If you have been paying the mortgage on your home for some time, then you have built up equity in your home that can be used to borrow against. A HELOC or Home Equity Line of Credit is a great way to unlock the equity that you’ve already built up in your home.
With a HELOC, you can borrow money against the equity in your home to use for other things that require a substantial amount of cash – things like renovations, buying a vehicle, paying for a child’s education, purchasing a second property, or even buying a business.
Accessing the funds in a HELOC is easy. You can pay for things you purchase directly using a debit card, cash withdrawals, or even writing cheques, and you can manage your finances using the monthly statements you’ll receive.
- The HELOC can be as much as 80% of the value of your home
- Use as much of your available line of credit as you like
- Pay off the monthly interest only, or as much of the borrowed amount as you like
- The line of credit never expires
- Get an interest rate lower than most credit cards
- Legal fees are low if processed in house at the lending institution
- Once you pay down the HELOC, it is revolving which means reaccessible
At Interfinance Mortgage, we offer competitive HELOC rates that can make it affordable for you to free up funds for other meaningful projects. Contact one of our mortgage specialists to find out how we can make your home equity work for you.