Home Equity Line Of Credit (HELOC) is the loan that that the lender provides you based on the equity of your home. In simple words, borrowing money from lenders by using your home as security or collateral.

You can use HELOC for any of the following purposes

  • Renovating your home
  • Consolidating your debts
  • Education purpose
  • Investment purpose
  • And more

Before applying for HELOC, you should keep following points in your mind

  • To be eligible for HELOC, you should have at least 20% home’s equity
  • Not more than 65% of your home’s worth is used in HELOC
  • You have 5-10 years of interest-only period in which you only pay your loan’s interest
  • Interest-only payment is automatically withdrawn from your bank account every month

Speak to Ontario Mortgage Experts to get clearer picture about HELOC

  • Term
    Our Rate
    Bank Rate
    1Yr Fixed
    2.60%
    3.00%
    2Yr Fixed
    3.45%
    4.12%
    3Yr Fixed
    4.30%
    2.60%
    4Yr Fixed
    2.60%
    5.60%
    5Yr Fixed
    2.60%
    4.66%
    6Yr Fixed
    2.30%
    2.60%
    7Yr Fixed
    3.60%
    3.60%
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