- April 25, 2018 at 4:10 pm #188218
I’m starting a pet store with different breeds of puppies and other fancy breeds of fish and Birds. Our pet supplies are of high-quality breeds.
Other pet accessories like leashes, treats etc. are also sold in our shop. We provide organic pet food. We’re having a lot of vacant plot around my house and I used to rear my pets inside crates and fences.
Right now I don’t have the funds to start a business of my own. I wish to be established in this field and to earn an income on my own. My husband advised me to opt for mortgage news in Ontario. He told me that home loan mortgage is the most advice form of debt.
Is the interest rate lower for mortgage loans?
Is it fixed type of interest or floating rate?If there i anyone who had opted about mortgage loan Please share your opinion regarding this
ThanksApril 25, 2018 at 4:16 pm #188503
Hi Hazel P:
Thanks for your questions. Generally, home mortgage loans offer lower interest rates than personal loans, business loans or investment property loans. The type of mortgage available depends on what the lender offers and what you qualify for. Generally, long-term fixed rate mortgages are the most common on primary residences, however, adjustable rate mortgages are an option as well. Some ways to take equity out of your home include taking out a home equity line of credit which is revolving and is similar to a credit card where you only pay interest on what you use. Another option may be a cash out refinance. This is where you obtain a mortgage to pay off your existing loan and take the difference in cash. This cash can then be used to fund your pet supply business. Here are a couple articles that I hope you find helpful.
Best of luck on your pet business.