Home Equity Line of Credit

A stand-alone home equity line of credit (HELOC) is a revolving credit product secured against your home. Most people get a HELOC as a way to unlock the equity that have built up in the home. Typically it is registered as a charge in the 2nd position, behind the 1st mortgage. Less often, it is the only mortgage on the property. In either case, it cannot exceed 65% of your home’s market value (an appraisal is required).

A HELOC is a revolving credit product. That means you can draw funds from it, pay it off (partially or completely), and then borrow again at any time in the future. If there’s a balance on the HELOC account, you’re usually required to pay a minimum of 1% of the balance.

If you don’t use the money from the HELOC, you don’t have to make any monthly payments.

Why would you want a HELOC?

  • Borrow against your home at low interest rates
  • Get the funds you need to do home renovation projects, such as a new kitchen or a finished basement
  • Repay and consolidate high interest debt, such as credit cards and other un-secured loans
  • If you expect changes in your employment or income, get a HELOC as a “safety net” to provide funds for a rainy day

It’s easy to apply on my secure web page, or call me at 905-484-9958 to discuss your needs.

Home equity lines of credit carry certain risks. Please read more on this Government of Canada web page.

home equity line of credit for home renovations

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