A home equity line of credit, which is also referred to as a HELOC is a kind of mortgage that uses an individual home as collateral and allows them to borrow the equity in there in a form of a line of credit.
A home equity line of credit works similar to revolving loans such as a personal line of credit or a credit card but instead without the high-interest rates that are charged with credit cards and personal lines of credit, a home equity line of credit offers you a much lower interest rate.
Unlike other loans that offer a one-time lump sum amount immediately, a HELOC allows you to borrow in a way you see fit. That means you want in or as little as you want in one or many transactions. It can be done in one day or over a course of a few months to even a few years. Because you are using your home’s equity as collateral for borrowing money, you are able to get access money in a fast and easy process. There is no need to re-apply over again, simply borrow what you need and pay it back and then borrow again and repeat. It’s really that simple.
Our team understands that your home is one of your most prized possessions and a valuable asset, and to your benefit, your home can be used to get a home equity line of credit. This amount can be used to fund your child’s education, undertake renovations to your existing home or office, pay medical bills and much more. All you have to do is discuss your needs with us and our team will provide you a suitable solution.
Lower interest rates
An important benefit of choosing a home equity line of credit is that the interest rates are lower than other types of loans such as private mortgages or second mortgages. Since the amount of the HELOC is provided to you over a period of time, you can repay the amount in a time frame that is suitable for you.
Uses of a home equity line of credit
- Your home equity line of credit can be used for an array for purposes including renovating your existing home, undertaking repairs, painting and much more.
- If you have an unexpected medical bill, this can help you pay for hospitalization, aftercare and more.
- If you have lost your job and need to provide for your family HELOC can be the perfect solution.
- This amount can be used to fund your child’s higher education.
Are you looking for a home equity line of credit? Get in touch with us now.
Our team of experts offers home equity line of credit on a regular basis to homeowners and we can help you get to access your home’s equity with a simple approval process. All you need to do is get in touch with us now, we serve homeowners across Brampton.