A Home Equity Line of Credit (HELOC) is a low-interest line of credit that is secured against your home, and allows you to access up to 80% of the value of your home. The more you pay down your mortgage, the more funds become available to your line of credit.
Key Features:
- you only pay interest on the amount of money that you use, not your total credit limit.
- re-draw the funds from the line of credit at any time, up to the credit limit.
- the only required monthly payment is interest (or more, if you choose).
- your mortgage can be paid down quickly, with no penalties
- convert your HELOC to a regular mortgage with one phone call
You are free to use the funds any way you like (eg. RESP or RRSP contributions, renovations, vacations, investment properties, rental properties, or a new principal residence). You may be able to add a HELOC to a property you already own, to leverage the equity you’ve built.
Contact Conexia Mortgage to discuss the possibility of a Home Equity Line of Credit.
Recent Comments