Home Equity Line of Credit (Heloc)
A HELOC (home equity line of credit) gives homeowners the freedom to spend their money when they like and repay it in a way that best suits their needs. A HELOC is the ideal choice for clients, who need flexible access to their equity. Its repayment schedule is flexible, that is the interest rate you pay on HELOC, is drastically lower than what you would pay on a credit card or other unsecured debt.
It allows you to consolidate all of your debts (loans, credit cards, car loans, etc.) at a competitive, low interest rate.
Line of Credit is the smartest way to borrow for the things you want today:
- Home renovations
- Buying a car
- A vacation, or another major purchase
- Tuition fee
Benefits of HELOC
- Flexible, ongoing access to funds at a low interest rate; secured against your home equity
- Option of Only pay interest on the funds you use
- Flexible repayment options, including the ability to pay as little as interest only
- Option to combine with a mortgage to benefit, so your available credit increases automatically as you pay down your mortgage
At Approvalassist.ca, we will evaluate your current Mortgage needs and decide which products are best for your lifestyle needs. Our goal is to make sure that you are comfortable with the terms of your home equity line of credit.