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Home Equity Line of Credit (HELOC)

What Is A Home Equity Line of Credit (HELOC)?

Make the most of your property’s equity! You can use it to get the funds you need to start a home renovation, consolidate debt, or cover any other expenses that could benefit from extra cash.

How Does A HELOC Work?

A registered HELOC is a collateral mortgage, a different type of mortgage. It can fluctuate up and down as you draw money off of it and pay it back, unlike a purchase or conventional mortgage where you simply make payments and the principal amount goes down. A HELOC mortgage is available when you have more than 20% equity in your property.

The value of your property less the amount of money you owe is considered home equity. For example: Your property value is $500,000, and you owe $300,000. You may qualify for a HELOC since you have more than 20% equity in your property.

But keep in mind you cannot exceed 65% of your property’s value.

Most HELOCs are interest-only payments, but there are a wide variety of HELOC products available. This means you are only obligated to pay interest on the money you borrow or withdraw. Typically interest rates are prime +0.5% and prime +1.00%. You only pay when you use it.

  • Lower interest rates than most other loans and low to no closing costs.
  • Interest-only variable rate payments, or lock in your balance at a fixed rate and term for fixed payments.
  • Borrow several times 
  • When you pay down your credit line, the funds become available for borrowing again during the 10-year draw period. 
  • The remaining balance can be repaid over 20 years.

Here are a few ideas for what you can do with your HELOC:

  • Renovations to the home
  • Debt consolidation
  • Fund for Emergencies
  • Investing Education Costs
  • Any major purchase
  • Take the next step toward making your dream a reality.

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