home equity

Home Equity Line Of Credit – HELOC in Toronto, ON

A Home Equity Line of Credit lets you borrow money at much cheaper rates then personal loans and credit cards. Typically the bank will let you borrow up to 65% of the value of the home. So for example if your home is worth 1m, you can set up a heloc up to 650,000 if you qualify. The heloc can either be set up as 2nd mortgage charge behind your first mortgage, or 1 large charge with separate mortgage and line of credit components within the 1 charge. The benefit of doing 1 large charge as opposed to 2 charges, is that with 1 large charge the line of credit portion increases as the mortgage balance decreases(if you request it from the lender), however with 2 charges the line of credit portion will not increase.

Most helocs works similar to a credit card, and that is you only pay for it if you use. It’s revolving like a credit card. The rate on most helocs are prime plus .50 and require interest only payment.

Blue Chip Mortgage Corporation can assist you in getting the maximum value out of your decision to refinance or set up a credit line.

Find out how much of a HELOC you can qualify for. Complete the form with your details and click submit. A qualified mortgage advisor will get back to you with a great refinance solution that best suits your needs and budget.

Other residential mortgage services include: Home Purchase Mortgage | Mortgage Refinance | Reverse Chip Mortgage | Home Equity Line of Credit | Construction And Residential Loans

Contact our mortgage advisors at Blue Chip Mortgage Corporation in Toronto, ON, to know more about Home Equity Line Of Credit >>