. Thank you.
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