Home Equity Line of Credit
Use the equity in your home to get a secured line of credit today! With a Home Equity Line of Credit or HELOC, equity can be released to be used for any purpose; it can even help you in planning your investments, including establishment of a fund for your children's educational needs.
HELOC is attached to a chequing account and simple to use. You can access these funds through direct payment purchases using your debit card, by writing cheques, or through cash withdrawals. You will receive monthly statements, allowing easy management of your finances. Your account can also be linked to the telephone banking service, ensuring your account information is always only a phone call away.
Benefits
- HELOC value may be as large as 80% of the market value of your home (at least a mortgage of 15% LTV will be required)
- You can use some or all of your available line of credit at your convenience
- Flexible repayment options — you can just make the required interest monthly payment or pay a larger amount up to the entire balance
- Your line of credit has no expiry date — it's yours as long as you need it
- Legal fees are as low as $399 plus appraisal costs (only available in some provinces)
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