Is a HELOC Canada Right for You?

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If you’ve been looking for a line of credit or funding for retirement or an investment in Canada, there’s a good chance you’ve come across the term HELOC. A HELOC, or home equity line of credit, is a type of loan given to people for a specified period of time in which the collateral is the equity built up in a person’s home.

A HELOC can be compared to a credit card in that the borrower can access funds up to the credit limit and must be paid back. They differ, however, in the fact that full repayment should be made by the end of the draw period. This payment can be made in a lump sum, or can be spread out according to a repayment schedule.

The opportunities afforded to those with equity built up in their homes are plentiful. A HELOC can be a valuable asset able to provide funding for some of life’s most important investments. To learn more about the benefits of a HELOC in Canada, contact the finest financial institution Ontario has available.
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A home equity line of credit in Canada can be a valuable asset for any homeowner looking for ways to fund projects. From investments and home improvements to paying for higher education and planning retirement, HELOCs offer homeowners the option to take advantage of their equity.
 

Home Equity

 
The value of your home minus the remaining mortgage balance is your home’s equity. In other words, the amount of the home that you own outright. Home equity is an asset that grows each time a mortgage payment is made, as the principal amount of the mortgage is reduced.
 

Equity as Collateral

 
One of the main benefits of a HELOC is the substantially lower interest rates when compared to other funding options, like credit cards. Since the risk associated with the loan is considerably lower to lenders, financial institutions are able to comfortably offer rates corresponding much closer to the prime rate than any other borrowing option.
 
To take advantage of a home equity line of credit, contact only the most reputable lender. Their counselling service will help provide peace of mind as current financial standings will be evaluated. Make the call today and enjoy the benefits of being a homeowner.

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