Home Equity Lines of Credit
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A HELOC lets you use the value of your home as collateral to give you a line of credit with a low interest rate. Apply just once, and you may be able to access up to 80% of the value of your home. It’s always available when you need it. We offer Home Equity Lines of Credit (HELOC) in Toronto and all of Ontario.
Whether you are looking for funds for a home renovation, to pay to education or for any other reason, we can help! As a matter of fact, new clients applying can also be approved within 24hrs and receive funding within days.
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.
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