Home Equity Lines of Credit
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Ontario’s Best Source for Home Equity Lines of Credit
At Homebase Mortgages, we offerthe best rates on Home Equity Lines of Credit (HELOC) in Toronto and all of Ontario. If you own your home, you’re approved within 24 hours!
Whether you are looking for funds for a home renovation, to pay to education or for any other reason, we can help even if you have poor credit! As a matter of fact, 90% of our clients have poor credit and we pride ourselves on getting them approved, no matter the circumstance!
Why Get a Home Equity Line of Credit?
A HELOC allows a homeowner to access home equity by borrowing against it. Upon HELOC application, the lender will set a borrowing limit (related to the value of the home equity) from which the homeowner can borrow as little or as much as needed just like a credit card with a set limit as well. Just like with a business line of credit or a credit card, you only pay interest on the money you withdraw. You can also keep borrowing although you still owe money as long as you haven’t reached the credit limit yet.
A HELOC is different from a home equity loan because the lender gives the borrowed amount in a lump sum for the latter. You will also be required to pay a predetermined sum on a monthly basis with a home equity loan until the whole loan is paid off. Simply put, a HELOC is much friendlier on your wallet and more flexible for your needs.
HELOC Requirements
A HELOC requires that you have enough equity in your home. Lenders would often require that you maintain 10-20% equity in your financed home even after taking a HELOC. Other requirements include a steady employment, a good credit score, and having proof of income. Note that some lenders may be more lenient than others.
Does a HELOC Make Sense for You?
If you’re going to have multiple significant expenses over the course of the next few years, then getting a HELOC makes more sense than getting a standard home equity loan. Having multiple significant expenses mean that you’ll be facing a revolving bill, so it only makes sense that you get a loan that affords you a revolving line of credit. An example of this is paying for college tuition. You get a HELOC to pay tuition at the start of the semester, pay little by little for the next few months, and borrow again from the amount you paid to fund the next semester.
| Prime Rate | 3.95% |
|---|---|
| 1 Year Fixed | 3.39% |
| 2 Year Fixed | 3.44% |
| 3 Year Fixed | 3.19% |
| 4 Year Fixed | 3.24% |
| 5 Year Fixed | 3.29% |
| 3 Yr Variable | 3.49% |
| 5 Yr Variable | 3.60% |
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What Our Clients Say About Us
Great Experience!
★★★★★
“We needed a home equity loan to create a basement apartment for secondary income. Was a great experience working with Danny. Made the whole process very simple and easy. Thanks!”
- Mike Ferguson
Thanks!
★★★★★
“I had a difficult time getting a second mortgage from the major banks in Toronto. Since, I am a homeowner, Homebase got me approved for a loan within 24 hours at a great rate.”
- Tara Donavon
Best Service in Toronto
★★★★★
“Mortgage Central consolidated my credit card debt into something that was much more manageable, saving me money and giving me peace of mind. AJ was a huge help and was available for any questions I had.”
- G O'Reilly
Friendly Staff
★★★★★
“Not only did Homebase help me refinance my mortgage, which greatly reduced my mortgage payment, but Danny was very professional and pleasant to work with. Could not be happier with the results.”
- V Chang
Thank you
★★★★★
“Just wanted to say thank you for everything you did for us regarding our home equity loan. It was a pleasure dealing with you. Everything from our end went so smoothly and we are extremely happy. Once again, thank you. We will not hesitate in recommending you to any of our friends when the need arises.”
- B Singh
Highly Recommend
★★★★★
“Easily the best experience I've ever had working with a mortgage company. Truly wonderful service and was easily approved for a home equity loan within a day. Almost seemed too easy!”
- Sara James
The Latest HELOC News from Our Blog
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