Home Equity Line Of Credit
Qualifying For Home Equity
Maximum Flexibility At A Low-Interest Rate
A Home Equity Line of Credit (also referred to as HELOC) is a loan in which the lender agrees to lend a maximum amount within a term. The collateral is the borrower’s equity in their house, like a second mortgage.
Homes are usually a consumer’s most valuable asset, which is why many homeowners will use a HELOC to pay for major items. The money is often used for home improvement costs, education, or medical bills. A Home Equity Line of Credit is not meant for financial help with day-to-day expenses.
Factor In Everything Before Applying
Before applying for a HELOC, there are a few things you should consider. The first thing is to determine whether you need the extra credit, or would you be able to build and use your savings instead.
If you decide you do need it, make sure to think about flexibility, fees, interest rates, and the terms and conditions of the HELOC. For your peace of mind and to help you plan for repayment, make a plan on how you will use the money you borrow.
Create a realistic budget to determine the amount you need. Once that’s done, create a repayment schedule that will be easy to stick to. You can utilize the equity in your home for investments, renovations, or even for a down-payment on a second home. Contact one of our Calgary mortgage brokers today to discuss applying for a HELOC in more detail!
You can choose between paying just the interest or any amount of the principal balance.
HELOC has no expiry date. The money is always available to you, even after you’ve paid it off
The interest rate of HELOC is low – lower than an open fixed-rate mortgage or an unsecured loan
HELOCs are available for up to 80% of your home’s value
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“We had the pleasure of having Shelly walk us through the process of getting a mortgage for our rural property. It seems that rural mortgages are slightly different than urban and Shelly was fantastic in helping us navigate through the details. She was always prompt to respond to our needs and very flexible to work with. She was a true professional and we enjoyed working with her immensely.”
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“This is my third time dealing with Tracey Morrison of the mortgage group and each time I’ve been very happy with the work she has done on my behalf. She takes the stress out of the whole process, answers easy and difficult questions with the same thoroughness and patience and make sure any issues are addressed promptly. I would certainly have her take care of my mortgage needs in the future.
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“Applying for a mortgage, especially for the first time, was a very good experience with Tracey. She took the time to help understand the process whenever we had a question, and was understanding and as accommodating as possible when we had concerns. I definitely will recommend her to others looking for a mortgage, and when the time comes for us to revisit ours.