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Home Equity Line of Credit (HELOC) in Canada

What is a Home Equity Line of Credit?

Home equity line of credit is when a loan given to you is secured by the equity in your home. It is especially convenient if you don’t need to spend all the money at once. You will have an option to set it up as a second mortgage, if so you wish. Home equity line of credit can be issued against 65% of your home’s value, however if you combine it with amortized mortgage, you can stretch this limit to 80%. So in order to be approved for a HELOC, you will need to have at least 20% home equity ownership. If you get even more equity, you can request increase of your line of credit, but it will require you to apply anew and go through the qualification process again.

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Home equity line of credit (HELOC) is a loan where your home equity is placed as a collateral. And your home equity is the difference between the amount that you still owe to pay off your home and its market price (the amount that you would get by selling it)

Home equity line of credit enables you to convert your existing possession into a form that you can spend. It allows you to get an access the savings that you have invested in your home.

Home equity line of credit rates in Canada will mostly depend on your credit score and your lender’s criteria. To know exactly what you can qualify for, you should submit your application via Loans Geeks to get most competitive offers.

The main differences between a HELOC and a HEL are the repayment policies and interest rates. A home equity line of credit in most cases has a variable interest rate, while a home equity loan has fixed interest rate.

Most home equity line of credits are also second mortgages, but it is not always the case. Sometimes people have their first mortgage paid off, yet they desire a line of credit, so they secure it against their home.

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