Canadian Home Equity Has Been Used To Secure 69% More Debt Than HELOCs Show

Author: External Author | | Categories: 2nd Mortgages , Best Mortgage Brokers , Commercial Equipment Financing , Commercial Mortgages , Construction Financing , Home Purchase Mortgages , Mortgage Application , Mortgage Rates , Mortgage Refinances , Mortgage Renewals , Mortgage Specialists , Private Mortgage Lending

Canadians tapped a lot more equity than their home equity line of credit (HELOC) balances show. Office of the Superintendent of Financial Institutions (OSFI) filings show loans secured by homes jumped in October. HELOC debt is the most common type of loan secured by homes, but represents just a small share of the debt. Homeowners have borrowed at least 69% more home equity than HELOC balances show.

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Original Article Source Credits: Better Dwelling,

Article Written By: NA

Original Article Posted on: 2021

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