Page 18 - January 20 2020
P. 18
PAGE 18 MONDAY JANUARY 20, 2020 THE WEEKLY ANCHOR
T he WeeklyANCHOR REAL ESTATE WEEKLY
Think twice before borrowing against your home equity
An estimated three million Canadians have that you'll pay back the money you borrow. And, that, on average, Canadians owe about $65,000
one, and they have emerged as the single largest as you pay your HELOC down, you can borrow on their HELOCs, this means many homeowners
contributor to the growth of household debt in it again, up to a maximum credit limit. end up carrying debt for long periods.
Canada. Most major financial institutions offer them So, if you have a home equity line of credit or
Yet many consumers do not appear to fully with a mortgage as a combined product, which is are considering getting one, you need to ask
understand how they work. sometimes called a readvanceable mortgage. yourself:
No, we’re not talking about credit cards or car Many use them for renovations, debt Would a HELOC tempt you to use your home
loans. We’re talking about home equity lines of consolidation, vehicle purchases and day-to-day like an ATM?
PASSPORT PHOTOS & MORE credit or HELOCs. expenses. you lose your job or interest rates go up?
Could you still afford HELOC payments if
When used responsibly, HELOCs can benefit
According to a 2019 survey by the Financial
Consumer Agency of Canada, many people consumers through low interest rates, convenient Are you prepared to stick to a plan to pay it
Professional Digital
Professional Digital PASSPORT PHOTOS & MORE appear to lack awareness of the terms and access to funds and flexible repayment terms. off fully, and avoid continually borrowing
Unfortunately, the convenient features of
conditions of this widely sold financial product,
against your home equity?
Passport System exposing them to the risk of over-borrowing, HELOCs can encourage consumers to add too consider before borrowing money that will be
Passport System
Those are just some of the questions to
carrying debt for extended periods and
much to their debt load.
photos ready uninformed decision-making. FCAC’s survey said they make mainly interest- secured by your home equity.
photos ready
In fact, 27 per cent of those who responded to
HELOCs are a secured form of revolving
in minutes
in minutes credit. The lender uses your home as a guarantee only payments on their HELOCs. Considering www.newscanada.com
while you wait...
while you wait...
Bounce and glow event at YKCS
The Weekly Anchorhe Weekly Anchor
T
5040 3rd Avenue, Edson
5
5040 3rd Avenue, Edson040 3rd Avenue, Edson 5040 3rd Avenue, Edson
780-723-5787
780-723-5787
T
7 The Weekly Anchorhe Weekly Anchor
780-723-578780-723-5787
D
DROP IN AND SEE!ROP IN AND SEE!
PASSPORT PHOTOS & MORE
Professional Digital
Passport System
photos ready
in minutes
while you wait... YKCS School was host to a Bounce and Glow event on January 11. Melissa's Bouncy House Fun had bouncy houses set up in the gymnasium of the
Yellowhead Koinonia Christian School for something to do inside on these bitter cold days. Kids could enjoy the day burning off energy and stay warm. Melissa
The Weekly Anchorhe Weekly Anchor
T try's to hold one event each month offering something different to keep the kids busy. photo Deanna Mitchener
DO YOU NEED 5040 3rd Avenue, Edson040 3rd Avenue, Edson
5
7
DROP IN AND SEE!ROP IN AND SEE!
BUSINESS CARDS? D 780-723-578780-723-5787
NEED MORE
BUSINESS CARDS
OR WANT NEW ONES PASSPORT PHOTOS & MORE
DESIGNED? Professional Digital Passport System photos
ready in minutes while you wait...
Come get your cards
done at The Anchor.
THE WEEKLY ANCHOR
5040 3rd Ave.
780-723-5787
D
DROP IN AND SEE!ROP IN AND SEE!
5040 3rd Avenue, Edson
5040 3rd Avenue, Edson
780-723-5787
780-723-5787
The Weekly Anchorhe Weekly Anchor
T
T he WeeklyANCHOR REAL ESTATE WEEKLY
Think twice before borrowing against your home equity
An estimated three million Canadians have that you'll pay back the money you borrow. And, that, on average, Canadians owe about $65,000
one, and they have emerged as the single largest as you pay your HELOC down, you can borrow on their HELOCs, this means many homeowners
contributor to the growth of household debt in it again, up to a maximum credit limit. end up carrying debt for long periods.
Canada. Most major financial institutions offer them So, if you have a home equity line of credit or
Yet many consumers do not appear to fully with a mortgage as a combined product, which is are considering getting one, you need to ask
understand how they work. sometimes called a readvanceable mortgage. yourself:
No, we’re not talking about credit cards or car Many use them for renovations, debt Would a HELOC tempt you to use your home
loans. We’re talking about home equity lines of consolidation, vehicle purchases and day-to-day like an ATM?
PASSPORT PHOTOS & MORE credit or HELOCs. expenses. you lose your job or interest rates go up?
Could you still afford HELOC payments if
When used responsibly, HELOCs can benefit
According to a 2019 survey by the Financial
Consumer Agency of Canada, many people consumers through low interest rates, convenient Are you prepared to stick to a plan to pay it
Professional Digital
Professional Digital PASSPORT PHOTOS & MORE appear to lack awareness of the terms and access to funds and flexible repayment terms. off fully, and avoid continually borrowing
Unfortunately, the convenient features of
conditions of this widely sold financial product,
against your home equity?
Passport System exposing them to the risk of over-borrowing, HELOCs can encourage consumers to add too consider before borrowing money that will be
Passport System
Those are just some of the questions to
carrying debt for extended periods and
much to their debt load.
photos ready uninformed decision-making. FCAC’s survey said they make mainly interest- secured by your home equity.
photos ready
In fact, 27 per cent of those who responded to
HELOCs are a secured form of revolving
in minutes
in minutes credit. The lender uses your home as a guarantee only payments on their HELOCs. Considering www.newscanada.com
while you wait...
while you wait...
Bounce and glow event at YKCS
The Weekly Anchorhe Weekly Anchor
T
5040 3rd Avenue, Edson
5
5040 3rd Avenue, Edson040 3rd Avenue, Edson 5040 3rd Avenue, Edson
780-723-5787
780-723-5787
T
7 The Weekly Anchorhe Weekly Anchor
780-723-578780-723-5787
D
DROP IN AND SEE!ROP IN AND SEE!
PASSPORT PHOTOS & MORE
Professional Digital
Passport System
photos ready
in minutes
while you wait... YKCS School was host to a Bounce and Glow event on January 11. Melissa's Bouncy House Fun had bouncy houses set up in the gymnasium of the
Yellowhead Koinonia Christian School for something to do inside on these bitter cold days. Kids could enjoy the day burning off energy and stay warm. Melissa
The Weekly Anchorhe Weekly Anchor
T try's to hold one event each month offering something different to keep the kids busy. photo Deanna Mitchener
DO YOU NEED 5040 3rd Avenue, Edson040 3rd Avenue, Edson
5
7
DROP IN AND SEE!ROP IN AND SEE!
BUSINESS CARDS? D 780-723-578780-723-5787
NEED MORE
BUSINESS CARDS
OR WANT NEW ONES PASSPORT PHOTOS & MORE
DESIGNED? Professional Digital Passport System photos
ready in minutes while you wait...
Come get your cards
done at The Anchor.
THE WEEKLY ANCHOR
5040 3rd Ave.
780-723-5787
D
DROP IN AND SEE!ROP IN AND SEE!
5040 3rd Avenue, Edson
5040 3rd Avenue, Edson
780-723-5787
780-723-5787
The Weekly Anchorhe Weekly Anchor
T
