Kelowna Mortgage Specialist
Getting you the Best Rates.
A Home Equity Line of Credit or HELOC is the process of using the equity in your home to get a secured line of credit. With a Home Equity Line of Credit, equity can be released to be utilized for any purpose. It may even be used to establish a fund for your kidsí educational needs or planning your investments.
The Home Equity Line of Credit simple to use as it is attached to your chequing account. You can access these funds through direct payment purchases using cash withdrawals, writing cheques or using your debit card. As well, your account can be linked to the telephone banking service, which is helpful as it ensures that your account information is always only a phone call away.
a) Your line of credit has no expiry date, as long as you need it, it is yours. HELOC value can be as large as eighty percent of the market value of your home. As well, you can utilize all or some of your line of credit at your convenience.
b) In certain provinces, legal fees are as low as $399 plus appraisal costs, though these rates are only available in certain provinces.
c) There is no name to transfer or change your current first mortgage. In some provinces, the Product can go behind most first mortgages without any penalties incurring.
d) There are flexible repayment options. For instance, you can pay a larger amount up to the entire balance or simply make the required interest monthly payment.