2908 Hwy 7 Vaughan, ON L4K 0K5, Canada
Home Equity Lines of Credit
for everyone
Unlock the Value of Your Home with a Home Equity Line of Credit
Learn about Home Equity Lines of Credit
Is a Home Equity Line of Credit Right for You?
A Home Equity Line of Credit (HELOC) allows you to borrow against the equity you’ve built in your home. It’s a flexible and cost-effective solution for homeowners who need access to funds for various expenses, whether it’s for home improvements, paying off high-interest debt, or covering major life expenses. With a HELOC, you only borrow what you need, and you have the ability to borrow more if necessary.
How Home Equity Lines of Credit Work.
1.
Apply for a HELOC
We’ll review your home’s value, your current mortgage balance, and your financial situation to determine the amount of credit you can access.
2.
Set Your Limit
Once approved, you’ll be given a credit limit based on your home equity, and you can access the funds as needed, similar to a credit card.
3.
Use as Needed
Draw from your HELOC when necessary, and make payments on the amount you’ve borrowed. Repay what you owe over time, and you can borrow again as needed during the draw period.
Get Started with a Home Equity Line of Credit Today
Our Home Equity Line of Credit Options
We offer flexible HELOC options that allow you to borrow against the equity in your home with competitive rates. Here are some of the features you can choose from:
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FAQs
What is a Home Equity Line of Credit (HELOC)?
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity in their property. It functions like a credit card, where you can borrow and repay as needed, up to your credit limit.
How does a HELOC differ from a home equity loan?
A home equity loan provides a lump sum payment that is repaid in fixed monthly payments, while a HELOC is a line of credit that you can borrow from, pay back, and borrow again, providing more flexibility.
How much can I borrow with a HELOC?
The amount you can borrow with a HELOC depends on the equity you’ve built in your home, your creditworthiness, and the lender’s policies. Typically, you can borrow up to 85% of your home’s appraised value minus your current mortgage balance.
Can I consolidate both secured and unsecured debts?
Debt consolidation typically works for unsecured debts, such as credit cards, personal loans, and medical bills. Secured debts, like mortgages or car loans, generally cannot be included unless you’re using a home equity loan for consolidation.
What can I use a HELOC for?
A HELOC can be used for a variety of purposes, including home improvements, paying off high-interest debt, funding education, or covering large expenses like medical bills or weddings.
Are there any fees associated with a HELOC?
There may be fees associated with a HELOC, including application fees, appraisal fees, and annual maintenance fees. Be sure to review the terms and conditions to understand all potential costs.
How is the interest rate on a HELOC determined?
The interest rate on a HELOC is usually variable and tied to an index, such as the prime rate. The rate can fluctuate over time based on changes in the index.
How do I repay a HELOC?
Repayment on a HELOC is flexible. During the draw period, you may have the option to make interest-only payments. After the draw period ends, you’ll enter the repayment period where you pay both principal and interest.
Can I pay off my HELOC early?
Yes, you can pay off your HELOC early without penalties. However, check your agreement for any specific terms or fees related to early repayment.
How do I qualify for a HELOC?
Qualification for a HELOC depends on factors such as the equity in your home, your credit score, income, and debt-to-income ratio. A higher credit score and significant home equity will improve your chances of qualifying for a larger credit limit.