Home Equity Line of Credit (HELOC)

What is a home equity line of credit (HELOC)?

It is a revolving line of credit that is secured against the equity in your home. Often has lower rates compared to unsecured line of credits and credit cards.

This means money can be borrowed, paid back then borrowed again.

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Why get a HELOC?

Use the funds that way you want, here are some ideas​

• Home renovations/improvements

  • kitchen upgrades​

  • flooring

  • garage

  • basement developments & more

• Investing

• Debt consolidation

• Purchasing another home

• Emergency or unexpected expenses & much more

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What is the maximum that can be borrowed?

Combination of the mortgage plus HELOC

• up to 80% of the current market value of the home

The maximum amount a stand alone HELOC

• go up to 65% of the current property value

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