You should seek advice from your financial adviser and registered tax agent before making a decision whether to do that. Depending on your income, living expenses and how much you owe on your home loan, your lender might let you borrow additional funds, using your home as security. A recording fee might be unavoidable, but this money goes to the local government’s recording office, not the lender. Be on the look-out for application fees, appraisal fees and broker fees in particular you don’t want those added to your loan balance. If you have good credit, you should be able to obtain an equity loan with no closing costs. Before you select a lender, research current home equity loan rates and shop around to get the best deal possible. „It’s better off keeping your debt lower, saving your money, paying off your credit card and stuff,“ he says.
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March 2023
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