Strathmore Mortgage Rates

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View new Strathmore Open Houses , daily lists of upcoming weekend Strathmore Open house events.

92 Hillview Drive Strathmore, Alberta, T1P 1W2
Saturday September 20, 2:00PM - 4:00PM
127 Hillcrest Boulevard Strathmore, Alberta, T1P 0A3
Saturday September 20, 2:00PM - 4:00PM

What are Strathmore Home Equity Loans?

Most Strathmore home equity loans require good to excellent credit history, reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types: closed end (traditionally just called a home-equity loan) and open end (aka a home-equity line of credit). Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages.

Home equity loan can be used as a person's main mortgage in place of a traditional mortgage. However, one cannot purchase a home using a home equity loan, one can only use a home equity loan to refinance. There is a specific difference between a home equity loan and a home equity line of credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. With a HELOC the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans.

Like the closed-end loan, it may be possible to borrow up to an amount equal to the value of the home, minus any liens. These lines of credit are available up to 30 years, usually at a variable interest rate. The minimum monthly payment can be as low as only the interest that is due. Typically, the interest rate is based on the prime rate plus a margin.

What is Mortgage Refinancing?

Strathmore Mortgage Refinancing is when you change key terms of your mortgage but don’t change the property. That can mean borrowing more money, adding or removing someone from title and/or extending the amortization to lower your payments. The most common refinance is to borrow more money. That’s based largely on how much equity you have.

View Strathmore schools by Map, by area, or profile details for a list of schools in this subdivision. Research Strathmore Public schools, with Strathmore Catholic schools plus nearby French Immersion schools, transit schedules combined with some of the best education opportunities available.

Strathmore Reverse Mortgages

Strathmore reverse mortgages provide you with the ability to transfer equity in your home into cash. Homeowners will need to be at least 62 years of age with significant equity built up in their homes. Depending on the age of the homeowner, the amount of money that can be borrowed will vary. The older the homeowner is, the more money they will be able to borrow.

Strathmore Housing Market information