Home Equity Line of Credit (HELOC)
A home equity line of credit is a credit account that you can access at any time. It is secured against your home at a much lower interest rate than a traditional line of credit. Your HELOC limit can not exceed 65% of your home’s value. Here are some benefits of a HELOC:
- Access to funds at any time, up to the approved limit. You can advance as little as you want, or up to the approved limit
- Interest only payments. You can pay as little as interest only payments, or pay down the full or part of the outstanding balance, without any restrictions or penalties.
- You can advance funds for any purpose – renovations, investments, buying a rental property, or down payment on a new property, children’s tuition. The heloc is for your convenience.
- Eligible for 1st or 2nd position: If you have an existing mortgage, you can apply for heloc behind your existing mortgage. If your home is free and clear, you can apply for a heloc.
- Eligible of purchase or refinance transaction.
Call me for more details and we can review if a heloc is the right product.