Motusbank Loans Review Canada

Motusbank Loans Review Canada

Motusbank Loans Review – allows you to borrow the loan you need to cover your upcoming expenses.

Loans to purchase your dream car or to consolidate your multiple debts to charge a lower interest rate.

You can choose whether you want to apply for a loan or a line of credit.

Motusbank Loans Review

There are also several different ways to receive the amount you need for your everyday purchases from motusbank;

  • Personal line of credit – Allows you to borrow up to your limit with 5.65% interest to cover your expenses. It has a quick approval process which allows you to receive the credit line you need as fast as possible.
  • Secured line of credit – Allows you to borrow the amount secured by the equity in your home to cover your larger expenses. You will be charged a lower interest rate of 3.75% since the amount you will get will be secured by your house and you will get a higher limit.

Motusbank Canada Home Loans

  • 3 Year Fixed Mortgage – You will charge a fix 2.59% interest rate over the life of the loan. And receive the amount you need to purchase your dream house to repay within 3 years.
  • 5-Year Variable Mortgage – You will be charged a variable 2.74% interest rate which can be changed due to the lender’s prime rate. You can receive the amount you need to purchase your dream house to repay within 5 years and switch to a fixed term any time you want.
  • Home Equity Line of Credit – You can receive the amount you need which will be secure. By the equity of your house to cover your major purchases and will be charge 3.75% interest rate.

You also require to decide whether you need to apply for open mortgage or a closed mortgage.

Open mortgages allow you to pay off your loan in full anytime you want without penalty which means you will not be charged an early repayment fee. But, you need to be prepare to face higher than normal rates.

On the other hand, closed mortgages allow you to have limited prepayments. It means if you want to pay off your loan earlier, you will be charged an additional fee. But, the interest rate you will get is lower than an open mortgage rate.